Government programs to finance small firms have attracted little empirical attention. This article examines the largest U.S. initiative, the Small Business Innovation Research program. Using a unique database, the author shows that program awardees grew significantly faster than matched firms...

This paper empirically examines the 'long purse' hypothesis, formalized by Patrick Bolton and David Scharfstein (1990), that incumbents may drive out entrants through aggressive pricing. The author analyzes the pricing of 733 disk drives between 1980 and 1988. Drives that are adjacent to those...

This new annual series, sponsored by the National Bureau of Economic Research, will provide a forum for research on the interactions between public policy and the innovation process. Discussions will cover all types of policy that affect the ability of an economy to achieve scientific and...

This paper empirically explores standard-setting organizations’ policy choices. Consistent with Lerner-Tirole (2006), we find (a) a negative relationship between the extent to which an SSO is oriented to technology sponsors and the concession level required of sponsors and (b) a positive...

Purpose – The purpose of this paper is to present a case study of UK fashion retailer New Look and focuses on the impact of private equity on corporate governance, employment and leverage after the public‐to‐private conversion in 2003. Design/methodology/approach – This study follows a...

The authors examine the determinants of control rights in biotechnology alliances through three case studies and a quantitative analysis. P. Aghion and J. Tirole (1994) argue that control rights will be assigned so as to maximize the value of the final output as long as the R&D firm has...