in The Review of Corporate Finance Studies
September 2016; p ublished online March 2016 .
Journal Article. Subjects: Market Structure and Pricing; Information, Knowledge, and Uncertainy; Investment Banking; Corporate Governance; Technological Change; Research and Development. 10504 words.
In our model multiple innovators compete against each other by submitting investment proposals to an investor. The investor chooses the least expensive proposal and the timing of the...