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Did Bank Distress Stifle Innovation During the Great Depression?

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NBER2014-08-01 更新2025-01-04 收录
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We find a negative relationship between bank distress and the level, quality and trajectory of firm-level innovation during the Great Depression, particularly for R&D firms operating in capital intensive industries. However, we also show that because a sufficient number of R&D intensive firms were

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2014-08-01
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