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Are equity crowdfunding investors active investors?
Hornuf, Lars; Schilling, Tobias; Schwienbacher, Armin - 2019 - This Version: September 29, 2019
It is often assumed that entrepreneurs retain more control of their venture when they opt for equity crowdfunding as … by analysing the cash flow and control rights crowd investors receive in equity crowdfunding in Germany, where more … capital investment contracts are also used in equity crowdfunding contracts. We find that crowd investors are asked to pay …
Persistent link: https://www.econbiz.de/10012119946
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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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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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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
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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
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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
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Taxes and venture capital support
Keuschnigg, Christian; Nielsen, Søren Bo - 2003
In this paper we set up a model of start-up finance under double moral hazard. Entrepreneurs lack own resources and business experience to develop their ideas. Venture capitalists can provide start-up finance and commercial support. The effort put forth by either agent contributes to the firm s...
Persistent link: https://www.econbiz.de/10011404427
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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 not only finance but also advise start-up entrepreneurs and thereby add value to new firms. The paper demonstrates how a productive and active VC industry boosts innovation...
Persistent link: https://www.econbiz.de/10011409024
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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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The role of venture capital and governments in clean energy: lessons from the first cleantech bubble
Heuvel, Matthias van den; Popp, David - 2022
After a boom and bust cycle in the early 2010s, venture capital (VC) investments are, once again, flowing towards green businesses. In this paper, we use Crunchbase data on 150,000 US startups founded between 2000 and 2020 to better understand why VC initially did not prove successful in funding...
Persistent link: https://www.econbiz.de/10013174487