Numerous studies have discussed that even if fundamental for innovation and economic growth, SMEs are often financially more constrained than large firms. Therefore, venture capitalists are often the only available sources of financing to small and young companies. Through the analysis of a...

The purpose of this study is to present a unique database on commercialized patents and to illustrate how it can be used to analyze the commercialization process of patents. The dataset is based on a survey of Swedish patents owned by inventors and small firms with a remarkably high response...

We use competing risks methods to investigate the causal link between venture capital (VC) investments supported by the EIF and the exit prospects and patenting activity of young and innovative firms. Using a novel dataset covering European start-ups receiving VC financing in the years 2007 to...

We examine the value added by venture capital investors during the due-diligence process. We use data from a seed fund that quasi-randomly assigns applicants to due diligence, creating a natural experiment. We find that due-diligence assignment leads to higher average growth, even for companies...

We construct a model to illustrate the dynamics of cash flow volatility and firm valuation. As a firm progressively invests into its growth opportunities, its book value increases and catches up with its market value, reducing the valuation multiple (Q). Cash flow volatility (CFV) decreases due...

This paper studies how bank market power affects firm creation in innovative industries. Theoretically, I show that the effect of bank market power is ambiguous. I exploit a 2012 policy intervention in Italy, designed to foster firm creation in innovative industries through public bank...

Seven “Corporate Venturing” Strategies to Foster Innovation tackles the question: What should companies do to accelerate innovation and remain relevant? Or, stated differently: What should companies do to avoid being disrupted by more agile and innovative startups? One answer is corporate...

PurposeThe purpose of this study is to investigate the moderating role of knowledge management (KM) strategies in developing the effect of intellectual capital (IC) on innovation for small- and medium-sized enterprises (SMEs). Specifically, the current study explores how different interactions...

We study why acquisitions of entrant firms by an incumbent can deter innovation and entry in the digital platform industry, where there are strong network externalities and some customers face switching costs. A high probability of an acquisition induces some potential early adopters to wait for...

This paper investigates the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to the award. The effect is more pronounced for...