Public entrants, public equity finance and creative destruction
Public entrants, public equity finance and creative destruction
dc.contributor.author | Brown, James | |
dc.contributor.author | Petersen, Bruce | |
dc.contributor.author | Brown, James | |
dc.contributor.department | Finance | |
dc.date | 2018-02-19T02:25:18.000 | |
dc.date.accessioned | 2020-06-30T03:57:59Z | |
dc.date.available | 2020-06-30T03:57:59Z | |
dc.date.copyright | Thu Jan 01 00:00:00 UTC 2009 | |
dc.date.issued | 2010-01-01 | |
dc.description.abstract | <p>We explore the importance of new public firms and public equity finance for R&D and creative destruction in the U.S. high-tech sector. Over 1900 new public firms enter high-tech manufacturing between 1970 and 2004; they are increasingly R&D intensive and rely extensively on public equity finance in the 1980s and 1990s. We estimate dynamic R&D models and find a strong link between public equity finance and R&D for new entrants, but not established entrants or incumbents. Further, recent cohorts of public entrants have a substantial economic impact: by 2000, recent public entrants account for almost half of high-tech sales and more than half of R&D. Variation in the availability of public equity finance has a marked impact on entrant R&D and the rate at which entrants take market share from incumbents. Our findings identify a key channel through which public equity markets facilitate the process of creative destruction.</p> | |
dc.description.comments | <p>This is an accepted manuscript from an article from <em>Journal of Banking & Finance, </em>2010, 34(5); 1077-1088. DOI: <a href="http://dx.doi.org/10.1016/j.jbankfin.2009.11.005." target="_blank">10.1016/j.jbankfin.2009.11.005.</a> Posted with permission.</p> <h2> </h2> | |
dc.format.mimetype | application/pdf | |
dc.identifier | archive/lib.dr.iastate.edu/finance_pubs/18/ | |
dc.identifier.articleid | 1009 | |
dc.identifier.contextkey | 11046032 | |
dc.identifier.s3bucket | isulib-bepress-aws-west | |
dc.identifier.submissionpath | finance_pubs/18 | |
dc.identifier.uri | https://dr.lib.iastate.edu/handle/20.500.12876/37327 | |
dc.language.iso | en | |
dc.source.bitstream | archive/lib.dr.iastate.edu/finance_pubs/18/2010_BrownJR___PublicEntrantsPublicEquity.pdf|||Fri Jan 14 21:34:25 UTC 2022 | |
dc.source.uri | 10.1016/j.jbankfin.2009.11.005 | |
dc.subject.disciplines | Business Intelligence | |
dc.subject.disciplines | Corporate Finance | |
dc.subject.disciplines | Finance and Financial Management | |
dc.subject.disciplines | Management Information Systems | |
dc.subject.keywords | IPO | |
dc.subject.keywords | Stock markets | |
dc.subject.keywords | Finance and growth | |
dc.subject.keywords | Creative destruction | |
dc.subject.keywords | Innovation | |
dc.subject.keywords | R&D | |
dc.title | Public entrants, public equity finance and creative destruction | |
dc.type | article | |
dc.type.genre | article | |
dspace.entity.type | Publication | |
relation.isAuthorOfPublication | ac67180a-d497-41fc-beaf-75e4f0244de3 | |
relation.isOrgUnitOfPublication | e2432527-158f-465f-8301-f4ab4c262f9b |
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