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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

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

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 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

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

Institutions and structural unemployment : do capital-market imperfections matter?

Belke, Ansgar; Fehn, Rainer - 2001

This paper analyzes whether differences in institutional structures on capital markets contribute to explaining why some OECD-countries, in particular the Anglo-Saxon countries, have been much more successful over the last two decades in producing employment growth and in reducing unemployment...

Persistent link: https://www.econbiz.de/10011398923

Capital market institutions and venture capital : do they affect unemployment and labour demand?

Fehn, Rainer; Fuchs, Thomas - 2003

This paper analyses the influence of the capital market on the labour market. Especially the impact of start-up financing on the structure of unemployment is of interest. We use a cross-country panel data analysis to examine how venture capital investment influences disaggre-gate unemployment....

Persistent link: https://www.econbiz.de/10011506487

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

Keuschnigg, Christian; Nielsen, Søren Bo - 2003

capital backed innovation. …

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

Venture capital investment and labor market performance : a panel data analysis

Belke, Ansgar; Fehn, Rainer; Foster-McGregor, Neil - 2002

Labor market performance has differed considerably between OECD countries over the last two decades. The focus of the literature so far has been to ask whether these differences can be explained by varying degrees of labor market rigidities and generosity of welfare states. This paper takes a...

Persistent link: https://www.econbiz.de/10011408964

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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