Incentives to Innovate and the Decision to Go Public or Private

被引：186

作者：

Ferreira, Daniel ^{[1
,2
]}

Manso, Gustavo ^{[3
]}

Silva, Andre C. ^{[4
]}

机构：

[1] London Sch Econ, CEPR, London WC2 2AE, England

[2] ECGI, London, England

[3] Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA

[4] Univ Nova Lisboa, Nova Sch Business & Econ, P-1200 Lisbon, Portugal

来源：

REVIEW OF FINANCIAL STUDIES | 2014年 / 27卷 / 01期

关键词：

MARKET-EFFICIENCY; CHOICE; OWNERSHIP; EQUITY; INVESTMENT; CORPORATE; BUYOUTS; COSTS; FIRMS;

D O I：

10.1093/rfs/hhs070

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We model the impact of public and private ownership structures on firms' incentives to invest in innovative projects. We show that it is optimal to go public when exploiting existing ideas and optimal to go private when exploring new ideas. This result derives from the fact that private firms are less transparent to outside investors than are public firms. In private firms, insiders can time the market by choosing an early exit strategy if they receive bad news. This option makes insiders more tolerant of failures and thus more inclined to invest in innovative projects. In contrast, the prices of publicly traded securities react quickly to good news, providing insiders with incentives to choose conventional projects and cash in early.

引用

页码：256 / 300

页数：45

共 50 条

[1] INCENTIVES TO INNOVATE IN PUBLIC AND PRIVATE ORGANIZATIONS
ROESSNER, JD
[J]. ADMINISTRATION & SOCIETY, 1977, 9 (03) : 341 - 365
[2] INCENTIVES TO INNOVATE
Hoy, Richard
[J]. Pulp and Paper Canada, 2021, 122 (04):
[3] INCENTIVES TO INNOVATE
Hoy, Richard
[J]. PULP & PAPER-CANADA, 2021, 122 (04) : 24 - 24
[4] A methodology of the public administration to innovate in the private company
Pacheco, Maria Victoria Diaz
Perez, Maria Dolores Garcia
del Vas, Ginesa Martinez
[J]. SUMA DE NEGOCIOS, 2023, 14 (31) : 102 - 110
[5] PRIVATE INCENTIVES AND PUBLIC INFORMATION
MARSHALL, JM
[J]. AMERICAN ECONOMIC REVIEW, 1974, 64 (03): : 373 - 370
[6] Public trading and private incentives
Faure-Grimaud, A
Gromb, D
[J]. REVIEW OF FINANCIAL STUDIES, 2004, 17 (04): : 985 - 1014
[7] TO INNOVATE OR NOT TO INNOVATE - INCENTIVES AND INNOVATION IN HIERARCHIES
DEARDEN, J
ICKES, BW
SAMUELSON, L
[J]. AMERICAN ECONOMIC REVIEW, 1990, 80 (05): : 1105 - 1124
[8] Ownership structures and the decision to go public - Private versus social optimality
Bebchuk, LA
Zingales, L
[J]. CONCENTRATED CORPORATE OWNERSHIP, 2000, : 55 - 80
[9] INCENTIVES TO INNOVATE IN OLIGOPOLIES
Belleflamme, Paul
Vergari, Cecilia
[J]. MANCHESTER SCHOOL, 2011, 79 (01): : 6 - 28
[10] Don't go public, go private
Helmus, Michael N.
Rao, Anil K.
[J]. NATURE NANOTECHNOLOGY, 2007, 2 (12) : 735 - 736

← 1 2 3 4 5 →