We investigate the dimensions through which R&D spillovers are propagated across ﬁrms via cooperation through Research Joint Ventures (RJVs). We build on the framework developed by Bloom et al. (2013) which considers the opposing effects of technology spillovers and product market rivalry, and extend it to account for RJVs. Our main findings are that the adverse effects of product market rivalry are mitigated if firms cooperate in RJVs and that R&D spending is reduced among technologically close RJV participants.
Keywords: Spillovers, R&D, research joint ventures, market value, patents