Output-based funding, which ties a college's funding to its students' educational outcomes, has ambiguous equity-efficiency implications. On the one hand, it can incentivize colleges to invest more to improve student outcomes. On the other hand, it can also pressure colleges to lower their graduation standards and thus dampening the real value of a college degree. Using a Texas policy change from 100% enrollment-based state funding to partly output-based state funding for community colleges, we show that the reform is associated with improvement in student academic achievement measures that enter the funding formula, but lower wages for community college graduates. Motivated by these design-based analysis, we build and estimate a structural model of the market of community colleges to shed light on the optimal funding structure. 

In this paper, we describe the contents and methods of “Korea Patent DataProject (KoPDP)”. The project collects all utility patents granted from the Korea Intellectual Property Office (KIPO) for the period 1948-2016 and the US Patentand Trademark Office (USPTO) for the period 1976-2017. The project alsomatches their assignees to firms in DataGuide 5.0, a Korean financial database.The resulting dataset includes total 14,803 listed and non-listed Korean firmsmatched with their Korean and US patents, in addition to a host of accountingand financial information. Over 45% of all sample KIPO patents and 87% of USpatents assigned to Korean assignees are matched. We explain the detail of ourmatching procedures and also provide a coherent industry classification system for both sets of patents.

This paper purports to scrutinize the evolving trends of major technologies that have shaped the world's technology frontier, and at the same time, measure relative standings of major industrial nations in their innovative capacity in production of those technologies. We consider all (over 5 million) utility patents granted by the US Patent and Trademark Office (USPTO) over the period of 1976-2015. In analysis, we find the continued dominance of US, the steady performance of Japan, the signs of European decline, and the emergence of new economies that include Korea, Taiwan and Israel. By considering the most popular technologies per each decade, we observe a clear pattern in the evolution of world economic structure, most notably, the IT revolution. Interestingly, it is precisely in these IT-related technologies in which Korea have performed especially well. In the fastest growing technologies of the most recent decade, however, Korea's performance thus far bucks this rosy trend. Korea's innovative capacity is not as evenly distributed across all technologies as other advanced nations. US, Japan, Europe, and other Western economies, as well as Israel, all exhibit solid and steady performance in all our rankings.