11 November 2010
Venue: David Sizer Lecture Theatre, Francis Bancroft Building, Mile End Campus
To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are cash-constrained, especially if they are small. Recognising the role for public policy in this area, many countries have implemented specific policies to bring the cost of financing innovation more in line with the level that would prevail in the absence of market failures.
Bronwyn H. Hall is Professor in the Graduate School at the University of California at Berkeley and Professor of Economics of Technology and Innovation at the University of Maastricht, Netherlands. She is a Research Associate of the National Bureau of Economic Research and the Institute for Fiscal Studies, London. She received a B.A. in physics from Wellesley College in 1966 and a Ph.D. in economics from Stanford University in 1988. Professor Hall has published numerous articles on the economics and econometrics of innovation and recently co-edited the Handbook of the Economics of Innovation. Current research includes measuring the returns to R&D and innovation at the firm level, analysis of technology policies such as R&D tax incentives, and patent policy, especially in ICT and clean technology. She has made substantial contributions to applied economic research via the creation of software for econometric estimation and of firm-level datasets including patents.
For more information about Centre for Globalisation Research at Queen Mary, please visit http://www.busman.qmul.ac.uk/cgr/
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