This paper investigates the impact of the financial crisis on investment decisions in innovative versus non … more likely to suffer from the financial crisis and to reduce their investment expenditures in general. To some extent … investment growth than non-innovative firms …

Abstract U.S. firms have reduced their investment in scientific research ("R") compared to product development ("D …"), raising questions about the returns to each type of investment, and about the reasons for this shift. We use Census data that … disaggregates "R" from "D" to study how US firms adjust their innovation investments in response to an external increase in funding …

indicative of the market frictions associated with early-stage investment in innovation … histories of each firm and study performance measures at the transaction and investment levels. Many investments result in total … differing returns even in the same investment. This arises not just because they invest on different terms, but because they …