| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12433 |
| DP12433 Firm R&D and Financial Analysis: How Do They Interact? | |
| Joel PERESS; Jim Goldman | |
| 发表日期 | 2017-11-10 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Entrepreneurs undertake more R&D when financiers are better informed about their projects because they expect to receive more funding for successful projects. Conversely, financiers learn more about projects when entrepreneurs perform more R&D because then the opportunity cost of mis-investing is higher. Thus R&D and financial analysis are mutually reinforcing. Evidence based on two quasi-natural experiments supports this interaction. Quantitatively, investors' learning accounts for over a quarter of the total effect of a policy designed to stimulate R&D. A calibration suggests that the interaction's contribution to income growth represents a third of the total contributions of learning and R&D. |
| 主题 | Financial Economics |
| 关键词 | Financial development Growth Technological progress Innovation Capital allocation Learning |
| URL | https://cepr.org/publications/dp12433 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541243 |
| 推荐引用方式 GB/T 7714 | Joel PERESS,Jim Goldman. DP12433 Firm R&D and Financial Analysis: How Do They Interact?. 2017. |
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