THE FINANCING OF INNOVATION: LEARNING AND STOPPING

BY DIRK BERGEMANN AND ULRICH HEGE

COWLES FOUNDATION PAPER NO. 1176

COWLES FOUNDATION FOR RESEARCH IN ECONOMICS YALE UNIVERSITY Box 208281 New Haven, Connecticut 06520-8281 2006 http://cowles.econ.yale.edu/

The financing of innovation: learning and stopping Dirk Bergemann; Ulrich Hege

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cowles foundation paper no. 1176

guish between informed commercial banks and other, less-informed creditors like ... convertible debt or preferred stock, underpinning the right to claim control and ..... The value of the program can be decomposed into the flow payoffs and ...... (i) If the discount factor is small, then the funding volume is decreasing over time.
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