. Innovation requires the exploration of new ideas with potential advantages but unknown probability of success. We show that it is … equity to innovation and creative destruction and also generates new predictions concerning the determinants of going public …

participants, while suspicious activity in the credit markets is associated with more debt participants. The results highlight an …

theories -- that drive public firm leverage. Instead, variation in economy-wide credit conditions is the main determinant of … prices and lower buyout fund returns, suggesting that acquirers overpay when access to credit is easier. …

. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined partly by buyers …

Credit constraints are more frequent among growth companies with large investment opportunities. For the same reason … endogenous share opts for innovation and faces credit constraints in the subsequent expansion phase. We emphasize four results … investment of constrained firms by reducing free cash-flow and thereby discourage innovation. (iii) A revenue neutral increase in …

study the effect of a net neutrality regulation on capacity investments in the market for Internet access, and on innovation … capacity and content innovation are both higher than under net neutrality. Total welfare increases, though the discriminatory …