with Alan Hughes and Michael Kitson Abstract: In this paper, we investigate the geographic distance in collaborations between academics and external organisations across different knowledge exchange channels. This analysis is based on a unique large sample of UK academics. We ask the following questions. First, how far does academic knowledge, explicit or tacit, travel? Second, …
An Improved Test for Earnings Management Using Kernel Density Estimation
European Accounting Review, Volume 23, Issue 4, 2014, pp. 559-591. Abstract: The methods proposed by Burgstahler and Dichev (1997) and Bollen and Pool (2009) to test for earnings management have been used extensively in the literature. This paper proposes a more general test procedure based on kernel density estimation using a kernel bandwidth selected by …
The Demand and Supply of External Finance for Innovative Firms
Industrial and Corporate Change (2013) 22 (4): 869-901 (Open Access) with Andrea Mina and Alan Hughes Abstract: Access to finance has figured prominently in the debate on barriers to firm growth, even though existing empirical research has not found conclusive evidence of a ‘finance gap’. Moreover, it is not clear to what extent innovation aggravates …
Venture capital in Europe
with Andrea Mina Abstract:Venture capital has been identified as a key enabler of growth in modern knowledge-based economies and has figured prominently in the European innovation policy debate. Its challenges remain, however, substantial. Firstly, private equity markets are still very unevenly developed across the European region. Secondly, they are differentiated markets with highly heterogeneous distributions …
Net Asset Value Discounts in Listed Private Equity Funds
with Christoph Kaserer Abstract: This paper investigates determinants and consequences of net asset value discounts in listed private equity funds. Listed private equity funds share characteristics of closed-end mutual funds and traditional unlisted private equity funds and can therefore offer insights into both. Our results have particular relevance to the pricing of unlisted private equity …