Table 5: R\&D	
	(1)
VARIABLES	vbl
	
L1vbl	-0.0630**
	(0.0280)
shock	-0.0187
	(0.0304)
L1shock	-0.0767***
	(0.0296)
Constant	0.0613***
	(0.00520)
	
Observations	1,216
Number of ifscode	101
R-squared	0.010
Standard errors in parentheses	
*** p<0.01, ** p<0.05, * p<0.1	
