Dirk Czarnitzki

KU Leuven
Dept. of Management, Strategy and Innovation
Naamsestraat 69
3000 Leuven
Tel: 32 16 326 906
Fax: 32 16 326 732


NBER Working Papers and Publications

February 2014Patents as Quality Signals? The Implications for Financing Constraints on R&D
with Bronwyn H. Hall, Hanna Hottenrott: w19947
Information about the success of a new technology is usually held asymmetrically between the research and development (R&D)-performing firm and potential lenders and investors. This raises the cost of capital for financing R&D externally, resulting in financing constraints on R&D especially for firms with limited internal resources. Previous literature provided evidence for start-up firms on the role of patents as signals to investors, in particular to Venture Capitalists. This study adds to previous insights by studying the effects of firms' patenting activity on the degree of financing constraints on R&D for a panel of established firms. The results show that patents do indeed attenuate financing constraints for small firms where information asymmetries may be particularly high and colla...

Published: Economics of Innovation and New Technology 25 (3): 197-217. citation courtesy of

August 2007Biomedical Academic Entrepreneurship through the SBIR Program
with Andrew Toole
in Academic Science and Entrepreneurship: Dual Engines of Growth, Adam Jaffe, Josh Lerner, Scott Stern, Marie Thursby, organizers
July 2005Biomedical Academic Entrepreneurship Through the SBIR Program
with Andrew A. Toole: w11450
This paper considers the U.S. Small Business Innovation research (SBIR) program as a policy fostering academic entrepreneurship. We highlight two main characteristics of the program that make it attractive as an entrepreneurship policy: early-stage financing and scientist involvement in commercialization. Using unique data on NIH supported biomedical researchers, we trace the incidence of biomedical entrepreneurship through SBIR and describe some of the characteristics of these individuals. To explore the importance of early-stage financing and scientist involvement, we complement our individual level data with information on scientist-linked and non-linked SBIR firms. Our results show that the SBIR program is being used as a commercialization channel by academic scientists. Moreover, we f...

Published: Toole, Andrew A. and Dirk Czarnitzki. "Biomedical academic entrepreneurship through the SBIR program." Journal of Economic Behavior & Organization 63, 4 (August 2007): 716-738 . citation courtesy of

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