Journal ArticleDOI
Financing Innovation: Evidence from R&D Grants
Reads0
Chats0
TLDR
This paper conducted a large-sample, quasi-experimental evaluation of R&D subsidies and found that an award approximately doubled the probability that a firm receives subsequent venture capital and has large, positive impacts on patenting and commercialization.Abstract:
Governments regularly subsidize new ventures to spur innovation. This paper conducts the first large-sample, quasi-experimental evaluation of R&D subsidies. I use data on ranked applicants to the U.S. Department of Energy’s SBIR grant program. An award approximately doubles the probability that a firm receives subsequent venture capital and has large, positive impacts on patenting and commercialization. These effects are stronger for more financially constrained firms. Certification, where the award contains information about firm quality, likely does not explain the grant effect on funding. Instead, the grants seem to reduce investor uncertainty by funding technology prototyping.read more
Citations
More filters
Journal ArticleDOI
Assessing the Energy-Efficiency Gap
Todd Gerarden,Richard G. Newell,Richard G. Newell,Richard G. Newell,Robert N. Stavins,Robert N. Stavins,Robert N. Stavins +6 more
TL;DR: In this article, the authors present two complementary frameworks for understanding the energy paradox, or energy-efficiency gap, by dividing potential explanations for the energyefficiency gap into three categories: market failures, behavioral anomalies, and model and measurement errors.
Journal ArticleDOI
Finance and Corporate Innovation: A Survey
TL;DR: In this article, the authors provide a synthetic and evaluative monograph of academic papers that examine the drivers and financing sources of corporate innovation, and provide a survey of the top three finance journals that published a total of only five papers on corporate innovation from 2000 to 2008, the number of such papers published by these three journals skyrocketed to 56 from 2009 to the third quarter of 2017.
Journal ArticleDOI
Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn
Josh Lerner,Ramana Nanda +1 more
TL;DR: In this article, the authors assess the social welfare impact of venture capital and find that only a small number of investors hold and shape the direction of a substantial fraction of capital that is deployed into financing radical technological change, and the relaxation in recent years of the intense emphasis on corporate governance by venture capital firms.
Journal ArticleDOI
The distinct signaling effects of R&D subsidy and non-R&D subsidy on IPO performance of IT entrepreneurial firms in China
TL;DR: In this article, the authors investigated how R&D subsidy and non-R&D subsidies affect entrepreneurial firms' initial public offering (IPO) performance in an emerging economy like China.
Journal ArticleDOI
Does green investment improve energy firm performance
Yufeng Chen,Yanbai Ma +1 more
TL;DR: Wang et al. as mentioned in this paper explored the relationship between green investment and financial performance through micro-level data and found that green investment has a significant and positive correlation with financial performance, that is, increasing green investment helps improve financial performance.
References
More filters
Journal ArticleDOI
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Steven N. Kaplan,Luigi Zingales +1 more
TL;DR: In this article, the authors investigated the relationship between financing constraints and investment-cash flow sensitivities by analyzing the firms identified by Fazzari, Hubbard, and Petersen as having unusually high investment cash flow sensitivity.
Posted Content
Regression Discontinuity Designs in Economics
TL;DR: In this article, the authors provide an introduction and user guide to regression discontinuity (RD) design for empirical researchers, including the basic theory behind RD design, details when RD is likely to be valid or invalid given economic incentives.
Posted Content
Market value and patent citations
TL;DR: Hall et al. as mentioned in this paper explored the usefulness of patent citations as a measure of the "importance" of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge.
Journal ArticleDOI
The Environment and Directed Technical Change
Daron Acemoglu,Daron Acemoglu,Daron Acemoglu,Philippe Aghion,Philippe Aghion,Philippe Aghion,Leonardo Bursztyn,David Hémous,David Hémous +8 more
TL;DR: In this article, the authors characterize dynamic tax policies that achieve sustainable growth or maximize intertemporal welfare, as a function of the degree of substitutability between clean and dirty inputs, environmental and resource stocks, and cross-country technological spillovers.
Journal ArticleDOI
Who Creates Jobs? Small versus Large versus Young
TL;DR: In this article, the authors used data from the Census Bureau's Business Dynamics Statistics and Longitudinal Business Database to explore the many issues at the core of this ongoing debate and find that the relationship between firm size and employment growth is sensitive to these issues.