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Financial distancing : how venture capital follows the economy down and curtails innovation
Howell, Sabrina; Lerner, Joshua; Nanda, Ramana; … - 2020
By comparing patenting among VC-backed firms to the universe of patents filed in the USPTO over the period 1976 …-2019, we document that while patents filed by VC backed firms are of significantly higher quality and economic importance than …-stage startups, whose innovation in recessions is relatively less cited, less original, less general, and less related to fundamental …
Persistent link: https://www.econbiz.de/10012243593
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The economic effects of private equity buyouts
Davis, Steven J.; Haltiwanger, John C.; Handley, Kyle; … - 2019
We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions....
Persistent link: https://www.econbiz.de/10012174480
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Private equity, jobs, and productivity : reply to Ayash and Rastad
Davis, Steven J.; Haltiwanger, John C.; Handley, Kyle; … - 2018
Ayash and Rastad (2017) express several concerns about our 2014 analysis of private equity buyouts. We welcome their interest in our work but think their criticisms are off the mark. Some of their claims reflect a misunderstanding of the Census Bureau's Longitudinal Business Database (LBD) and...
Persistent link: https://www.econbiz.de/10011929073
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The globalization of angel investments : evidence across countries
Lerner, Joshua; Schoar, Antoinette; Sokolinski, Stanislav; … - 2016
activity and entrepreneur-friendliness in the country. However, we find that the development stage and maturity of startups …
Persistent link: https://www.econbiz.de/10011553634
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Some facts of high-tech patenting
Webb, Michael; Short, Nick; Bloom, Nicholas; Lerner, Joshua - 2018
Patenting in software, cloud computing, and artificial intelligence has grown rapidly in recent years. Such patents are … patents per inventor has declined near-monotonically, except for large increases in inventor productivity in software and …
Persistent link: https://www.econbiz.de/10012013699