haku: @indexterm FINANCIAL THEORY / yhteensä: 142
viite: 25 / 142
Tekijä: | Carpenter, R. E. Petersen, B. C. |
Otsikko: | Capital market imperfections, high-tech investment, and new equity financing |
Lehti: | Economic Journal
2002 : FEB, VOL. 112:477, p. F54-F72 |
Asiasana: | Financial theory Capital markets Investments High technology |
Kieli: | eng |
Tiivistelmä: | 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. The authors examine an unbalanced panel of over 2400 publicly traded US high-tech companies over the period 1981-98. Most small high-tech firms obtain little debt financing. New equity financing, in the form of the initial public offering, is important and permits a major increase in firm size. |
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