Faculty Publication by Preeta M. Banerjee

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Faculty Member:

Preeta M. Banerjee

Title of Publication:

"Investment Banks and Credit Assignment: Managing Selection of International Biotechnology Start-ups"

Publication Type:

Forthcoming Paper

Year of Publication:

2009

Co-Authors:

Preeta M. Banerjee

Publication Details:

Entrepreneurship in Emerging Economies

Abstract:

This paper uses grounded theory (Glazer and Strauss, 1967; Glazer, 1998) based on in-depth interviews of biotechnology investors and entrepreneurs to investigate financing as a tool of evolution. Financing determines long-term firm and technology development, particularly in biotechnology start-ups. Start-ups face a selection environment, i.e. a market that rewards firms as a holistic entity. The actors in the selection environment, i.e. investors, have general expectations or selection criteria. It is the role of mediators, like investment banks, to match overall selection criteria to the specifics within the firm through credit assignment. Through credit assignment, firms allocate resources in ways that result in positive feedback from the selection environment through obtaining financing, i.e. the selection mechanism whereby the selection environment pressures firms to adapt or perish.

Link (PDF format) :

http://www.brandeis.edu/global/pdfs/faculty_publications/banerjee/Banerjee_2_10.pdf

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