Asset Specificity, R&D Financing and the Signalling Properties of the Firm’s Finance Structure

Enrico Santarelli

Chapter 4 in Finance and Technological Change, 1995, pp 39-58 from Palgrave Macmillan

Abstract: Abstract In Chapter 2 we saw how Schumpeter laid sound microfoundations for the analysis of the financing of innovative activities. Nonetheless Schumpeter’s contribution is only a useful starting point for study of this phenomenon. As shown by the short survey conducted in Section 1.3, finance theory has progressed greatly in the last forty years. Accordingly it is much easier nowadays than it was at Schumpeter’s time to analyse by means of elegant formal models the relationship between the types of investments undertaken by a firm and its finance structure.

Keywords: Venture Capital; Initial Public Offering; Stock Option; Share Rule; Asset Specificity (search for similar items in EconPapers)
Date: 1995
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DOI: 10.1057/9780230375031_4

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