Brown, James R.; Martinsson, Gustav; Petersen, Bruce C. - In: European Economic Review 56 (2012) 8, pp. 1512-1529
Information problems and lack of collateral value should make R&D more susceptible to financing frictions than other investments, yet existing evidence on whether financing constraints limit R&D is decidedly mixed, particularly in the studies of non-U.S. firms. We study a large sample of...