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Venture Capital, Patenting, and Usefulness of Innovations
Fabrizi, Simona; Lippert, Steffen; Norbäck, Pehr-Johan; … - C.E.P.R. Discussion Papers - 2011
We analyze incentives to develop entrepreneurial ideas for venture capitalists (VCs) and incumbent firms. If VCs are sufficiently better at judging an idea's value and if it is sufficiently more costly to patent low than high value ideas, VCs acquire valuable ideas, develop them beyond the level...
Persistent link: https://www.econbiz.de/10009643508
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Entrepreneurship in Equilibrium
Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002
This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms … can arise (and sometimes coexist). In a low (high) entrepreneurship equilibrium, the market for failed entrepreneurs is … (entrepreneurship). We also characterize conditions under which there can be too little or too much entrepreneurial activity in …
Persistent link: https://www.econbiz.de/10005789057
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The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists
Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006
Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....
Persistent link: https://www.econbiz.de/10005791605
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What are Firms? Evolution from Birth to Public Companies
Kaplan, Steven; Sensoy, Berk A.; Strömberg, Per Johan - C.E.P.R. Discussion Papers - 2005
We study how firm characteristics evolve from early business plan, to initial public offering, to public company for 49 venture capital financed companies. The average time elapsed is almost six years. We describe the financial performance, business idea, point(s) of differentiation, non-human...
Persistent link: https://www.econbiz.de/10005792538
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The Impact of Consulting Services on Small and Medium Enterprises: Evidence from a Randomized Trial in Mexico
Bruhn, Miriam; Karlan, Dean S.; Schoar, Antoinette S - C.E.P.R. Discussion Papers - 2012
We test whether managerial human capital has a first order effect on the performance and growth of small enterprises in emerging markets. In a randomized control trial in Puebla, Mexico, we randomly assigned 150 out of 432 small and medium size enterprises to receive subsidized consulting...
Persistent link: https://www.econbiz.de/10011083751
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Hoping to Win, Expected to Lose: Theory and Lessons on Micro Enterprise Development
Karlan, Dean S.; Knight, Ryan; Udry, Christopher - C.E.P.R. Discussion Papers - 2012
Many basic economic theories with perfectly functioning markets do not predict the existence of the vast number of microenterprises readily observed across the world. We put forward a model that illuminates why financial and managerial capital constraints may impede experimentation, and thus...
Persistent link: https://www.econbiz.de/10011084680
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Tax Policy, Venture Capital and Entrepreneurship
Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2000
an entrepreneurial sector, the Paper investigates the effects of taxes on the equilibrium level of entrepreneurship and …
Persistent link: https://www.econbiz.de/10005666436
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Taxation and Venture Capital-Backed Entrepreneurship
Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2003
capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important …
Persistent link: https://www.econbiz.de/10005504248
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Creative Destruction and Productive Preemption
Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - C.E.P.R. Discussion Papers - 2011
We develop a theory of innovation for entry and sale into oligopoly, and show that an invention of higher quality is more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Preemptive acquisitions by incumbents are shown to stimulate the...
Persistent link: https://www.econbiz.de/10008865973
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Financial Signalling by Innovative Nascent Entrepreneurs
Audretsch, David B; Bönte, Werner; Mahagaonkar, Prashanth - C.E.P.R. Discussion Papers - 2009
Innovative new ventures fail if they cannot attract resources needed to commercialise new ideas and inventions. Obtaining external resources is a central issue for nascent entrepreneurs - people who are in the process of starting new ventures. We argue in this paper that, a way to deal with this...
Persistent link: https://www.econbiz.de/10005656288