We estimate the effects of R&D on firms' credit ratings and on financial distress. The main purpose is the comparison of firms in Western Germany and Eastern Germany as a transitional economy. Innovative activity has a positive impact on firm value proxied by ratings in Western Germany, but a...

Existing literature has confined university technology transfer almost exclusively to formal mechanisms, like patents, licenses or royalty agreements. Relatively little is known about informal technology transfer that is based upon interactions between university scientists and industry...