How Resilient is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting
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Despite theoretical predictions to the contrary, corporate innovation is strongly pro-cyclical. In this paper, we compare innovation in the economy as a whole to that of firms backed by venture capital (VC), a source of capital associated with the most impactful young firms. We show that (1) patents
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美国国家经济研究局创建时间：
2020-05-01
