Do equity financing cycles matter?: evidence from biotechnology alliances
While the variability of public equity financing has been long recognized, its impact on firms has attracted little empirical scrutiny. This paper examines one setting where theory suggests that variations in financing conditions should matter, alliances between small R&D firms and major corpora...
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| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
2000
|
| Schriftenreihe: | NBER working paper series
7464 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | While the variability of public equity financing has been long recognized, its impact on firms has attracted little empirical scrutiny. This paper examines one setting where theory suggests that variations in financing conditions should matter, alliances between small R&D firms and major corporations: Aghion and Tirole [1994] suggest that when financial markets are weak, assigning the control rights to the small firm may be sometimes desirable but not feasible. The performance of 200 agreements entered into by biotechnology firms between 1980 and 1995 suggests that financing availability does matter. Consistent with theory, agreements signed during periods with little external equity financing that assign the bulk of the control to the corporate partner are significantly less successful than other alliances. These agreements are also disproportionately likely to be renegotiated if financial market conditions improve. |
| Beschreibung: | 36 S. graph. Darst. |
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| spelling | Lerner, Joshua 1960- Verfasser (DE-588)124085792 aut Do equity financing cycles matter? evidence from biotechnology alliances Josh Lerner ; Alexander Tsai Cambridge, Mass. 2000 36 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier NBER working paper series 7464 While the variability of public equity financing has been long recognized, its impact on firms has attracted little empirical scrutiny. This paper examines one setting where theory suggests that variations in financing conditions should matter, alliances between small R&D firms and major corporations: Aghion and Tirole [1994] suggest that when financial markets are weak, assigning the control rights to the small firm may be sometimes desirable but not feasible. The performance of 200 agreements entered into by biotechnology firms between 1980 and 1995 suggests that financing availability does matter. Consistent with theory, agreements signed during periods with little external equity financing that assign the bulk of the control to the corporate partner are significantly less successful than other alliances. These agreements are also disproportionately likely to be renegotiated if financial market conditions improve. Ökonometrisches Modell Biotechnology industries United States Finance Econometric models Capital market United States Econometric models Corporations United States Finance Econometric models Research and development contracts United States Econometric models USA Tsai, Alexander Verfasser aut Erscheint auch als Online-Ausgabe NBER working paper series 7464 (DE-604)BV002801238 7464 http://papers.nber.org/papers/w7464.pdf kostenfrei Volltext |
| spellingShingle | Lerner, Joshua 1960- Tsai, Alexander Do equity financing cycles matter? evidence from biotechnology alliances NBER working paper series Ökonometrisches Modell Biotechnology industries United States Finance Econometric models Capital market United States Econometric models Corporations United States Finance Econometric models Research and development contracts United States Econometric models |
| title | Do equity financing cycles matter? evidence from biotechnology alliances |
| title_auth | Do equity financing cycles matter? evidence from biotechnology alliances |
| title_exact_search | Do equity financing cycles matter? evidence from biotechnology alliances |
| title_full | Do equity financing cycles matter? evidence from biotechnology alliances Josh Lerner ; Alexander Tsai |
| title_fullStr | Do equity financing cycles matter? evidence from biotechnology alliances Josh Lerner ; Alexander Tsai |
| title_full_unstemmed | Do equity financing cycles matter? evidence from biotechnology alliances Josh Lerner ; Alexander Tsai |
| title_short | Do equity financing cycles matter? |
| title_sort | do equity financing cycles matter evidence from biotechnology alliances |
| title_sub | evidence from biotechnology alliances |
| topic | Ökonometrisches Modell Biotechnology industries United States Finance Econometric models Capital market United States Econometric models Corporations United States Finance Econometric models Research and development contracts United States Econometric models |
| topic_facet | Ökonometrisches Modell Biotechnology industries United States Finance Econometric models Capital market United States Econometric models Corporations United States Finance Econometric models Research and development contracts United States Econometric models USA |
| url | http://papers.nber.org/papers/w7464.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT lernerjoshua doequityfinancingcyclesmatterevidencefrombiotechnologyalliances AT tsaialexander doequityfinancingcyclesmatterevidencefrombiotechnologyalliances |