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Equity Financing and Innovation: Is Europe Different from the United States?
KTH, School of Architecture and the Built Environment (ABE), Transport and Economics (closed 20110301), Economics (closed 20110301). KTH, School of Architecture and the Built Environment (ABE), Centres, Centre of Excellence for Science and Innovation Studies, CESIS (closed 20110701).ORCID iD: 0000-0002-9311-3914
2009 (English)Report (Other academic)
Abstract [en]

During the mid and late 1990s young, high-tech firms in the U.S. experienced a supply shift in both internal and external equity fueling a finance driven boom in corporate R&D. I estimate dynamic R&D regression models for high-tech firms, separately for the U.K. and Continental Europe, and find significant cash flow effects for newly listed firms in both samples, but only the new, high-tech firms in the U.K. experienced a supply shift in external equity as well. The findings of this paper suggest a channel through which market based financial systems outperform the bank based economies of Continental Europe.

Place, publisher, year, edition, pages
Stockholm: KTH Royal Institute of Technology, 2009. , 29 p.
Series
CESIS Working Paper Series in Economics and Institutions of Innovation, 192
Keyword [en]
Financing constraints, R&D, Stock Issues, Econometrics, Financial markets, international economics
National Category
Economics
Identifiers
URN: urn:nbn:se:kth:diva-70068OAI: oai:DiVA.org:kth-70068DiVA: diva2:485827
Note
QC 20120210Available from: 2012-02-10 Created: 2012-01-30 Last updated: 2012-02-10Bibliographically approved

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CESISWP192(291 kB)500 downloads
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File name FULLTEXT01.pdfFile size 291 kBChecksum SHA-512
ee418fd0310fa66334dab841c3f0451cbad31444a6f246b29db0cf81fae4e2517fb6c518d9139001b88718d4b0ec6d84cdeaefde9e6219a3e32487a3fa1e310b
Type fulltextMimetype application/pdf

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Martinsson, Gustav
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CiteExportLink to record
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Citation style
  • apa
  • ieee
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  • vancouver
  • Other style
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Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
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  • Other locale
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Output format
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