Venture Capitalists and Patent Applications of Start-up Firms

In this thesis, the effects of ownership structure on the patent applications of start-up firms are examined, focusing particularly on the role of VC. A unique dataset of Japanese start-up firms is used in the analysis, controlling for firm and industry characteristics. We find that shareholding by VC has a positively significant impact on patent applications and VC is supposed to have an increasing effect on patent applications of the firms brought by R&D expenditures.Patent Applications, R&D expenditures, Venture capitalists, Shareholding, Start-up Firms

Ownership Structure and R&D Investment of Japanese Start-up Firms

In this paper, we analyze the influence of ownership structure on the research and development (R&D) investment of start-up firms. Previous studies on the relationship between ownership and R&D have concentrated on the large, established firms listed on the stock market and have focused on the concentration of ownership, regardless of the types of large shareholders. We argue that the type of large shareholders is an important factor in promoting R&D investment under asymmetric information and that R&D projects, particularly those of start-up firms, strongly depend on the financing received from venture capital firms and main banks. Using a unique data set of the Japanese start-up firms in the 1990s, we found that, even after controlling for the innovativeness prior to the venture capital firm or main bank relationship, the shareholding by venture capital firms and main banks have, in fact, positive and significant effects on the R&D investment of start-up firms.R&D, Ownership Structure, Start-up Firms, Venture Capital, Main Bank

Shareholding by Venture Capitalists and R&D Investment in the Pre- and Post-IPO Periods

In this thesis, we will analyze the effect of IPOs on R&D investment and argue a change in the role of VC in the pre- and post-IPO periods for Japanese firms. It can be stated that the shareholding by VC mitigates the financial constraints of firms and is positively correlated with their R&D investment in the pre-IPO period; however, this effect disappears in the post-IPO period. In addition, it can be assumed that financial constraints are released and informational asymmetries are reduced by IPOs. Thus, R&D investment is influenced by IPOs.R&D Investment, IPO, Venture capitalists, Shareholding, Financial Constraints, Cash Flow

Shareholding by Venture Capitalists and Patent Applications of Japanese Firms in the Pre- and Post-IPO Periods

In this thesis, we will analyze the effect of venture capitalists (VC) on patent applications, focusing on their effects on patent applications in the pre-and post-IPO periods for Japanese firms. It can be stated that the shareholding by VC is positively correlated with their patent applications in the pre-IPO period; however, this effect becomes feeble in the post-IPO period. On the basis of the analysis, it was found that VC promoted the patent application of Japanese firms in the pre-IPO period, in order to enhance their market values.Patent Applications, IPO, Venture capitalists, Shareholding

One-Loop Matching for Parton Distributions: Non-Singlet Case

We derive one-loop matching condition for non-singlet quark distributions in transverse-momentum cut-off scheme, including unpolarized, helicity and transversity distributions. The matching is between the quasi-distribution defined by static correlation at finite nucleon momentum and the light-cone distribution measurable in experiments. The result is useful for extracting the latter from the former in a lattice QCD calculation.Comment: 10 pages, 1 figur

One-Loop Matching for Generalized Parton Distributions

We present the one-loop matching condition for the unpolarized and polarized generalized quark distributions in the non-singlet case. The matching condition links the quasi distributions defined in terms of spacelike correlators at finite nucleon momentum to the light-cone distributions, and is useful for extracting the latter from the former in a lattice QCD calculation. Our results show that at one-loop and leading power accuracy the matching for the light-cone generalized quark distribution $H$ ($\tilde H$) is non-trivial, whereas no matching is required for $E$ ($\tilde E$). Therefore, $E$ ($\tilde E$) can be smoothly approached by its quasi counterpart in the large momentum limit. We also present the matching for the distribution amplitude of the pion.Comment: 16 pages, 1 figur