| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20578 |
| 来源ID | Working Paper 20578 |
| Financing Decisions and Product Introductions of Private and Publicly Traded Firms | |
| Gordon Phillips; Giorgo Sertsios | |
| 发表日期 | 2014-10-13 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We exploit Medicare national coverage reimbursement approvals of medical devices as a quasi-natural experiment to investigate how private and publicly traded firm financing decisions and product introductions respond to exogenous changes in investment opportunities. We find that publicly traded companies increase their external financing, and their subsequent product introductions, by more than private companies in response to national coverage approvals. The primary source of the increased financing is through private financing of public firms. We also show that firms that select to go public during our sample period are ex ante more productive than similar private firms. The results are consistent with public firms bearing the costs of going public to gain financing advantages that come from being able to offer securities with better exit liquidity and lower price risk. |
| 主题 | Financial Economics ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior |
| URL | https://www.nber.org/papers/w20578 |
| 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/578252 |
| 推荐引用方式 GB/T 7714 | Gordon Phillips,Giorgo Sertsios. Financing Decisions and Product Introductions of Private and Publicly Traded Firms. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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