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Corporate Finance, Innovation, and Strategic Competition |  | Author: Cornelia Neff
Publisher: Springer
Category: Book
List Price: $119.00
Buy New: $15.00
as of 7/29/2010 10:39 CDT details
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New (12) Used (5) from $15.00
Seller: Ashberrytext
Sales Rank: 3503414
Media: Paperback
Edition: 1
Pages: 227
Number Of Items: 1
Shipping Weight (lbs): 0.8
Dimensions (in): 9.1 x 5.9 x 0.5
ISBN: 3540442944
Dewey Decimal Number: 658.15
EAN: 9783540442943
ASIN: 3540442944
Publication Date: December 16, 2002
Availability: Usually ships in 1-2 business days
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Product Description
This book analyzes how corporate finance decisions influence strategic competition and innovation of firms in the product market. We consider bank loan financing and venture capital financing. Due to assymetric information, firms must sign special contracts with banks or venture capitalists. The financial contracts, in turn, determine the competitive strategies of firms in the product market. Firms compete in prices for market shares. In addition to that, firms invest in R&D in order to induce product or process innovation. We show that better access to financial resources improves a firm's market position and leads to a higher rate of innovation. Cash-rich firms may even decide to prey upon financially restricted rivals in order to prevent new market entry or to induce market exit.
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