BROWN, JAMES R.; FAZZARI, STEVEN M.; PETERSEN, BRUCE C. - In: Journal of Finance 64 (2009) 1, pp. 151-185
The financing of R&D provides a potentially important channel to link finance and economic growth, but there is no direct evidence that financial effects are large enough to impact aggregate R&D. U.S. firms finance R&D from volatile sources: cash flow and stock issues. We estimate dynamic R&D...