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Venture Cycles: Theory and Evidence
Gehrig, Thomas; Stenbacka, Rune - CESifo - 2003
competing financiers undertake their screening decisions in an uncoordinated way, thereby highlighting the role of intertemporal … screening externalities induced by competition among venture capitalists as a structural source of instability. We show that … uncoordinated screening behavior of competing financiers is an independent source of fluctuations inducing venture investment cycles …
Persistent link: https://www.econbiz.de/10005181271
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Creative Destruction and Productive Preemption
Norback, Pehr-Johan - 2013
We develop a theory of innovation for entry and sale into oligopoly, and show that inventions of higher quality are more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Such preemptive acquisitions by incumbents are shown to stimulate...
Persistent link: https://www.econbiz.de/10013087725
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Self-Selection and Advice in Venture Capital Finance
Keuschnigg, Christian - 2015
In financing start-up firms, venture capitalists carefully select among alternative projects, design incentive compatible financial contracts and support portfolio companies with value enhancing managerial advice. This paper considers how venture capitalists can induce self-selection among...
Persistent link: https://www.econbiz.de/10012750418
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Creative Destruction and Productive Preemption
Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - CESifo - 2013
We develop a theory of innovation for entry and sale into oligopoly, and show that inventions of higher quality are more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Such preemptive acquisitions by incumbents are shown to stimulate...
Persistent link: https://www.econbiz.de/10010877893
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Sources of Productivity Spillovers : Panel Data Evidence from China
Baltagi, Badi H. - 2014
This paper assesses sources of productivity spillovers in China's electric and electronic manufacturing industry using a rich panel data-set of 25,360 firms observed over the period 2004-2007. This industry is characterized by its important reliance on technology. In particular, the paper...
Persistent link: https://www.econbiz.de/10013052092
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Sources of Productivity Spillovers: Panel Data Evidence from China
Baltagi, Badi H.; Egger, Peter; Kesina, Michaela - CESifo - 2014
This paper assesses sources of productivity spillovers in China’s electric and electronic manufacturing industry using a rich panel data-set of 25,360 firms observed over the period 2004-2007. This industry is characterized by its important reliance on technology. In particular, the paper...
Persistent link: https://www.econbiz.de/10010877809
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Firm-Level Productivity Spillovers in China's Chemical Industry : A Spatial Hausman-Taylor Approach
Baltagi, Badi H. - 2015
This paper assesses the role of intra-sectoral spillovers in total factor productivity across Chinese producers in the chemical industry. We use a rich panel data-set of 12,552 firms observed over the period 2004-2006 and model output by the firm as a function of skilled and unskilled labor,...
Persistent link: https://www.econbiz.de/10013030498
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Firm-level Productivity Spillovers in China's Chemical Industry: A Spatial Hausman-Taylor Approach
Baltagi, Badi H.; Egger, Peter; Kesina, Michaela - CESifo - 2014
This paper assesses the role of intra-sectoral spillovers in total factor productivity across Chinese producers in the chemical industry. We use a rich panel data-set of 12,552 firms observed over the period 2004-2006 and model output by the firm as a function of skilled and unskilled labor,...
Persistent link: https://www.econbiz.de/10011097946
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Measuring the Spillovers of Venture Capital
Schnitzer, Monika - 2020
We provide the first measurement of knowledge spillovers from venture capital-financed companies onto the patenting activities of other companies. On average, these spillovers are nine times larger than those generated by the R&D investment of established companies. Spillover effects are larger...
Persistent link: https://www.econbiz.de/10012853739
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Getting People into Work: What (if Anything) Can Justify Mandatory Activation of Welfare Recipients?
Molander, Anders; Torsvik, Gaute - CESifo - 2013
So-called activation policies aiming at bringing jobless people into work have been a central component of welfare reforms across OECD countries during the last decades. Such policies combine restrictive and enabling programs, but their characteristic feature is that also enabling programs are...
Persistent link: https://www.econbiz.de/10010877660