Hi-Stat Discussion Paper Series No.86 Is Academic Science Raising Innovative Productivity? Theory and Evidence from Firm-Level Data Lee Branstetter and Reiko Aoki April 2005 Hitotsubashi University Research Unit for Statistical Analysis in Social Sciences A 21st-Century COE Program Institute of Economic Research Hitotsubashi University Kunitachi, Tokyo, 186-8603 Japan http://hi-stat.ier.hit-u.ac.jp/