Capital Market Imperfections , High-Tech Investment , and New Equity Financing *

  • Robert E. Carpenter UMBC Bruce C. Petersen Washington University
  • Published 2003
Highly variable returns, asymmetric information and a lack of collateral should cause small high-tech firms to have poor access to debt. New equity financing has several advantages over debt, but may be costly compared to internal finance. We examine an unbalanced panel of over 2,400 publicly traded United States high-tech companies over the period 1981 to… CONTINUE READING

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