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The paper tests empirically the role of knowledge stocks to explain the regional distribution of Germany’s biotechnology founders. We present an unique approach to highlight the role of knowledge spillovers as we differentiate according the local embeddedness and research affinity of founders....
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microeconometric evidence on the determinants of debt and equity financing in young and innovative SMEs. We pay special attention to … the role of risk for the choice of the method of financing. Since risk is not directly observable we use different … a young high-tech firm receives equity financing is an increasing function of the financial risk. With regard to the …
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