The paper discusses the impact of the Basel II Accord on the financing of smalland medium size enterprises (SME) in Austria. Although the Basel II Accord hasnot been established yet, the study tries to evaluate the expected impact of theBasel II Accord on SMEs, on the bases of the current...

An important discussion in recent years is the introduction of product patentsand the abolition of process patents. In a model with endogenous number of innovatingfirms, we show that whether product patent increases R&D is ambiguous, and depends onthe type of market demand and the cost of R&D....

We show the effect of patent protection on R&D investment in presence of‘inventing around’ (or imitation) and technology licensing...

We consider the effects of product market cooperation on R&Dinvestment, profits, consumer surplus and welfare. We show that though R&Dinvestment, consumer surplus and social welfare may be higher or lower underproduct market cooperation than product market competition, industry profit isalways...

This paper compares Bertrand and Cournot equilibria in a horizontallydifferentiated duopoly market with non-tournament R&D competition. We consider thatsuccess in R&D is uncertain. We show that whether firms invest more under Cournotcompetition or Bertrand competition is ambiguous and depends on...

This paper provides a framework with which to model one of the key links between universities andindustry – the undertaking of applied research. We assume that the fundamental objective of universities isto undertake fundamental research and that they receive public funding to do so....

We introduce pollution, as a by-product of production, into a non-tournament model of R&Dwith spillovers. Technology policy takes the form of either R&D subsidisation or pre-competitiveR&D cooperation. We show that, when the emissions tax is exogenous, the optimal R&Dsubsidy can be negative,...

This paper examines the financing structure of small and medium-sized enterprises (SMEs) inGermany and questions whether an equity gap – or, more generally, a financing gap - exists.Reviewing the literature and available data sources, we find that financing constraints seem toaffect, if at...

Since summer 2007 the Subprime credit crisis has been affecting the international financialmarkets. One of the consequences of the crisis was the collapse of the market for large-sizedleveraged buyout transactions in late 2007 and early 2008.The goal of this Working Paper is to examine to what...