| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27150 |
| 来源ID | Working Paper 27150 |
| How Resilient is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting | |
| Sabrina T. Howell; Josh Lerner; Ramana Nanda; Richard R. Townsend | |
| 发表日期 | 2020-05-18 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | By comparing patenting among VC-backed firms to the universe of U.S. patents over the period 1976-2019, we document that while patents led by VC-backed firms are of significantly higher quality and economic importance than the average patent, VC-backed innovation is substantially more procyclical than innovation in the broader economy. This is driven early-stage startups, whose innovation in recessions is relatively less cited, less original, less general, and less related to fundamental science. Our findings are most consistent with frictions in capital supply playing an important role, leading VCs to change their investment focus during downturns towards less innovative startups. |
| 主题 | Financial Economics ; Financial Institutions ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w27150 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584823 |
| 推荐引用方式 GB/T 7714 | Sabrina T. Howell,Josh Lerner,Ramana Nanda,et al. How Resilient is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27150.pdf（905KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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