| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14602 |
| 来源ID | Working Paper 14602 |
| Conveying Quality and Value in Emerging Industries: Star Scientists and the Role of Learning in Biotechnology | |
| Matthew J. Higgins; Paula E. Stephan; Jerry G. Thursby | |
| 发表日期 | 2008-12-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Managers of private entrepreneurial firms face obstacles in raising capital both in placing a value on a firm and conveying value to investors. These problems are exacerbated when the firm is small, has limited assets (except for human capital) and has yet to have a lead product. In such cases metrics are necessary to convey the value of the firm to investors. Here we explore the importance within the biotechnology industry of the non-financial metrics firms used to convey value during two important initial public offerings (IPO) windows (1989 to 1992 and 1996 to 2000). We also examine whether there was a change over time in the importance of various metrics in determining the value of a biotechnology firm. We find that firms with an affiliated Nobel laureate succeeded in raising the value of their firms by more than $30 million compared to firms without a Nobel laureate during the first period, suggesting that a Nobel laureate served as a powerful signal of firm value. Our results also suggest that the biotechnology regime changed and the Nobel Prize lost its luster as a signal of value in the second period. The importance of several other non-financial metrics changed as well. We conclude that these non-financial metrics of value change in relative importance to potential investors and financial markets as learning occurs and as an industry matures. |
| 主题 | Microeconomics ; Economics of Information ; Financial Economics ; Financial Markets ; Labor Economics ; Labor Compensation |
| URL | https://www.nber.org/papers/w14602 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572277 |
| 推荐引用方式 GB/T 7714 | Matthew J. Higgins,Paula E. Stephan,Jerry G. Thursby. Conveying Quality and Value in Emerging Industries: Star Scientists and the Role of Learning in Biotechnology. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14602.pdf（211KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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