Financing Risk and Innovation
建立了一个新创企业投资模型，解释为何某些地区、时期和行业投资者更愿意尝试。投资者因预期未来融资困难而减少对创新企业的投资，这尤其损害具有高实物期权价值的创新项目，因此极新技术可能需要“热”金融市场才能度过初期阶段。
We provide a model of investment in new ventures that demonstrates why some places, times, and industries should be associated with a greater degree of experimentation by investors. Investors respond to financing risk, a forecast of limited future funding, by modifying their focus to finance less innovative firms. In equilibrium, financing risk disproportionately impacts innovative ventures with the greatest real option value by creating a trade-off between protecting the firm from financing risk and maximizing its real option value. We propose that extremely novel technologies may need “hot” financial markets to get through the initial period of discovery or diffusion. This paper was accepted by Gustavo Manso, finance.