When innovation is cumulative, patent protection on early inventions can generate holdup problems if later …-on innovations. The positive innovation effect is strongest for concentrated overlapping ownership and for the cases in which …

production technologies with implications for innovation and technological change …

coevolution of market and network structure matter for the relationship between competition and innovation. Moreover, our model … introduce process innovations to lower their production costs. Product innovations introduce an escape-competition effect … to different levels of competition in these industries. …

, innovation. Using a Schumpeterian growth model in which firms' dynamic R&D and financing choices are endogenously determined, we … demonstrate that this second effect always dominates, so that debt fosters innovation and growth at the aggregate level. Our paper …-industry variation in leverage and innovation …

consistent with the view that economies (firms) need to be more technologically advanced and open to competition in order to be …