The study looked at how government subsidies for research and development (R&D) in France affect privately funded R&D by companies. They used data from 1985-1997 and found that firms receiving subsidies would not have invested the same amount in R&D without them. Larger companies with more debt and higher levels of private R&D were more likely to receive subsidies. Overall, the study showed that public funds complemented private funds, rather than replacing them, leading to no significant crowding out effect.