Since 2014
The Financing of Innovative Firms
Review of Economics and Institutions
View Archive Info| Field | Value | |
| Title |
The Financing of Innovative Firms
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| Creator |
Hall, Bronwyn H.; University of California, Berkeley University of Maastricht |
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| Subject |
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R&D, financing, innovation, liquidity constraints, venture capital, moral hazard, asymmetric information G32, O32, O38 |
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| Description |
To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral-hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are cash-constrained, especially if they are small. Recognizing the role for public policy in this area, many countries have implemented specific policies to bring the cost of financing innovation more in line with the level that would prevail in the absence of market failures.
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| Publisher |
University of Perugia
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| Contributor |
—
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| Date |
2010-04-01
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
application/vnd.ms-xpsdocument |
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| Identifier |
http://www.rei.unipg.it/rei/article/view/4
10.5202/rei.v1i1.4 |
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| Source |
Review of Economics and Institutions; Vol 1, No 1 (2010)
2038-1379 2038-1344 |
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| Language |
eng
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| Relation |
http://www.rei.unipg.it/rei/article/view/4/3
http://www.rei.unipg.it/rei/article/view/4/9 |
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| Rights |
As further described in our submission agreement, in consideration for publication of the article, the authors assign to the University of Perugia all copyright in the article, subject to the expansive personal-use exceptions described below. Attribution and Usage Policies Reproduction, posting, transmission or other distribution or use of the article or any material therein, in any medium as permitted by a personal-use exemption or by written agreement of the University of Perugia, requires credit to University of Perugia as copyright holder (e.g., University of Perugia © 20011). Personal-use ExceptionsThe following uses are always permitted to the author(s) and do not require further permission from University of Perugia provided the author does not alter the format or content of the articles, including the copyright notification:Posting of the article on the author(s) personal website, provided that the website is non-commercial;Posting of the article on the internet as part of a non-commercial open access institutional repository or other non-commercial open access publication site affiliated with the author(s)'s place of employment;Posting of the article on a non-commercial course website for a course being taught by the author at the university employing the author; andStorage and back-up of the article on the author's computer(s) and digital media (e.g., diskettes, back-up servers, Zip disks, etc.), provided that the article stored on these computers and media is not readily accessible by persons other than the author(s).People seeking an exception, or who have questions about use, should contact The Editor at editor.rei.journal@gmail.com
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