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- W3124436714 abstract "How do financial constraints influence innovative activities of firms? In a two-period model of price competition with differentiated products we first analyze the incentives to innovate when both firms are self-financed. We then assume that one of the firms is financially constrained and therefore has to apply for a bank loan. If Information is asymmetrically distributed between the bank and the firm, the optimal, incentive-compatible debt contract will lead to a reduction of the innovative efforts of the financially restricted firm. On the other side, the unleveraged rival will increase her innovative activities and might even become a monopolist in the second period of competition. If we finally assume that both firms are financially constrained and apply for a loan at their house bank, we can show that Innovation activities are further reduced and overall welfare will decline." @default.
- W3124436714 created "2021-02-01" @default.
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- W3124436714 date "1998-01-01" @default.
- W3124436714 modified "2023-09-23" @default.
- W3124436714 title "Innovation under financial restrictions" @default.
- W3124436714 hasPublicationYear "1998" @default.
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