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Venture Capital in Europe's Common Market: A Quantitative Description
Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2001
This paper offers a quantitative description of European private equity markets and compares the recent development in these markets with the development of the US venture capital market. Moreover, the paper addresses the differences between private equity investors acting in a single national...
Persistent link: https://www.econbiz.de/10005076094
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The Impact of Public Subsidies on Venture Capital Investments in Start-Up Enterprises
Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2000
The relationship between a venture capitalist and an entrepreneur is modeled to investigate the impact of public subsidies on venture capital investments in start-up enterprises. In this model, the venture capitalist only finances start-up enterprises if he has sufficient expertise to make...
Persistent link: https://www.econbiz.de/10005700500
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Sources of Funds and Specialization Patterns of European Venture Capital Investments
Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2004
This paper analyses the link between venture capitalists’ sources of funds, such as banks and pension funds, and the specialization pattern of venture capital investments in particular industries and particular stages of enterprises’ development. Based on a panel data set of Western European...
Persistent link: https://www.econbiz.de/10005700556
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Explaining the Regional Distribution of New Economy Firms; A Count Data Analysis
Dohse, Dirk; Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2003
Although there is a host of literature on the locational choice of traditional economy firms, relatively little is known about the locational needs and preferences of new economy firms. Therefore, the current paper provides an empirical analysis of the factors determining the regional...
Persistent link: https://www.econbiz.de/10005700573
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Venture Capital and Asymmetric Information in an Evolutionary Framework
Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 1999
The paper analyzes the impact of information asymmetries between intermediaries and savers in open economies in a stochastic model that uses computer simulation. The model features two sectors producing two types of consumer goods and two sectors producing two typos of intermediate inputs (soft...
Persistent link: https://www.econbiz.de/10005566196
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Comparative Advantages of Public Loan and Public Equity Schemes in Venture Capital Markets
Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2002
Using an agency framework, this paper examines advantages of offering venture capitalists a choice between public equity and loan schemes. Both schemes can be used to promote venture capital investments in hightechnology enterprises since they encourage inexperienced venture capitalists to...
Persistent link: https://www.econbiz.de/10005755149
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Path Dependencies in Venture Capital Markets
Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2002
This paper examines the impact of venture capitalistsÂ’ reputation building and experience accumulation on the genesis of venture capital markets. Venture capitalists must accumulate experience to successfully support high-technology enterprises. They must build reputation, i.e., a track...
Persistent link: https://www.econbiz.de/10005755187
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Venture Capitalists Investment Incentives Under Public Equity Schemes
Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2002
This paper analyses the impact of public equity schemes on venture capitalistÂ’s incentives to finance start-up enterprises and to support the management teams. In a double-sided moral hazard model, it is shown that experienced venture capitalists, who have already financed start-up...
Persistent link: https://www.econbiz.de/10005755248
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Fund managers - Why the best might be the worst: On the evolutionary vigor of risk-seeking behavior
Witte, Björn-Christopher - Institut für Weltwirtschaft (IfW) - 2012
This article explores the influence of competitive conditions on the evolutionary fitness of risk preferences, using the professional competition between fund managers as a practical example. To explore how different settings of competition parameters, the exclusion rate and the exclusion...
Persistent link: https://www.econbiz.de/10010983166
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Debt and Interest Rates: The U.S. and the Euro Area
Frankel, Jeffrey; Chinn, Menzie D. - Institut für Weltwirtschaft (IfW) - 2007
We find that real interest rates paid on government debt depend significantly upon current and expected future levels … of debt, in Europe as in the US. But this result only emerges when we condition on foreign interest rates, illustrating … financial international integration. The previously strong effect of debt on US interest rates has been diluted by the addition …
Persistent link: https://www.econbiz.de/10005083400