NBER WORKING PAPER SERIES DOES THE MARKET VALUE R&D INVESTMENT BY EUROPEAN FIRMS? EVIDENCE FROM A PANEL OF MANUFACTURING FIRMS

University, and Economicum, Helsinki for comments. Thanks also to Jim Powell for advice on the sample selection model, Federico Munari for suggestions on the ownership data, Lucia Piscitello and Maurizio Sobrero for helpful comments on previous versions of this paper. Raffaele Oriani gratefully acknowledges the support of Andrea Generale and other colleagues at the Research Department of the Bank of Italy and th