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میزان تبلیغات
Figure 1: Firm growth, R&D intensity, advertising intensity, and R&D-advertising ratio, across firm size quintiles.
R&D and advertising intensities are measured as the ratio of total R&D and advertising expenditures to total sales within each group.
First, we find a negative relationship between advertising intensity (i.e.
Our calibration also matches several untargeted moments among which the decrease in the variance of firm growth as well as of R&D and advertising intensity with firm size.
Section 3 presents key empirical facts related to Gibrat's law, R&D and advertising intensity at the firm level, as well as the relative use of R&D and advertising across firm size.
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