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Autor(en):
Bergemann, Dirk; Hege, Ulrich 
Titel:
The Financing of Innovation: Learning and Stopping 
Abstract:
We consider the financing of a research project under uncertainty about the time of completion and the probability of eventual success. We distinguish between two financing modes, namely relationship financing, where the allocation decision of the entrepreneur is observable, and arm's-length financing, where it is unobservable. We find that equilibrium funding stops altogether too early relative to the efficient stopping time in both financing modes. The rate at which funding is released becomes...    »
 
Zeitschriftentitel:
The RAND Journal of Economics 
Jahr:
2005 
Band / Volume:
36 
Heft / Issue:
Seitenangaben Beitrag:
719--752