Information about the success of a new technology is usually held asymmetrically between the research and development (R&D)-performing firm and potential lenders and investors. This raises the cost of capital for financing R&D externally, resulting in financing constraints on R&D especially for...

Formal university technology transfer mechanisms, through licensing agreements, research joint ventures, and university-based startups, have attracted considerable attention in the academic literature. Surprisingly, there has been little systematic empirical analysis of the propensity of...