Matches in SemOpenAlex for { <https://semopenalex.org/work/W2912285765> ?p ?o ?g. }
- W2912285765 abstract "We show that small innovators (i.e., small firms with recent patent grants) earn higher long-term returns. The higher returns are driven by risk, not underreaction to announcements of patent grants. Our results are consistent with small innovators being risky due to their reliance on external parties for commercializing their patents. That is, being small and innovative interacts with financial constraints to explain the higher returns. These interactions are more important in the presence of greater information asymmetry. The higher cost of equity among small innovators has implications for their investment, growth, and capital structure decisions." @default.
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- W2912285765 date "2018-01-01" @default.
- W2912285765 modified "2023-09-23" @default.
- W2912285765 title "Small Innovators: No Risk, No Return" @default.
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- W2912285765 doi "https://doi.org/10.2139/ssrn.3291471" @default.
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