The DOI matches its Crossref record; 8 of the 8 references it cites were found in a registry or an index.
Capital Market Imperfections, High‐Tech Investment, and New Equity Financing
Abstract
Mondragone International Economic Seminar for many valuable comments and suggestions. We also thank Lauren Lax for excellent research assistance and Dorothy Petersen for technical assistance. ABSTRACT: Highly variable returns, asymmetric information and a lack of collateral should cause small high-tech firms to have poor access to debt. New equity financing has several advantages over debt, but may be costly compared to internal finance. We examine an unbalanced panel of over 2,400 publicly traded United States high-tech companies over the period 1981 to 1998. Most small high-tech firms obtain little debt financing. New equity financing, in the form of the initial public offering, is very important and permits a major increase in firm size. After going public, comparatively few firms make heavy use of external financing.
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Cites
The Market for "Lemons": Quality Uncertainty and the Market Mechanism
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Corporate financing and investment decisions when firms have information that investors do not have
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Credit Rationing in Markets with Imperfect Information
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Financing Constraints and Corporate Investment
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Self-citationN. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690 · cited 1×
“9 Berger and Udell (1998) summarize the empirical findings on collateral and conclude that riskier firms are more likely to pledge collateral.”
Dynamic Investment Models and the Firm's Financial Policy
Bond, S., & Meghir, C. (1994) · The Review of Economic Studies · doi:10.2307/2297978 · Cited by 979
Working Capital and Fixed Investment: New Evidence on Financing Constraints
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Self-citationSecured Lending and Default Risk: Equilibrium Analysis, Policy Implications and Empirical Results
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Cited by
Ghio, N., Guerini, M., & Rossi-Lamastra, C. (2019) · Small Business Economics · doi:10.1007/s11187-017-9958-3 · Cited by 82
The sandwich game: Founder-CEOs and forecasting as impression management
Collewaert, V., Vanacker, T., Anseel, F., & Bourgois, D. (2021) · Journal of Business Venturing · doi:10.1016/j.jbusvent.2020.106075 · Cited by 47
Metadata
- Authors
- Carpenter, R. E., & Petersen, B. C.
- Venue
- The Economic Journal
- Publisher
- Oxford University Press (OUP)
- Published
- 2002-02-01
- Volume
- 112
- Issue
- 477
- Pages
- F54-F72
- ISSN
- 0013-0133 (ISSN-L)
- 1468-0297
- OpenAlex
- W2166941765
- Cited by
- 952
- References
- 8
- FWCI
- 33.90
- Type
- journal article
- Language
- en
- Open access
- closed
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