Audretsch, David B. (contributor); … - 2007
activity and new ideas tend
to be subjected to financing constraints. The first factor involves knowledge
asymmetries, which … investors. Firstly,such
knowledge asymmetries will be exacerbated because intangible assets tend to
4
have low collateral value …” (Carpenter &
Petersen, 2002).
The second factor involves the fundamental uncertainty in knowledge and
new ideas. As Arrow (1962 …