The Experts below are selected from a list of 360 Experts worldwide ranked by ideXlab platform
Wouter De Maeseneire - One of the best experts on this subject based on the ideXlab platform.
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do r d subsidies affect smes access to External Financing
Research Policy, 2012Co-Authors: Miguel Meuleman, Wouter De MaeseneireAbstract:Abstract Many countries spend sizeable sums of public money on R&D grants to alleviate debt and equity gaps for small firms’ innovation projects. In making such awards, knowledgeable government officials may certify firms to private financiers. Using a unique Belgian dataset of 1107 approved requests and a control group of denied requests for a specific type of R&D grant, we examine the impact of subsidies on small firms’ access to External equity, short term and long term debt Financing. We find that obtaining an R&D subsidy provides a positive signal about SME quality and results in better access to long-term debt.
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do r d subsidies affect sme s access to External Financing
Research Papers in Economics, 2008Co-Authors: Miguel Meuleman, Wouter De MaeseneireAbstract:Many countries spend sizeable sums of public money on R&D grants to alleviate debt and equity gaps for small firms’ innovation projects. In making such awards, knowledgeable government officials may certify firms to private financiers. This paper investigates whether government subsidies to R&D enhance SMEs’ access to External Financing due to this certification effect. Using a unique Belgian dataset of 1107 approved requests and a control group of 501 denied requests for a specific type of R&D grant, we examine the impact on small firms’ External equity, short term and long term debt Financing. We find that obtaining a R&D subsidy provides a positive signal about SME quality and results in better access to long-term debt.
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do r d subsidies affect smes access to External Financing
Social Science Research Network, 2008Co-Authors: Miguel Meuleman, Wouter De MaeseneireAbstract:Many countries spend sizeable sums of public money on R&D grants to alleviate debt and equity gaps for small firms' innovation projects. In making such awards, knowledgeable government officials may certify firms to private financiers. This paper investigates whether government subsidies to R&D enhance SMEs' access to External Financing due to this certification effect. Using a unique Flemish dataset of 1107 approved requests and a control group of 501 denied requests for a specific type of R&D grant, we examine the impact on small firms' External equity, short term and long term debt Financing. We find that obtaining a R&D subsidy provides a positive signal about SME quality and results in better access to long-term debt.
Miguel Meuleman - One of the best experts on this subject based on the ideXlab platform.
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do r d subsidies affect smes access to External Financing
Research Policy, 2012Co-Authors: Miguel Meuleman, Wouter De MaeseneireAbstract:Abstract Many countries spend sizeable sums of public money on R&D grants to alleviate debt and equity gaps for small firms’ innovation projects. In making such awards, knowledgeable government officials may certify firms to private financiers. Using a unique Belgian dataset of 1107 approved requests and a control group of denied requests for a specific type of R&D grant, we examine the impact of subsidies on small firms’ access to External equity, short term and long term debt Financing. We find that obtaining an R&D subsidy provides a positive signal about SME quality and results in better access to long-term debt.
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do r d subsidies affect sme s access to External Financing
Research Papers in Economics, 2008Co-Authors: Miguel Meuleman, Wouter De MaeseneireAbstract:Many countries spend sizeable sums of public money on R&D grants to alleviate debt and equity gaps for small firms’ innovation projects. In making such awards, knowledgeable government officials may certify firms to private financiers. This paper investigates whether government subsidies to R&D enhance SMEs’ access to External Financing due to this certification effect. Using a unique Belgian dataset of 1107 approved requests and a control group of 501 denied requests for a specific type of R&D grant, we examine the impact on small firms’ External equity, short term and long term debt Financing. We find that obtaining a R&D subsidy provides a positive signal about SME quality and results in better access to long-term debt.
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do r d subsidies affect smes access to External Financing
Social Science Research Network, 2008Co-Authors: Miguel Meuleman, Wouter De MaeseneireAbstract:Many countries spend sizeable sums of public money on R&D grants to alleviate debt and equity gaps for small firms' innovation projects. In making such awards, knowledgeable government officials may certify firms to private financiers. This paper investigates whether government subsidies to R&D enhance SMEs' access to External Financing due to this certification effect. Using a unique Flemish dataset of 1107 approved requests and a control group of 501 denied requests for a specific type of R&D grant, we examine the impact on small firms' External equity, short term and long term debt Financing. We find that obtaining a R&D subsidy provides a positive signal about SME quality and results in better access to long-term debt.
Tyler Muir - One of the best experts on this subject based on the ideXlab platform.
