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Venture Capital’s Role in Financing Innovation : What We Know and How Much We Still Need to Learn

Lerner, Josh - 2020

Venture capital is associated with some of the most high-growth and influential firms in the world. Academics and practitioners have effectively articulated the strengths of the venture model. At the same time, venture capital financing also has real limitations in its ability to advance...

Persistent link: https://www.econbiz.de/10012481347

The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis

Lerner, Josh; Schoar, Antoinette; Kerr, William R. - National Bureau of Economic Research (NBER) - 2010

This paper documents the role of angel funding for the growth, survival, and access to follow-on funding of high-growth start-up firms. We use a regression discontinuity approach to control for unobserved heterogeneity between firms that obtain funding and those that do not. This technique...

Persistent link: https://www.econbiz.de/10008628350

The Consequences of Financial Innovation: A Counterfactual Research Agenda

Lerner, Josh; Tufano, Peter - National Bureau of Economic Research (NBER) - 2011

Financial innovation has been both praised as the engine of growth of society and castigated for being the source of … the weakness of the economy. In this paper, we review the literature on financial innovation and highlight the … similarities and differences between financial innovation and other forms of innovation. We also propose a research agenda to …

Persistent link: https://www.econbiz.de/10008836383

Private Equity and Long-Run Investment: The Case of Innovation

Lerner, Josh; Stromberg, Per; Sørensen, Morten - National Bureau of Economic Research (NBER) - 2008

-term performance. We investigate 495 transactions with a focus on one form of long-term activities, namely investments in innovation as …

Persistent link: https://www.econbiz.de/10005774804

Contractibility and the Design of Research Agreements

Lerner, Josh; Malmendier, Ulrike - National Bureau of Economic Research (NBER) - 2005

We analyze how variations in contractibility affect the design of contracts in the context of biotechnology research agreements. A major concern of firms financing biotechnology research is that the R&D firms might use the funding to subsidize other projects or substitute one project for...

Persistent link: https://www.econbiz.de/10005580417

Patent Protection and Innovation Over 150 Years

Lerner, Josh - National Bureau of Economic Research (NBER) - 2002

The paper seeks to understand the impact of the patent system on innovation by examining shifts in the strength of …

Persistent link: https://www.econbiz.de/10005714749

Fear of Rejection? Tiered Certification and Transparency

Farhi, Emmanuel; Lerner, Josh; Tirole, Jean - National Bureau of Economic Research (NBER) - 2008

The sub-prime crisis has shown a harsh spotlight on the practices of securities underwriters, which provided too many complex securities that proved to ultimately have little value. This uproar calls attention to the fact that the literature on intermediaries has carefully analyzed their...

Persistent link: https://www.econbiz.de/10005718220

Stronger Protection or Technological Revolution : What is Behind the Recent Surge in Patenting?

Kortum, Samuel - 1997

that the jump in patenting reflects an increase in" U.S. innovation spurred by changes in the management of research …

Persistent link: https://www.econbiz.de/10012472610

Does Venture Capital Spur Innovation?

Kortum, Samuel - 1998

While policymakers often assume venture capital has a profound impact on innovation, that premise has not been … measures of innovation are used in a sample of 530 venture-backed and non-venture-backed firms …

Persistent link: https://www.econbiz.de/10012471966

Corruption, Government Subsidies, and Innovation : Evidence from China

Fang, Lily - 2018

Governments are important financiers of private sector innovation. While these public funds can ease capital … for innovation programs strengthened the relationship between firms' historical innovative efficiency and subsequent … changes: subsidies became significantly positively associated with future innovation after the anti-corruption campaign and …

Persistent link: https://www.econbiz.de/10012480749