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Financial Dependence and Innovation : The Case of Public Versus Private Firms
Acharya, Viral V. - 2014
This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the … innovation activities of privately-held and publicly-traded firms. We find that public firms in external finance dependent … in internal finance dependent industries do not have a significantly better innovation profile than matched private firms …
Persistent link: https://www.econbiz.de/10013061816
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Caught between Scylla and Charybdis? Regulating bank leverage when there is rent seeking and risk shifting
Acharya, Viral V.; Mehran, Hamid; Thakor, Anjan - 2010
Banks face two different kinds of moral hazard problems: asset substitution by shareholders (e.g., making risky, negative net present value loans) and managerial rent seeking (e.g., investing in inefficient 'pet' projects and consuming perquisites that yield private benefits). The privately...
Persistent link: https://www.econbiz.de/10010287043