The nature of the firm and its financing are closely interlinked. To produce significant net present value, an … allow her to execute this strategy, she needs to have substantial ownership, and thus financing. But it is hard to raise … extent of innovation differ so much in different financing environments …

This paper studies the effect of durability on the financing of durable assets. We show that more durable assets … the price of an asset and hence the overall financing need more than its collateral value. This insight has implications … dominated technologies. More durable assets are more likely to be rented given their larger financing need. Legal enforcement …

frictions. Firms take their production, financing, and contractual decisions so as to maximize their value under rational …

suggests that although bank lending to firms declines during the crisis, bond financing actually increases to make up much of …