2015
DOI: 10.2139/ssrn.2675960
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The Impact of Credit Rating on Innovation in a Two-Sector Evolutionary Model

Abstract: Empirical evidence shows that innovative firms are often more constrained in obtaining external funds than less innovative firms. Explanations are based on the uncertain outcome and high costs of R&D effort. When providing credit, the lender assesses the creditworthiness of the borrower. She relies on financial data and market analysis. The financial data analysis reveals costs and the market outlook is linked to the uncertainty of future profitability. In this paper we examine whether the credit assessment be… Show more

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