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Clarence Tow Lecture in Finance: Filippo Mezzanotti
Join us to hear from Filippo Mezzanotti, Northwestern University. His presentation is titled, "Research and/or Development? Financial Frictions and Innovation Investment".
Abstract: U.S. firms have reduced their investments in scientific research compared to product development. We use Census data to study how the composition of R&D responds to an increase in the cost of funds. Companies forced to refinance during the 2008 financial crisis made substantial cuts to R&D. These reductions were highly concentrated in basic and applied research, and their impact appears in citation-weighted patent output after three years. We explore several mechanisms and conclude that the overall pattern of results is consistent with an important role for technological competition in determining the composition of firms’ R&D investments.
The Clarence Tow Lectures in Finance Series brings high-profile researchers to Tippie College of Business to present to an audience of faculty, PhD students, and researchers from around the University of Iowa.
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