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aggregate External Financing and savings waves
Research Papers in Economics, 2014Co-Authors: Andrea L Eisfeldt, Tyler MuirAbstract:US data display aggregate External Financing and savings waves. Firms can allocate costly External finance to productive capital, or to liquid assets with low physical returns. If firms raise costly External finance and accumulate liquidity, either the cost of External finance is relatively low, or the total return to liquidity accumulation, including its shadow value as future internal funds, is particularly high. We formalize this intuition by estimating a dynamic model of firms’ Financing and savings decisions, and use our model along with firm level data to construct an empirical estimate of the average cost of External finance from 1980-2014.
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aggregate External Financing and savings waves
Social Science Research Network, 2014Co-Authors: Andrea L Eisfeldt, Tyler MuirAbstract:US data display aggregate External Financing and savings waves. Firms can allocate costly External finance to productive capital, or to liquid assets with low physical returns. If firms raise costly External finance and accumulate liquidity, either the cost of External finance is relatively low, or the total return to liquidity accumulation, including its shadow value as future internal funds, is particularly high. We formalize this intuition by estimating a dynamic model of firms’ Financing and savings decisions, and use our model along with firm level data to construct an empirical estimate of the average cost of External finance from 1980-2014.Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.
Roger Svensson - One of the best experts on this subject based on the ideXlab platform.
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commercialization of patents and External Financing during the r d phase
Research Policy, 2007Co-Authors: Roger SvenssonAbstract:Abstract Using a unique database on Swedish patents owned by small firms and individuals, survival models estimate how different factors influence the decision to commercialize the patents. Such an analysis has seemingly never previously been undertaken. Since the owners know more about the patents than potential External financiers, problems related to asymmetrical information are present. To overcome these problems when inventors and small technology-based firms need Financing, Sweden has for a long time relied on government support rather than private venture capital firms. The empirical results show that the larger is the share of patent-owners’ costs covered by government financial support during the R&D phase, the lower is the probability of patents being commercialized. This lower degree of commercialization is likely to depend on (1) the soft terms of the government loans, where the patent owner can avoid paying back the loan if the patent is never commercialized and/or (2) that the government is not able to select promising projects. The first explanation is related to moral hazard and the second one to adverse selection. The policy suggestion is for government to change the design of the loans, to base them on firms rather than projects.
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commercialization of patents and External Financing during the r d phase
Social Science Research Network, 2007Co-Authors: Roger SvenssonAbstract:Using a unique database on Swedish patents owned by small firms and individuals, survival models estimate how different factors influence the decision to commercialize the patents. Such an analysis has seemingly never previously been undertaken. Since the owners know more about the patents than potential External financiers, problems related to asymmetrical information are present. To overcome these problems when inventors and small technology-based firms need Financing, Sweden has for a long time relied on government support rather than private venture capital firms. The empirical results show that the larger is the share of patent-owners’ costs covered by government financial support during the RD and/or 2) that the government is not able to select promising projects. The first explanation is related to moral hazard and the second one to adverse selection. The policy suggestion is for government to change the design of the loans, to base them on firms rather than projects.
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commercialization of patents and External Financing during the r d phase
Research Papers in Economics, 2004Co-Authors: Roger SvenssonAbstract:Using a unique database on individual Swedish patents, a survival model estimates how different factors influence the time it takes until commercialization starts. To the best of my knowledge, such an analysis has not been undertaken before. For External Financing of patent projects and small technology-based firms, Sweden has during long time relied on government support rather than private venture capital firms. The empirical results show that the larger share of the patent-owners’ costs during the RD and 2) the competence and incentives of the government institutions, which are not profit maximizing. A policy implication is therefore that the government should either change the conditions of the loans or, preferably, stop acting as a venture capital firm. The government should instead facilitate private solutions and the growth of private venture capital firms.
Joseph E Stiglitz - One of the best experts on this subject based on the ideXlab platform.
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ownership changes and access to External Financing
Social Science Research Network, 2008Co-Authors: Anzhela Knyazeva, Diana Knyazeva, Joseph E StiglitzAbstract:This paper examines access to External Financing in the privatization context and provides new evidence on the effects of Financing constraints on performance and investment. Ownership reforms increase firms’ reliance on External Financing. Empirically, performance and investment changes around ownership reforms are increasing in country-level measures of access to credit. The presence of a severe prior public Financing constraint contributes to stronger investment growth after privatization. Privatized enterprises do not outperform publicly owned industries, all else given. Our analyses rely on new international sector- and firm-level data and correct for potential endogeneity of ownership changes.
