This book provides a critical evaluation of the literature on finance, investment and innovation and proposes new research methods for evaluating the comparative performance of financial systems in supporting innovation. The comparative advantage of this book is that of being directly focused on one of the main unsolved issues in monetary and financial economics: the relative effectiveness of national financial systems in supporting innovation. It proposes various theoretical and empirical contributions that, taken together, allow to evaluate the relative effectiveness of some of the most important country systems such as Japan, and the UK and Italy.
Table of Contents
Introduction Michele Bagella
1. Relative effectiveness of national systems of finance, investment and innovation: a review of the literature and a proposal for a comparative approach Michele Bagella and Leonardo Becchetti
2. Equity dilution, small ticket problem and coordination inefficiency in venture capital financing of innovation, Leonardo Becchetti
3. Venture capital and innovation in Europe Laura Cavallo
4. The optimal financing strategy of Japanese high-tech firms: the role of warrants, Michele Bagella and Leonardo Becchetti
5. Effects of options introduction on stock price volatility: an empirical testing on high-tech firm equities based on SSC-GARCH models Andrea Caggese
6. Finance, investment and innovation: a theoretical and empirical comparative analysis in Japan and the UK, Leonardo Becchetti
7. High-tech firms, asymmetric information and credit rationing Luigi Guiso
8. New technology investment and financial development: cross-country evidence, Boyan Jovanovic;
9. Financing technological innovation in Italy: sources, governmental support and productivity growth, Giuliana Battisti
10. The structure of financing and intellectual property rights Pasquale Lucio Scandizzo.