Monika Schnitzer - Academia.edu (original) (raw)
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Papers by Monika Schnitzer
Wirtschaftsdienst, Mar 1, 2013
Social Science Research Network, 2012
Die Zukunft des Kapitalismus, 2019
Economic Incentives and International Trade by Dalia Marin and Monika Schnitzer This paper studie... more Economic Incentives and International Trade by Dalia Marin and Monika Schnitzer This paper studies the importance of incentives as a determinant of international trade flows. We argue that barter, countertrade and foreign direct investment can be seen as efficient institutions that mitigate contractual hazards which arise in technology trade, marketing and imperfect capital markets. Paying an import with export goods rather than cash (barter) helps to overcome incentive problems that arise in debt repayment of highly indebted countries. Payment in export goods removes the anonymity of the medium of exchange and thus allows to create a collateral for the creditor. Furthermore, tying an import with an export (countertrade) helps to solve the incentive problems related to the technology transfer to developing countries. The export flow serves as a "hostage" that deters cheating on the quality of the imported technology good. The predictions of the two models are consistent wi...
SSRN Electronic Journal, 2021
SSRN Electronic Journal, 2021
SSRN Electronic Journal, 2021
The Review of Economics and Statistics, 2020
This paper shows that venture capital investment in start-ups increases innovation of established... more This paper shows that venture capital investment in start-ups increases innovation of established companies in technologically related fields due to knowledge spillovers. To address endogeneity issues, we instrument R&D expenditures of established companies with state-level R&D tax credits (Bloom, Schankerman, & Van Reenen, 2013) and venture capital investment with past fundraising of private equity buyout funds (Nanda & Rhodes-Kropf, 2013). Exploring the mechanism, we show that the patents of VC-financed start-ups are on average of higher quality, more novel, and less protected by intellectual property rights than those of established firms, leading to significantly larger spillovers. This knowledge transfer between companies is enhanced by mobile start-up inventors.
Wirtschaftsdienst, Mar 1, 2013
Social Science Research Network, 2012
Die Zukunft des Kapitalismus, 2019
Economic Incentives and International Trade by Dalia Marin and Monika Schnitzer This paper studie... more Economic Incentives and International Trade by Dalia Marin and Monika Schnitzer This paper studies the importance of incentives as a determinant of international trade flows. We argue that barter, countertrade and foreign direct investment can be seen as efficient institutions that mitigate contractual hazards which arise in technology trade, marketing and imperfect capital markets. Paying an import with export goods rather than cash (barter) helps to overcome incentive problems that arise in debt repayment of highly indebted countries. Payment in export goods removes the anonymity of the medium of exchange and thus allows to create a collateral for the creditor. Furthermore, tying an import with an export (countertrade) helps to solve the incentive problems related to the technology transfer to developing countries. The export flow serves as a "hostage" that deters cheating on the quality of the imported technology good. The predictions of the two models are consistent wi...
SSRN Electronic Journal, 2021
SSRN Electronic Journal, 2021
SSRN Electronic Journal, 2021
The Review of Economics and Statistics, 2020
This paper shows that venture capital investment in start-ups increases innovation of established... more This paper shows that venture capital investment in start-ups increases innovation of established companies in technologically related fields due to knowledge spillovers. To address endogeneity issues, we instrument R&D expenditures of established companies with state-level R&D tax credits (Bloom, Schankerman, & Van Reenen, 2013) and venture capital investment with past fundraising of private equity buyout funds (Nanda & Rhodes-Kropf, 2013). Exploring the mechanism, we show that the patents of VC-financed start-ups are on average of higher quality, more novel, and less protected by intellectual property rights than those of established firms, leading to significantly larger spillovers. This knowledge transfer between companies is enhanced by mobile start-up inventors.