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Our study analyzes the effect of the capital gains tax on the individual investment decisions of venture capitalists. By doing so, we are able to study the decisions for a sample of 76,852 funding rounds in 32 countries from 2000 to 2012. Our results support the predictions of the theoretical...
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lack of evidence-based knowledge regarding different dimensions of innovation prevails. One important dimension that must … transactional costs. In that sense, many have argued that innovation can contribute to improve the public service quality and … consensus about the increase of management innovation practices over the last two decades. However, as in other countries, the …
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with a currently inferior product opts for a large but risky innovation, whereas a currently superior product chooses a … smaller but certain innovation. …
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In a patent thicket licensing provides a mechanism to either avoid or resolve hold up. We study the choice between ex ante licensing to avoid hold up and ex post licensing to resolve it. Firms’ choice of licensing contract is studied in the context of a patent portfolio race. We show that high...
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This paper investigates how patent applications and grants held by new ventures improve their ability to attract venture capital (VC) financing. We argue that investors are faced with considerable uncer-tainty and therefore rely on patents as signals when trying to assess the prospects of...
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