Tax policy and innovation performance: Evidence from enactment of the Alternative Simplified Credit

We examine how direct tax incentives affect firm innovation performance using a new U.S. R&D tax credit regime enacted in 2007, the Alternative Simplified Credit (ASC). A difference-in- differences analysis indicates that innovation performance is poorer for ASC users than for firms using the original R&D tax credit method following the ASC enactment. The results are stronger for firms with poorer governance and greater innovation diversity. ASC users suffer from poorer profitability and lower valuations. The findings remain robust to self-selection bias and various robustness checks. Our evidence favors a dark-side view of R&D tax credit effects under the ASC

Progressive content-based retrieval of image and video with adaptive and iterative refinement

A method and apparatus for minimizing the time required to obtain results for a content based query in a data base. More specifically, with this invention, the data base is partitioned into a plurality of groups. Then, a schedule or sequence of groups is assigned to each of the operations of the query, where the schedule represents the order in which an operation of the query will be applied to the groups in the schedule. Each schedule is arranged so that each application of the operation operates on the group which will yield intermediate results that are closest to final results