CAPITAL MARKET IMPERFECTIONS, HIGH-TECH INVESTMENT, AND NEW EQUITY FINANCING

By Robert E. Carpenter, Bruce C. Petersen. 2002

1,039 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/cdb0258af787c4fc3bb1c54908f17ebc7e50316d

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

Innovation across Europe: how important are institutional differences? (2011, background): “According to Carpenter and Petersen (2002) this is so because returns from high-tech investment are highly uncertain, therefore R&D projects have a low probability of financial success.”
Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms (2006, background): “…(lower) than the target, one would expect inventory investment to decline (rise). accounting for industry-specific shifts in inventory investment demand (see Carpenter and Petersen, 2002; and Carpenter and Guariglia, 2003, for a discussion of this effect); and eit, an idiosyncratic component.”
R&D investment and financing constraints of small and medium-sized firms (2011, background): “…appear to be more concerned with financing constraints than larger firms, countries with well developed markets for Venture Capital and IPOs are likely to achieve a comparative advantage in R&D for high-tech or other knowledge intensive goods and services (Chiao 2002, Carpenter and Petersen 2002).”
Funding Gaps? Access To Bank Loans By High-Tech Start-Ups (2007, background): “These findings are consistent with those of previous work relating to the impact of financial constraints on the growth rates of small firms (see again Carpenter and Petersen, 2002b).”
Governmental and independent venture capital investments in Europe: a firm-level performance analysis (2017, background): “1 Capital market imperfections are due to some peculiar characteristics of young high-tech companies, such as: i) the technology-intensive nature of their business model; ii) their lack of reputation; iii) and the intangible nature of their assets, which cannot be used as collateral when bargaining ”
Acquisition of Additional Equity Capital by Small Firms – Findings from the National Survey of Small Business Finances (2006, background): “Those factors include growth stage (Berger and Udell, 1998) industrial classification (Timmons, 1997; Fenn and Liange, 1998; Carpenter and Peterson, 2002 ); goals of the family and business (Barton and Mathews, 1989; Petty and Bygraves, 1993; Kuratko et al., 1997), and risk preference (Bolton and F”
Dynamics of Science-based entrepreneurship (2010, background): “adverse selection and moral hazard problems), obtaining external financing is difficult for these firms, especially in the early stages of their life when they lack a track record (see e.g. Carpenter and Petersen 2002; Denis 2004).”
Banks and Innovation: Microeconometric Evidence on Italian Firms (2008, positive): “…with credit suppliers in other provinces or in accessing funds in the open market.8 Moreover, the contributions by Berger and Udell (2002) and Carpenter and Petersen (2002) highlight the importance of “relationship lending” according to which banks acquire information through contacts with…”
Institutional determinants of university spin-off quantity and quality: a longitudinal, multilevel, cross-country study (2016, background): “Obtaining external financing is a desired goal for the majority of university spin-offs, partly due to poor access to debt financing for this type of ventures (Carpenter and Petersen 2002).”
Financing technology-based small firms in Europe: what do we know? (2012, result): “The European literature therefore is in line with the US evidence on financial constraints to investments and R&D spending (Hall 1992, 2002, 2005; Hao and Jaffe 1993; Carpenter and Petersen 2002).”
(International) R&D Collaboration and SMEs: The effectiveness of targeted public R&D support schemes (2014, background): “…often the case especially for young and small- and medium-sized firms (SMEs), R&D projects may be foregone if these firms face binding financing constraints in capital markets (see Berger and Udell, 2002; Carpenter and Petersen, 2002; Hyytinen and Toivanen, 2005; Czarnitzki and Hottenrott, 2011b).”
Internal financial constraints, external financial constraints, and investment choice: Evidence from a panel of UK firms. (2008, background): “In our broader sample, firms are allocated to the following groups: agriculture, forestry, and mining; manufacturing; (Carpenter and Petersen, 2002a); and eit, an idiosyncratic component.”