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Financial system architecture and the patterns of international trade

Amissah, Emmanuel Bentum; Bougheas, Spiros P.; Defever, … - 2016

Countries differ on the extent to which their financial system relies on banks or on the financial market. We offer a …

Persistent link: https://www.econbiz.de/10011492076

Bank capital regulation with an opportunistic rating agency

Efing, Matthias - 2013 - First draft: May, 2012, This version: May 16, 2013

This paper models the strategic interaction between a rating agency, a bank and a bank regulator who lacks information …

Persistent link: https://www.econbiz.de/10009753006

The existence of informationally efficient markets when individuals are rational

Muendler, Marc-Andreas - 2004

A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …

Persistent link: https://www.econbiz.de/10011451345

Stock markets, banks and long run economics growth : a panel cointegration-based analysis

Cavenaile, Laurent; Gengenbach, Christian; Palm, Franz C. - 2013

The aim of this paper is to investigate the long run relationship between the development of banks and stock markets … as evidence supporting the significance of financial development for economic development although banks and stock …

Persistent link: https://www.econbiz.de/10010223077

Start-up investment with scarce venture capital support

Kanniainen, Vesa; Keuschnigg, Christian - 2001

Start-up entrepreneurs are often commercially inexperienced. In giving managerial advice, venture capitalists can importantly enhance the success of innovative but highly risky ventures. The supply of experienced venture capitalists is not easily increased, however. When the rate of business...

Persistent link: https://www.econbiz.de/10011398098

Public policy for venture capital

Keuschnigg, Christian; Nielsen, Søren Bo - 2001

This paper proposes a simple partial equilibrium model to investigate the effects of government policy on venture capital backed investments. Giving up an alternative career, entrepreneurs focus their effort on a single, high risk venture each. Venture capitalists acquire an equity stake and...

Persistent link: https://www.econbiz.de/10011398877

Public policy and venture capital backed innovation

Keuschnigg, Christian - 2003

This paper discusses the role of public policy towards the venture capital industry. The model emphasizes four margins: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities, entrepreneurial effort and venture capital advice during...

Persistent link: https://www.econbiz.de/10011511054

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

Public policy for start-up entrepreneurship with venture capital and bank finance

Keuschnigg, Christian; Nielsen, Søren Bo - 2003

This paper proposes and analyses a model of start-up investment. Innovative entrepreneurs are commercially inexperienced and can benefit from venture capital support. Only part of them succeed in matching with a venture capitalist while the rest must resort to standard bank finance. We consider...

Persistent link: https://www.econbiz.de/10011514147

Start-ups, venture capitalists, and the capital gains tax

Keuschnigg, Christian; Nielsen, Søren Bo - 2002

A model of start-up finance with double moral hazard is proposed. Entrepreneurs have ideas but lack own resources as well as commercial experience. Venture capitalists provide start-up finance and managerial support. Both types of agents thus jointly contribute to the firm s success, but neither...

Persistent link: https://www.econbiz.de/10011410298

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