Bias in Market R&D Portfolios
Based on a simple "contest" model of product innovation, we provide a necessary and sufficient condition for the market to be biased against risky R&D projects. We find that, in accordance with conventional wisdom and contrary to much of the previous theoretical literature, market comp...
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| Formato: | workingPaper |
| Idioma: | eng |
| Publicado em: |
2019
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| Assuntos: | |
| Texto completo: | http://hdl.handle.net/10362/85864 |
| País: | Portugal |
| Oai: | oai:run.unl.pt:10362/85864 |