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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

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 (intrapreneurship). Intrapreneurship allows established firms to use information on failed intrapreneurs to redeploy them into other jobs. Instead, failed entrepreneurs must seek other jobs...

Persistent link: https://www.econbiz.de/10005789057

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

A Tale of Two Platforms: Dealer Intermediation in the European Sovereign Bond Market

Dunne, Peter; Hau, Harald; Moore, Michael - C.E.P.R. Discussion Papers - 2008

Interdealer trading in the European sovereign bond market is characterized by low spreads and high liquidity. This paper examines whether the dealer-customer segment of the market also benefits from low spreads. Customers are smaller banks and buy-side financial institutions who request quotes...

Persistent link: https://www.econbiz.de/10005123656

The Choice of Seasoned-Equity Selling Mechanism: Theory and Evidence

Eckbo, B Espen; Norli, Øyvind - C.E.P.R. Discussion Papers - 2005

Extending the Myers and Majluf (1984) framework, we present a model for the choice of seasoned-equity selling mechanism. A sequential pooling equilibrium exists which implies a positive market reaction to certain flotation strategies. We examine the model implications using the market reaction...

Persistent link: https://www.econbiz.de/10005114232

Debt Contracts, Collapse and Regulation as Competition Phenomena

Gersbach, Hans; Uhlig, Harald - C.E.P.R. Discussion Papers - 1997

investment is. The paper explains the empirically observed prevalence of debt contracts as an equilibrium phenomenon with … competing lenders. Equilibrium contracts must be immune against raisin-picking by competitors. Non-debt contracts allow … lenders, which may make lending altogether unprofitable. Second, banks can have an incentive to offer a debt contract and …

Persistent link: https://www.econbiz.de/10005661861

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

Corporate Venture Capital: The Upside of Failure and Competition for Talent

Chemla, Gilles; de Bettignies, Jean-Etienne - C.E.P.R. Discussion Papers - 2003

We consider the motives for a firm to engage in corporate venturing. We argue that in case of failure of a new venture, corporate venture capitalists (CVC) have a strategic advantage relative to traditional venture capitalists (VC) in creating rents after rehiring or refinancing the...

Persistent link: https://www.econbiz.de/10005067369

Financial Signalling by Innovative Nascent Entrepreneurs

Audretsch, David B; Bönte, Werner; Mahagaonkar, Prashanth - C.E.P.R. Discussion Papers - 2009

external finance, especially equity. However, the most important determinant of debt is house ownership. This indicates that …

Persistent link: https://www.econbiz.de/10005656288

Venture Capital and Knowledge Transfer

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

This paper explores a new role for venture capitalists, as knowledge intermediaries. A venture capital investor can communicate valuable knowledge to an entrepreneur, facilitating innovation. The venture capitalist can also communicate the entrepreneur's innovative knowledge to other portfolio...

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

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