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The long-run evolution of infrastructure services
Goldsmith, Hugh - 2014
This paper traces the 11,000 year evolution of infrastructure systems during major periods of innovation, expansion and … millennia, although at times it has been pivotal in bringing innovation, taking risks and driving efficiency. It is argued that … positive feedback between early capital market development and investment in infrastructure innovations that lowered system …
Persistent link: https://www.econbiz.de/10010434094
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Taxation of a venture capitalist with a portfolio of firms
Keuschnigg, Christian - 2002
Venture capitalists not only finance but also advise and thereby add value to young innovative firms. The prospects of venture capital backed firms thus depend on joint efforts of entrepreneurs and informed venture capitalists, and are subject to double moral hazard. In financing a portfolio of...
Persistent link: https://www.econbiz.de/10011514038
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Venture capital backed growth
Keuschnigg, Christian - 2002
The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists … productive and active VC industry boosts innovation driven growth. …
Persistent link: https://www.econbiz.de/10011409024
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Public policy and venture capital backed innovation
Keuschnigg, Christian - 2003
gains taxation, innovation subsidies, public R&D spending and other policy initiatives. …
Persistent link: https://www.econbiz.de/10011511054
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Unemployment in Germany : reasons and remedies
Berthold, Norbert; Fehn, Rainer - 2003
This paper discusses the reasons for the dismal labor market performance of Germany over the last three decades along with potential remedies. It argues that labor market rigidities along with a generous welfare state in conjunction with certain changes in the economic environment are important...
Persistent link: https://www.econbiz.de/10011506205
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Measuring the spillovers of venture capital
Schnitzer, Monika; Watzinger, Martin - 2017
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/10011718181
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Firms' innovation strategy under the shadow of analyst coverage
Guo, Bing; Pérez-Castrillo, J. David; Toldra, Anna - 2017
We study the effect of analyst coverage on firms' innovation strategy and outcome. By considering three different … negative effect becomes not significant when firms' in-house R&D spending and external innovation channels are taken into … account. We find that more financial analysts encourage firms to make more efficient investments related to innovation, which …
Persistent link: https://www.econbiz.de/10011688059
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Does venture capital investment spur employment growth?
Belke, Ansgar; Fehn, Rainer; Foster-McGregor, Neil - 2003
Anglo-Saxon countries have been successful in the 1990s concerning labor market performance compared to the former role models Germany and Japan. This reversal in relative economic performance might be related to idiosyncracies in financial markets with bank-based financial markets as in Germany...
Persistent link: https://www.econbiz.de/10011507850
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Financing entrepreneurial firms in Europe : facts, issues, and research agenda
Bottazzi, Laura; Da Rin, Marco - 2003
During the latter part of the 1990s the introduction of the euro, the dramatic increase in the supply of venture capital in most EU countries, and the creation of several new equity markets targeted at innovative firms have dramatically transformed the financing prospects of European...
Persistent link: https://www.econbiz.de/10011507965
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Comparative venture capital governance : private versus labour sponsored venture capital funds
Cumming, Douglas J.; MacIntosh, Jeffrey G. - 2003
Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general...
Persistent link: https://www.econbiz.de/10011514156