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R&D investment under financing constraints
Giebel, Marek; Kraft, Kornelius - 2020
This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period...
Persistent link: https://www.econbiz.de/10012196342
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R&D Investment under Financing Constraints
Giebel, Marek; Kraft, Kornelius - 2020
This paper tests for the sensitivity of R&D to financing constraints conditional on restrictions in external financing. Financing constraints of firms are identified by an exogenously calculated rating index. Restrictions in external financing are determined by (i) the specific time period...
Persistent link: https://www.econbiz.de/10014100103
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M&As, investment and financing constraints
Stiebale, Joel; Wößner, Nicole - 2017
We use a panel data set of European firms to analyse the effects of domestic and international M&As on target firms' investment, growth and financial constraints. Combining propensity score matching with a difference-in-differences estimator, our results indicate that upon acquisition, target...
Persistent link: https://www.econbiz.de/10011671647
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Microeconometric evidence of financing frictions and innovative activity
Tiwari, Amaresh K.; Mohnen, Pierre A.; Palm, Franz C.; … - 2014
Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that … when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics …
Persistent link: https://www.econbiz.de/10010249680
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Microeconometric Evidence of Financing Frictions and Innovative Activity
Tiwari, Amaresh Kumar - 2012
Using a unique panel data of Dutch innovation and financial variables we empirically investigate how financing and … innovation vary across firm characteristics. The study also tries to gauge the extent of market failure due to the presence of …, debt financing and innovation choices are not independent of firm characteristics such as age, size, and existing leverage …
Persistent link: https://www.econbiz.de/10013100159
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Microeconometric Evidence of Financing Frictions and Innovative Activity
Tiwari, Amaresh - 2014
Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that … when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics …
Persistent link: https://www.econbiz.de/10013057269
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When Less is More : Information and the Financing of Innovation
de Bettignies, Jean-Etienne; Ries, John C. - 2021
bargaining power in negotiating with the financier and can select ex ante the innovation/venture he wants to develop. In this … environment the entrepreneur faces a tradeoff between selecting an innovation that creates high value but one which only allows … him to capture little or none of that value; or selecting a "pet-project" innovation that creates lower value but yields …
Persistent link: https://www.econbiz.de/10013212805
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R&D subsidies and firms' cost of debt
Demeulemeester, Sarah; Hottenrott, Hanna - 2015
Financing research and development (R&D) through loans is usually a costly endeavor. Information asymmetry, outcome uncertainty and low collateral value tend to increase the cost of debt. Based on a large panel of heterogeneous firms, this study shows that recipients of public R&D grants, on...
Persistent link: https://www.econbiz.de/10011381138
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Innovation and investment finance in comparison
Zimmermann, Volker - In: Contemporary developments in entrepreneurial finance : …, (pp. 59-79). 2020
Persistent link: https://www.econbiz.de/10012104575
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Liquidity Crunch in the Interbank Market : Is it Credit or Liquidity Risk, or Both
Baglioni, Angelo S. - 2009
The interplay between liquidity and credit risks in the interbank market is analyzed. Banks are hit by idiosyncratic random liquidity shocks. The market may also be hit by a bad news at a future date, implying the insolvency of some participants and creating a lemon problem; this may end up with...
Persistent link: https://www.econbiz.de/10013157869