Governments often promote inward foreign investment to encourage technology “spillovers” from foreign to domestic firms. Using panel data on Venezuelan plants, we find that foreign equity participation is positively correlated with plant produc-tivity (the “own-plant” effect), but this relationship is only robust for small enter-prises. We then test for spillovers from joint ventures to plants with no foreign investment. Foreign investment negatively affects the productivity of domestically owned plants. The net impact of foreign investment, taking into account these two offsetting effects, is quite small. The gains from foreign investment appear to be entirely captured by joint ventures.

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Large-scale Internet applications can benefit from an ability to predict round-trip times to other hosts without having to contact them first. Explicit measurements are often unattractive because the cost of measurement can outweigh the benefits of exploiting proximity information. Vivaldi is a

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Andrew Warner for generously sharing their data with us. We are particularly grateful to Ben-David, Frankel, Romer, Sachs, Warner and Romain Wacziarg for helpful e-mail exchanges. We have benefited greatly from discussions in seminars at the University of California at Berkeley,

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