This paper evaluates whether the relative concentration of funding for small, research-oriented firms in a small number of high-technology industries is related to differences across industries in the appropriability level facing small firms. We exploit a novel test based on the relationship...

The objective of this paper is to identify the main determinants of venture capital (VC). We develop a theoretical model where three main types of factors affect the demand and supply of VC. These factors are related to macroeconomic conditions, research efforts and technological opportunity,...

We develop a multi-sector general equilibrium model in which productivity growth is driven by the generation of knowledge. In the model, firms allocate resources towards the production of goods and the production of new knowledge, in response to industry-specific factors of demand and...