Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168093
Authors: 
Hottenrott, Hanna
Demeulemeester, Sarah
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Innovation and R&D D13-V3
Abstract: 
Information asymmetry and outcome uncertainty increase the cost of debt for R&D. This study shows that recipients of public R&D grants face lower costs of debt. Immediate effects suggest that quality certification explains this observation. For younger ventures certification is accompanied by liquidity effects. Short-term effects stem from grants for research. In addition, longer-term liquidity effects point to grants facilitating young firms’ investments in R&D that advance project maturity.
JEL: 
O31
O38
L26
G30
Document Type: 
Conference Paper

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