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Flow of funds data are used to compare methods of financing the corporate sector in five countries over the period 1970-85. Many of the problems associated with previous studies of corporate finance are avoided by defining financing proportions in net terms. The degree of consolidation of...
Persistent link: https://www.econbiz.de/10005666432
This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...
Persistent link: https://www.econbiz.de/10005666482
The paper addresses the following questions. Does bank lending comprise a relatively large amount of finance for investment in Germany, and, if so, is this a consequence of bank representation on companies' supervisory boards (which, it is argued, reduces information asymmetries)? How strong is...
Persistent link: https://www.econbiz.de/10005666762
individual level, examining the relationship between religiosity and a broad set of pro- or anti-innovation attitudes in all five … waves of the World Values Survey (1980 to 2005). We thus relate eleven indicators of individual openness to innovation … innovation. …
Persistent link: https://www.econbiz.de/10011213308
contractible or when we preclude cooperation in long-term relationships, (ii) the rate of innovation in the cooperative equilibrium … period). In that case, for sufficiently slow diffusion, the innovation rate in the cooperative equilibrium may be higher than …
Persistent link: https://www.econbiz.de/10011201353
We develop a theory of innovation for entry and sale into oligopoly, and show that an invention of higher quality is …
Persistent link: https://www.econbiz.de/10008865973
This paper addresses the relationship between patent protection and investment in the development of new pharmaceutical treatments. The TRIPS Agreement, which specifies minimum levels of intellectual property protection for countries in the World Trade Organization, has increased levels of...
Persistent link: https://www.econbiz.de/10009002387
This paper quantifies the relationship between market size and innovation in the pharmaceutical industry. We estimate … the elasticity of innovation, as measured by the number of new chemical entities appearing on the market for a given … the hypothesis that innovation in pharmaceuticals is becoming more difficult and expensive over time, as costs of …
Persistent link: https://www.econbiz.de/10009003149
We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex … welfare, amount of innovation and output growth at intermediate stages of technological development — periods when legal …
Persistent link: https://www.econbiz.de/10009148877
innovation policy in the context of EU economic law (competition policy, intellectual property law, sector regulation). As such … law that moves beyond apparent conflicts and assumes innovation as the starting point. Taking this as the foundation, the … analytical grid to be used to identify ways in which economic law impacts innovation, and second an applied component that …
Persistent link: https://www.econbiz.de/10009205060