innovation market share and value bronwyn h hall 1 katrin vopel 2 june 1997 university of california at berkeley oxford the national bureau economic re search rst draft this paper was written during a visit to nu eld college their hospitality is gratefully acknowledged diplom candidat mannheim visiting researcher berke ley august 1995 february 1996 abstract recently blundell gri th van reenen have argued that fact stock valuation innovative output higher when rm has large implies strategic preemption e ect more important than schumpeterian in explaining importance rms using newly constructed dataset on approximately 1000 us manufacturing from 1987 1991 for which we measure document activity as measured by r&d expenditures with industry united states well however relationship highly nonlinear may also depend size explore implications
