Professor of entrepreneurial finance at TUM School of Management at the Technical University of Munich.
Paul P. Momtaz is professor of entrepreneurial finance at TUM School of Management at the Technical University of Munich, a graduate researcher at UCLA Anderson School of Management at the University of California at Los Angeles, and a research affiliate at University College London’s Centre for Blockchain Technologies.
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According to Schumpeter’s theory of “creative destruction,” R&D should be countercyclical to the business cycle. Empirical evidence, however, consistently contradicts this view. The authors of this study argue that economic downturns increase the equity risk premium, which increases the “hurdle rate” or cost of (equity) capital that is applied to R&D project budgeting decisions, thus stifling corporate innovation.
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The common belief that wars can be good for the economy is a myth; empirical evidence shows consistently that war negatively affects GDP per capita, argue Hanna Motuzenko and Paul Momtaz, co-authors of a new paper analysing the economic impact of the conflict in Ukraine.
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