The Impact of Changes in Corporate Capital Structure and Liquidity on Research and Development

该研究项目的目的是调查 制造业的金融和所有权结构 美国对长期投资的追求 目标，特别是新产品的开发， 流程. 三个不同的实证研究进行。首先，一个模型 同时提出了投资和金融政策选择， 它可以用来研究流动性的影响， 研究和发展投资的限制（或普通投资） （一）企业层面。第二，额外的工作将 调查合并收益来源的工作 杠杆收购或其他“私有化”交易， 退出的离散选择模型，其中还包括 以价格衡量的交易。第三，同样的模式在 用于构建接管概率的预测， 作为一个屏幕，以确定潜在的被低估的公司。 审查这些公司的股本回报率（对于那些 随后不获取）提供了对 市场短视或长期低估假说 投资 该项目的一个重要部分涉及更新数据集 在以前的NSF赠款期间建造，其中包括平衡 表和损益表以及退出信息， 从1959年到1987年，大约有2700家制造企业。这 数据集在经济学中被研究人员广泛使用 职业

The aim of the research project is to investigate the way in which financial and ownership structure of the manufacturing sector in the United States affects the pursuit of long term investment goals, in particular, the development of new products and processes. Three different empirical studies are conducted. First, a model of simultaneous choice of investment and financial policy is outlined, which can be used to investigate the effect of liquidity constraints on research and development investment (or ordinary investment) at the firm level. Second, additional work will be undertaken that looks into the sources of gain from merger, leveraged buyout or other "going private" transactions using a discrete choice model of exit which also incorporates the value of the transaction as measured by its price. Third, the same model is used to construct predictions of takeover probability which can serve as a screen to identify potentially undervalued firms. Examination of the returns to the equities of such firms (for those which are not subsequently acquired) provides a partial test of the hypothesis of market myopia or undervaluation of long-term investment. An important part of the project involves updating a dataset constructed during a previous NSF grant which consists of balance sheets and income statements as well as exit information for approximately 2700 manufacturing firms from 1959 through 1987. This dataset has been widely used by researchers in the economics profession.