We address the key question of the efficacy of R&D policy measures in support of hightech start-ups. Distinguishing between subsidies awarded on a competitive basis and those assigned through an automatic procedure, we show that the former type led to a positive total factor productivity...

We investigate if and to what extent the receipt of a “selective” public subsidy - a public subsidy awarded through a competitive procedure - acts as a quality signal and helps new technology-based firms (NTBFs) to access R&D alliances. In particular, we theoretically enquire and empirically...

New Technology-Based Firms (NTBFs) greatly contribute to the dynamic efficiency of the economic system. To perform this role, NTBFs need external financing. However, private financing towards this typology of firms is particularly subject to market inefficiencies. This opens up the way to a...