Why Do Innovative Firms Hold So Much Cash? Evidence from Changes in State R&D Tax Credits
Full Text Reports... 2014-10-14
Why Do Innovative Firms Hold So Much Cash? Evidence from Changes in State R&D Tax Credits (PDF) Source: Federal Reserve Board This paper uses the staggered changes of R&D tax credits across U.S. states and over time as a quasi-natural experiment to examine the impact of innovation on corporate liquidity. By generating plausibly independent variation […]
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