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Professor Dr. William McShane

Professor Dr. William McShane
Aktuelle Position

seit 8/23

Forschungsprofessor

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 8/23

Assistant Professor

The American University of Paris

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Forschungsschwerpunkte
  • Finanzkrisen
  • Finanzstabilität
  • realwirtschaftliche Auswirkungen von Finanzintermediären

William McShane ist seit August 2023 Forschungsprofessor am IWH. Er forscht zu den Themen Finanzstabilität und den Auswirkungen von Finanzintermediation auf die Realwirtschaft.

William McShane ist seit August 2023 Assistenzprofessor an der American University of Paris. Zuvor war er als Doktorand und wissenschaftlicher Referent des Präsidenten am IWH tätig. Er machte seinen Bachelor-Abschluss in Psychologie am Beloit College in den Vereinigten Staaten. Den Mastertitel in Internationaler Volks- und Finanzwirtschaft erwarb er an der Otto-von-Guericke-Universität Magdeburg, wo er auch promovierte.

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Professor Dr. William McShane
Professor Dr. William McShane
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Arbeitspapiere

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R&D Tax Credits and the Acquisition of Startups

William McShane Merih Sevilir

in: IWH Discussion Papers, Nr. 15, 2023

Abstract

We propose a novel mechanism through which established firms contribute to the startup ecosystem: the allocation of R&D tax credits to startups via the M&A channel. We show that when established firms become eligible for R&D tax credits, they increase their R&D and M&A activity. In particular, they acquire more venture capital (VC)-backed startups, but not non-VC-backed firms. Moreover, the impact of R&D tax credits on firms’ R&D is increasing with their acquisition of VC-backed startups. The results suggest that established firms respond to R&D tax credits by acquiring startups rather than solely focusing on increasing their R&D intensity in-house. We also highlight evidence that startups do not appear to benefit from R&D tax credits directly, perhaps because they typically lack the taxable income necessary to directly benefit from the tax credits. In this context, established firms can play an intermediary role by acquiring startups and reallocating R&D tax credits, effectively relaxing the financial constraints faced by startups.

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cover_DP_2023-10.jpg

Long-run Competitive Spillovers of the Credit Crunch

William McShane

in: IWH Discussion Papers, Nr. 10, 2023

Abstract

Competition in the U.S. appears to have declined. One contributing factor may have been heterogeneity in the availability of credit during the financial crisis. I examine the impact of product market peer credit constraints on long-run competitive outcomes and behavior among non-financial firms. I use measures of lender exposure to the financial crisis to create a plausibly exogenous instrument for product market credit availability. I find that credit constraints of product market peers positively predict growth in sales, market share, profitability, and markups. This is consistent with the notion that firms gained at the expense of their credit constrained peers. The relationship is robust to accounting for other sources of inter-firm spillovers, namely credit access of technology network and supply chain peers. Further, I find evidence of strategic investment, i.e. the idea that firms increase investment in response to peer credit constraints to commit to deter entry mobility. This behavior may explain why temporary heterogeneity in the availability of credit appears to have resulted in a persistent redistribution of output across firms.

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