000			01988naa a2200193uu 4500
001			0042611393937
003			OSt
005			20190211171206.0
008			100426s2009 xx ||||gr |0|| 0 eng d
100	1		_aLEVITAS, Edward _96056
245	1	0	_aManaging liquidity in research-intensive firms : _bsignaling and cash flow effects of patents and alliance activities
260			_aBognor Regis : _bWiley-Blackwell, _cJune 2009
520	3		_aThe effective holding and management of liquid assets is critical to success in research-intensive industries. The primary output of invention is new knowledge. However, because of its sticky characteristics, knowledge may not easily diffuse to external shareholders, leading to knowledge asymmetries between managers/employees and external suppliers of capital. Many valuable R&D projects may thus fail to attract external financing, limiting a firm's ability to invest in R&D. In this study, we examine how the cash flow and signaling properties of a firm's patents and certain aspects of its alliance strategy can attenuate such problems. Specifically, we suggest that a firm's R&D investments positively predict the level of its liquid asset holdings. This is due to the fact that invention-induced knowledge asymmetries increase the firm's cost of accessing external liquid capital. However, holding cash entails opportunity costs. In this regard, we also find that patent production and certain alliance activities provide important signaling mechanisms, which reduce knowledge asymmetries between the firm and capital markets, and consequently lower the firm's need to hold liquid assets. Empirical tests were conducted using a sample of 108 U.S-based biotechnology firms.
700	1		_aMCFADYEN, M. Ann _939661
773	0	8	_tStrategic Management Journal _g30, 6, p. 659-678 _dBognor Regis : Wiley-Blackwell, June 2009 _xISSN 01432095 _w
942			_cS
998			_a20100426 _b1139^b _cDaiane
998			_a20100428 _b1704^b _cCarolina
999			_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c32579 _d32579
041			_aeng