Young innovative firms, investment-cash flow sensitivities and technological misallocation

Can technological misallocation generate financial frictions? We build a theoretical model with testable implications, in which the misallocation between R&D and production activities generates borrowing constraints. The investor offers the innovator a rent that is contingent to the success of i...

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Detalles Bibliográficos
Autores Principales: Valencia-Arana, Oscar Mauricio, Gómez-González, José Eduardo, García-Suaza, Andrés Felipe
Formato: Documento de trabajo (Working Paper)
Lenguaje:Inglés (English)
Publicado: Banco de la República de Colombia 2017
Materias:
Acceso en línea:http://repositorio.banrep.gov.co/handle/20.500.12134/6317