Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/94562
Authors: 
Filson, Darren
Morales, Rosa
Year of Publication: 
2001
Series/Report no.: 
Claremont Colleges Working Papers in Economics 2001-24
Abstract: 
We use a simple model of collaborative innovation to structure an empirical analysis of minority equity links in biotechnology alliances between clients and R&D firms. In the model, an equity link is an investment in information acquisition: it improves the ability of the client to learn about the R&D firm’s ability and the alliance project’s quality. The model generates several testable hypotheses about how the R&D firm’s project characteristics and previous alliances affect the use of equity links in new alliances. We test the hypotheses using a large data set of biotechnology alliances and find empirical support.
Subjects: 
alliance
collaboration
integration
joint venture
technological change
JEL: 
L14
L22
O32
Document Type: 
Working Paper

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