Finance, investment and innovation: theory and empirical evidence
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Aldershot [u.a.]
Ashgate
1997
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 407 S. |
| ISBN: | 1859725686 |
Staff View
MARC
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| 245 | 1 | 0 | |a Finance, investment and innovation |b theory and empirical evidence |c ed. by Michele Bagella |
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| 300 | |a XII, 407 S. | ||
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| 650 | 7 | |a Financiering |2 gtt | |
| 650 | 7 | |a Innovations - Finances |2 ram | |
| 650 | 7 | |a Investeringen |2 gtt | |
| 650 | 7 | |a Investissements |2 ram | |
| 650 | 7 | |a Risicokapitaal |2 gtt | |
| 650 | 7 | |a Sociétés - Finances |2 ram | |
| 650 | 7 | |a Technische vernieuwing |2 gtt | |
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| 650 | 4 | |a Investments | |
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Record in the Search Index
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| adam_text | Contents
Acknowledgements xi
List of contributors xii
Introduction 1
Michele Bagella
1. Relative effectiveness of national systems of finance, investment
and innovation: a review of the literature and a proposal for a
comparative approach
Michele Bagella and Leonardo Becchetti
1. Introduction 11
2. Some stylised facts on firms choices of external and
internal finance under different financial systems 14
3. The micro theoretical approach 16
4. The micro empirical approach: comparative results and methodological
problems 27
5. The macro theoretical and the macro empirical approaches 31
6. Conclusions and normative suggestions 35
Notes 58
References 61
2. Equity dilution, small ticket problem and coordination inefficiency
in venture capital financing of innovation
Leonardo Becchetti
1. Introduction 67
2. Main trends in UK venture capital 69
3. The encompassing representation of the coordination failure model
of the technological venture 70
3.1 The encompassed representation of the model with undivided
property rights 73
V
3.2 The encompassed representation of the model with shared property
rights and bargaining 75
3.3 A parametric example of the encompassed model with shared
property rights 77
3.4 The encompassing representation of the model with multiple
financial and real agents: the conditions for the generation of a
district 79
3.5 The encompassed model with many real and financial agents 81
3.6 The effect of financier information costs in the encompassed
model with multiple agents 83
4. Conclusions 83
Notes 85
References 86
3. Venture capital and innovation in Europe
Laura Cavallo
1. Introduction 89
2. Obstacles to the introduction of risk capital in Italian firms: conditions
surrounding the issue of new shares 91
3. The qualitative and quantitative characteristics of the financial needs of
innovation 92
3 1 Definitions of innovation 92
3.2 Determination of financial need 93
3.3 Typical risks associated with innovation 94
4. Venture capital 94
4.1 Identification of venture capital activity 94
4.2 Distribution of the stages of investment 96
4.3 Preliminary considerations in the choice of Optimal Portfolio
Strategy according to the stage of financial intervention 98
4.4 Sources of finance and their portfolio choices 100
5. Survey of the sources and destinations of venture capital in Europe 100
5.1 Sources of investment funds 101
5.2 Distribution of investment by stage 103
6 Progress of the law relating to innovation and the participation of banks
in the management of firms 104
6.1 The 1993 Banking Law: an incentive to venture capital from banks? 105
6.2 The role of closed end funds 107
7. The current relationship between venture capital funds and the stage at
which investment occurs in European countries: an empirical analysis 108
7.1 The hypothesis 108
vi
7.2 Structure of the sample 109
7.3 Graphic and economic analysis 110
7.4 Analysis of parameters which influence early stage financing 112
8. Conclusions 115
Notes 117
References 118
4. The optimal financing strategy of Japanese high tech firms: the
role of warrants
Michele Bagella and Leonardo Becchetti
1. Introduction 121
2. The signalling effect of issuing warrants: state of the art 122
3. The signalling model assumptions 123
3.1 The signalling model equilibrium 125
3.2 Signalling equilibrium with a relaxation of the financial distress cost
hypothesis 129
3.3 Model extensions: the divergence between the financial and real
economy with bearish stock markets 131
4. The empirical test on firm signalling strategies: previous literature
results 133
4.1 The empirical test on firm signalling strategies: results 134
5. Conclusions 138
Notes 145
References 147
5. Effects of options introduction on stock price volatility: an
empirical testing on high tech firm equities based on SSC GARCH
models
Andrea Caggese
1. Introduction 151
2. Information, speculation and asset price volatility 154
3. Empirical models for estimating financial series volatility 155
4. The empirical procedure for the estimate of the best base equation 160
5. Estimation results 161
6. Conclusions 164
