滞后
竞赛(生物学)
风险投资
业务
共同所有权
情感(语言学)
市场支配力
经济
产业组织
财务
微观经济学
市场经济
垄断
病理
哲学
生物
医学
语言学
生态学
作者
Xuelin Li,Tong Liu,Lucian A. Taylor
标识
DOI:10.1016/j.jfineco.2022.12.004
摘要
How does common ownership affect innovation? We study this question using project-level data on pharmaceutical startups and their venture capital (VC) investors. We find that common ownership leads VCs to hold back projects, withhold funding, and redirect innovation at lagging startups. Effects are stronger where R&D costs are larger, consistent with common owners aiming to cut duplicate costs. Effects are also stronger where technological similarity is greater and preexisting competition is lower, consistent with common owners seeking market power for their surviving projects. Overall, common VC ownership appears to generate social benefits, via improved innovation efficiency, but also social costs.
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