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Table 1.

Descriptive statistics.

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Table 2.

Baseline regression results.

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Table 2 Expand

Fig 1.

Parallel trend test.

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Fig 2.

Normalized deviations before and after PSM.

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Fig 3.

Weight decomposition of the TWFE estimator.

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Table 3.

Comparison of TWFE and IW estimated volumes.

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Table 4.

Robustness test.

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Table 5.

R&D spillover loss reduction mechanism.

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Table 5 Expand

Table 6.

R&D spillover loss reduction mechanism.

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Table 7.

Heterogeneity test results.

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