开始:VCALENDAR版本:2.0 PRODID: / /学院Labor Economics//Zope//EN METHOD:PUBLISH CALSCALE:GREGORIAN BEGIN:VTIMEZONE TZID:Europe/Berlin BEGIN:DAYLIGHT TZOFFSETFROM:+0100 RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=-1SU DTSTART:19810329T020000 TZNAME:CEST TZOFFSETTO:+0200 END:DAYLIGHT BEGIN:STANDARD TZOFFSETFROM:+0200 RRULE:FREQ=YEARLY;BYMONTH=10;BYDAY=-1SU DTSTART:19961027T030000 TZNAME:CET TZOFFSETTO:+0100 END:STANDARD END:VTIMEZONE BEGIN:VEVENT UID:7101070924400@conference.iza.org LOCATION;CHARSET=UTF-8: DESCRIPTION:We use data on publicly traded UK firms to investigate whether financing choices \ndiffer systematically with R&D intensity. As well as looking at a balance sheet \nmeasure of the debt/assets ratio, we also consider the probability of raising finance by \nissuing new equity, and the shares of bank debt and secured debt in total debt. We \nfind a non-linear relationship with the debt/assets ratio: firms that report positive but \nlow R&D use more debt finance than firms that report no R&D, but the use of debt \nfinance falls with R&D intensity among those firms that report R&D. We find a \nsimpler relationship with the probability of issuing new equity: firms that report R&D \nare more likely to raise funds by issuing shares than firms that report no R&D, and \nthis probability increases with R&D intensity. The shares of bank debt and secured \ndebt in total debt are both lower for firms that report R&D compared to those that do \nnot, and tend to fall as R&D intensity rises. We discuss possible explanations for \nthese patterns. SEQUENCE:1 X-APPLE-TRAVEL-ADVISORY-BEHAVIOR:AUTOMATIC SUMMARY:IZA Seminar: Technology and Financial Structure: Are Innovative Firms Different? by Ioana Marinescu (University of Pennsylvania) DTSTART;TZID=Europe/Berlin:20031209T000000 DTEND;TZID=Europe/Berlin:T000000 END:VEVENT END:VCALENDAR