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Competition and R&D Financing : Evidence from the Biopharmaceutical Industry
Thakor, Richard T. - 2018
What is the interaction between competition, R&D investments, and the financing choices of R&D-intensive firms? Motivated by existing theories, we hypothesize that as competition increases, R&D-intensive firms will: (1) increase R&D investment relative to assets-in-place that support existing...
Persistent link: https://www.econbiz.de/10012937531
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Competition and R&D Financing : Evidence from the Biopharmaceutical Industry
Thakor, Richard T.; Lo, Andrew W. - 2021
The interaction between product market competition, R&D investment, and the financing choices of R&D-intensive firms on the development of innovative products is only partially understood. To motivate empirical hypotheses about this interaction, we develop a model which predicts that as...
Persistent link: https://www.econbiz.de/10013249274
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The Dynamics of Capital Structure in U.S. Start-Up Businesses
Cotei, Carmen - 2017
-off theories explain the changes in capital structure of startups from inception to the later stages of development. Consistent … with the predictions of financial growth cycle theory, at the startup stage, entrepreneurs rely on initial insider capital … firms become less opaque, the proportion of business debt and trade credit financing in the total capital injection volume …
Persistent link: https://www.econbiz.de/10012969234
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The evolution of financing structure in U.S. startups
Cotei, Carmen; Farhat, Joseph - In: Journal of entrepreneurial finance : JEF ; official … 19 (2017) 1, pp. 1-32
stage, entrepreneurs rely on initial insider capital sources such as personal savings, financing offered by friends and … trade credit financing in total capital injection volume increases significantly. Businesses with high R&D activity and …’s education and race have a significant impact on the type of capital injections over the business life cycle. Highly educated …
Persistent link: https://www.econbiz.de/10011991274
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Entrepreneurial Optimism, Credit Availability, and Cost of Financing : Evidence from U.S. Small Businesses
Dai, Na - 2017
Using a large sample of U.S. small businesses and a new measure of optimism, we examine the role of entrepreneurial optimism in small business lending. We provide evidence that optimistic entrepreneurs are not rationed by lenders. Quite the opposite, our results suggest that they often have...
Persistent link: https://www.econbiz.de/10012976814
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Gazelles as Job Creators: A Survey and Interpretation of the Evidence
Henrekson, Magnus; Johansson, Dan - 2008
It is often claimed that small and young firms account for a disproportionately large share of net employment growth. We conduct a meta analysis of the empirical evidence regarding whether net employment growth rather is generated by a few rapidly growing firms - so-called Gazelles - that are...
Persistent link: https://www.econbiz.de/10010320167
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Unternehmensgründungen : mehr innovative Startups durch einen Kulturwandel für Entrepreneurship?
Röhl, Klaus-Heiner - 2016
expected to have a connection to differences in the availability of venture capital. Finally, this paper considers the role of …
Persistent link: https://www.econbiz.de/10011422730
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Entrepreneurial culture and start-ups : could a cultural shift in favour of entrepreneurship lead to more innovative start-ups?
Röhl, Klaus-Heiner - 2016
expected to have a connection to differences in the availability of venture capital. Finally, this paper considers the role of …
Persistent link: https://www.econbiz.de/10011422818
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An international comparison of the contribution to job creation by high-growth firms
Anyadike-Danes, Michael; Bjuggren, Carl Magnus; Dumont, … - 2018 - Version: 8 May 2018
This paper addresses three simple questions: how should the contribution of high-growth firms to job creation be measured? how much does this contribution vary across countries? to what extent does the cross-country variation depend on variation in the proportion of high-growth firms in the...
Persistent link: https://www.econbiz.de/10011863450
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Business complexity and risk management : evidence from operational risk events in U.S. bank holding companies
Chernobai, Anna; Ozdagli, Ali; Wang, Jianlin - 2016 - This version: October 2016
How does business complexity affect risk management in financial institutions? The commonly used risk measures rely on either balance-sheet or market-based information, both of which may suffer from identification problems when it comes to answering this question. Balance-sheet measures, such as...
Persistent link: https://www.econbiz.de/10011562964