References 217
vii
6. Finance, investment and innovation: a theoretical and empirical
comparative analysis in Japan and the UK
Leonardo Becchetti
1. Introduction 219
2. The analysis of financial constraints on firm investments: theoretical
microfoundations and empirical problems 221
3. The results of the UK firm sample 225
4. The results from the Japanese firm sample 230
5. Conclusions 231
Appendix 242
Notes 272
References 273
7. High tech firms, asymmetric information and credit rationing
Luigi Guiso
1. Introduction 275
2. Credit constrained firms: when and how many? 277
2.1 Defining credit constrained firms 278
2.2 Credit constrained firms 279
3. Risk, return and H T and L T firms 281
4. Are innovative firms more likely to be credit constrained? 283
5. Conclusions 286
Appendix 1: The INVIND survey 288
Appendix 2: The identification of high tech firms 289
Notes 303
References 306
8. New technology investment and financial development: cross¬
country evidence
Boyan Jovanovic
1. Introduction 309
2. Finance and the allocation of capital 310
3. Finance and diffusion of new innovations: the Nabseth Ray data 312
3.1 Summary of the Nabseth Ray study 313
3.2 Conclusion 314
4. Finance and total factor productivity: cross country evidence 317
4.1 Wolffs data on TFP 319
5. Sectorial analysis of total factor productivity (TFP) and finance 319
5.1 Costello s sectorial TFP data 320
5.2 Wolff s sectorial TFP data 320
viii
6. Reverse causation between technology adoption and finance 339
7. R D intensity and type of investment financing 339
Appendix 1 341
Notes 346
References 348
9. Financing technological innovation in Italy: sources, governmental
support and productivity growth
Giuliana Battisti
1. Introduction 349
2. Productivity and factor substitution: the Italian economic background 350
3. Financing sources of technical progress and the role of governmental
support 353
4. Impact analysis of R D investment: 1980 1992 360
5. Impact analysis on selected sectors 362
5.1 Chemical pharmaceutical sector 364
5.2 Electrical electronic sector 367
5.3 Mechanical sector 372
5.4 Transport sector 376
6. Concluding remarks 381
Methodological note 384
Notes 388
References 390
lO.The structure of financing and intellectual property rights
Pasquale Lucio Scandizzo
1. Introduction 393
2. The financing structure of the firm 396
3. Intellectual property and agency costs 401
4. Some empirical evidence 403
5. Conclusions 405
References 407
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| spelling | Finance, investment and innovation theory and empirical evidence ed. by Michele Bagella Aldershot [u.a.] Ashgate 1997 XII, 407 S. txt rdacontent n rdamedia nc rdacarrier Financiering gtt Innovations - Finances ram Investeringen gtt Investissements ram Risicokapitaal gtt Sociétés - Finances ram Technische vernieuwing gtt Corporations Finance Investments Technological innovations Finance Technische Innovation (DE-588)4431027-4 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Unternehmen (DE-588)4061963-1 s Technische Innovation (DE-588)4431027-4 s Finanzierung (DE-588)4017182-6 s DE-604 Bagella, Michele Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008084788&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Finance, investment and innovation theory and empirical evidence Financiering gtt Innovations - Finances ram Investeringen gtt Investissements ram Risicokapitaal gtt Sociétés - Finances ram Technische vernieuwing gtt Corporations Finance Investments Technological innovations Finance Technische Innovation (DE-588)4431027-4 gnd Unternehmen (DE-588)4061963-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| subject_GND | (DE-588)4431027-4 (DE-588)4061963-1 (DE-588)4017182-6 (DE-588)4143413-4 |
| title | Finance, investment and innovation theory and empirical evidence |
| title_auth | Finance, investment and innovation theory and empirical evidence |
| title_exact_search | Finance, investment and innovation theory and empirical evidence |
| title_full | Finance, investment and innovation theory and empirical evidence ed. by Michele Bagella |
| title_fullStr | Finance, investment and innovation theory and empirical evidence ed. by Michele Bagella |
| title_full_unstemmed | Finance, investment and innovation theory and empirical evidence ed. by Michele Bagella |
| title_short | Finance, investment and innovation |
| title_sort | finance investment and innovation theory and empirical evidence |
| title_sub | theory and empirical evidence |
| topic | Financiering gtt Innovations - Finances ram Investeringen gtt Investissements ram Risicokapitaal gtt Sociétés - Finances ram Technische vernieuwing gtt Corporations Finance Investments Technological innovations Finance Technische Innovation (DE-588)4431027-4 gnd Unternehmen (DE-588)4061963-1 gnd Finanzierung (DE-588)4017182-6 gnd |
| topic_facet | Financiering Innovations - Finances Investeringen Investissements Risicokapitaal Sociétés - Finances Technische vernieuwing Corporations Finance Investments Technological innovations Finance Technische Innovation Unternehmen Finanzierung Aufsatzsammlung |
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