Student or educator? Sign up with your school email and get 6 months of Pro free.
CoChat
Sign Up
Cited by 648

The DOI matches its Crossref record; 120 of the 120 references it cites were found in a registry or an index.

The Financing of R&D and Innovation

Open access
Hall, Bronwyn, Lerner, Josh·2009·National Bureau of Economic Research
DOI 10.3386/w15325
Open this paper in CoChat — free account

Abstract

Evidence on the "funding gap" for investment innovation is surveyed.The focus is on financial market reasons for underinvestment that exist even when externality-induced underinvestment is absent.We conclude that while small and new innovative firms experience high costs of capital that are only partly mitigated by the presence of venture capital, the evidence for high costs of R&D capital for large firms is mixed.Nevertheless, large established firms do appear to prefer internal funds for financing such investments and they manage their cash flow to ensure this.Evidence shows that there are limits to venture capital as a solution to the funding gap, especially in countries where public equity markets for VC exit are not highly developed.We conclude by suggesting areas for further research.

Overview

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Integrity signals

Registry

Crossref · 10.3386/w15325

Cites

120 of 120 references verified0 citation errors · 0 not checkable

Statistics

Verification

Claims the paper makes

The claims and statistics of this paper haven’t been checked yet.

Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.

A few free checks a day · papers already verified open instantly · results are public

Self-check

Percentages, sums and reported differences re-computed from the paper’s own numbers.

The self-check needs the paper’s full text.

Citations

Cites

Show all 120 references

Cited by

See all 648

Metadata

Authors
Hall, B., & Lerner, J.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2009-09
DOI
10.3386/w15325
OpenAlex
W2111044028
Cited by
648
References
120
Type
report
Language
en
Open access
green

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

How to cite

Cite CoChat for the checks on this page, and the paper for its own findings.

This page
CoChat. (2026). Citation check: The Financing of R&D and Innovation. https://app.cochat.ai/papers/10.3386/w15325
The paper
Hall, B., & Lerner, J. (2009). The Financing of R&D and Innovation. National Bureau of Economic Research. https://doi.org/10.3386/w15325

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.