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Information about the success of a new technology is usually held asymmetrically between the research and development (R&D)-performing firm and potential lenders and investors. This raises the cost of capital for financing R&D externally, resulting in financing constraints on R&D especially for...
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Information about the success of a new technology is usually held asymmetrically between the research and development (R&D)-performing firm and potential lenders and investors. This raises the cost of capital for financing R&D externally, resulting in financing constraints on R&D especially for...
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Distribution of Rewards from Innovation', Journal of Evolutionary Economics, 10 (1-2), January, 175-200 -- Paula E. Stephan (1996 …-306 -- Wesley M. Cohen and Daniel A. Levinthal (1989), 'Innovation and Learning: The Two Faces of R&D', Economic Journal, 99 (397 … Economics of Innovation and Technological Change, Chapter 6, Oxford, UK: Blackwell Publishers, 182-264 -- Philippe Aghion, Nick …
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About 20 percent of the gross investment expenditures of U.S. manufacturing firms is expenditures on research and development. Like investment in physical capital, R&D also responds to news about future prospects of the firm, such as profitability, technological opportunities, or changes in...
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