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Previous research is classified into four broad categories in this paper: the study of a university’s impact on the location choice of high technology facilities, the investigation of university impact on the spatial distribution of high technology production, the analysis of the spatial pattern of industrial research and development activities, and the modeling of local knowledge transfers emanating from academic institutions. It is found that the university effect on the location choice of high technology facilities depends on certain area characteristics. There is a strong evidence in the literature of local academic technology transfers. Regarding the effect of university technology transfer on local economic development, the evidence is still vague.