These authors have also reviewed studies indicating that an inverse relationship between shareholder maximization and innovation applies in several developed countries. Draca and van Reenen (2011) find a strong and positive correlation between European industries that w'ere more exposed to competition from Chinese imports (e.g. furniture, textiles, clothing and toys) and technological change. The evidence indicates that increased trade w'ith China accounted for about 15 per cent of the technological upgrading in Europe during the period 2000-2007. Half of this effect w'as due to genuinely faster technological change, reflected in a larger number of patents and resulting from greater spending on research and development (R&D), while industry dow'nsizing accounted for the other half of the 15 percent.