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Appendix C: Technical Appendix
Pages 249-252

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From page 249...
... The empirical specifications of the post-first-application outcomes π‘Œ for each firm 𝑖 are all of the form: π‘Œ 𝛼 𝐹𝑒𝑛𝑑𝑒𝑑 𝛽 𝑓 𝑋 πœ– , 1 where 𝐹𝑒𝑛𝑑𝑒𝑑 is an indicator variable that equals 1 if the firm's first application is funded, 𝛽 is the parameter of interest that is intended to capture the causal effect of first-application funding, π‘Ώπ’Š is a vector of control variables that enter the model via some function 𝑓, and πœ– is an idiosyncratic error term. At a minimum, all of the specifications will include in π‘Ώπ’Š an indicator for whether a firm's first application was at least discussed (as motivated by the differences shown in Figures 5-4 through 5-8)
From page 250...
... coefficient in the most saturated models. Since there is no clear source of exogenous variation in funding, the results shown in Table C-1 are inconclusive in terms of determining how much of the results documented in Table 5-3 are due to selection by the National Institutes of Health SBIR/STTR program (i.e., funding higher-quality firms)
From page 251...
... APPENDIX C 251 effects of the program (i.e., providing funds that lead to outcomes that would not have occurred in the absence of those funds)

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