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Venture Capital and Industrial ''Innovation''

Hirukawa, Masayuki; Ueda, Masako - C.E.P.R. Discussion Papers - 2008

impact on patent count at industry level, and this impact is larger than that of R&D expenditures. We confirm that this … measure of innovation alternative to patent count. Unlike the impact on patent count, we do not find that VC investment … and material. Therefore, our finding suggests that, at industry level, VC investment increases the patent propensity but …

Persistent link: https://www.econbiz.de/10005136420

Why Do Companies Go Public? An Empirical Analysis

Pagano, Marco; Panetta, Fabio; Zingales, Luigi - C.E.P.R. Discussion Papers - 1996

This paper empirically analyses the determinants of an initial public offering (IPO) and the consequences of this decision on a company's investment and financial policy. We compare both the ex-ante and the ex-post characteristics of IPOs with those of a large sample of privately held companies...

Persistent link: https://www.econbiz.de/10005123719

The Winner's Curse and the Failure of the Law of Demand

Bulow, Jeremy I.; Klemperer, Paul - C.E.P.R. Discussion Papers - 1997

We usually assume increases in supply, allocation by rationing, and exclusion of potential buyers will never raise prices. But all of these activities raise the expected price in an important set of cases when common-value assets are sold. Furthermore, when we make the assumptions needed to rule...

Persistent link: https://www.econbiz.de/10005114197

Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

Mayer, Colin; Schoors, Koen; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2002

in Germany, Israel, Japan and the UK. Sources of VC funds differ significantly across countries, eg banks are … particularly important in Germany, corporations in Israel, insurance companies in Japan and pension funds in the UK. VC investment … across countries; for example, bank backed VC firms in Germany and Japan are as involved in early stage finance as other …

Persistent link: https://www.econbiz.de/10005504226

Taxation and Venture Capital-Backed Entrepreneurship

Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2003

In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as...

Persistent link: https://www.econbiz.de/10005504248

Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany

Audretsch, David B; Lehmann, Erik - C.E.P.R. Discussion Papers - 2002

Using a dataset of the firms listed on the Neuer Markt in Germany, this Paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more...

Persistent link: https://www.econbiz.de/10005504258

Optimal Public Policy for Venture Capital Backed Innovation

Keuschnigg, Christian - C.E.P.R. Discussion Papers - 2003

This Paper discusses the role of public policy towards the venture capital industry. The model emphasises four margins: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities, simultaneous entrepreneurial effort and managerial advice...

Persistent link: https://www.econbiz.de/10005497714

Contractual Execution, Strategic Incompleteness and Venture Capital

Dessí, Roberta - C.E.P.R. Discussion Papers - 2009

Contractual execution generates hard information, available to the contracting parties, even when contracts are secretly executed. Building on this simple observation, the paper shows that incomplete contracts can be preferred to complete contracts. This is because (i) execution of incomplete...

Persistent link: https://www.econbiz.de/10004976792

Venture Capital and Knowledge Transfer

Dessí, Roberta; Yin, Nina - C.E.P.R. Discussion Papers - 2015

choice between venture capital and other forms of finance, and the determinants of the decision to seek patent protection for … innovations. Our analysis provides a rationale for the use of contingencies (specifically, patent approval) in VC contracts …

Persistent link: https://www.econbiz.de/10011168896

Innovation, Spillovers and Venture Capital Contracts

Dessí, Roberta - C.E.P.R. Discussion Papers - 2012

Innovative start-ups and venture capitalists are highly clustered, benefiting from localized spillovers: Silicon Valley is perhaps the best example. There is also substantial geographical variation in venture capital contracts: California contracts are more 'incomplete'. This paper explores the...

Persistent link: https://www.econbiz.de/10011084393