Similar Search Results

Venture capitalists, asymmetric information and ownership in the innovation process

Fabrizi, Simona (contributor) - 2008

where adverse selection problems between entrepreneurs, venture capitalists and incumbents are present. We show that as … ; entrepreneurs ; signaling ; development ; M&A …

Persistent link: https://www.econbiz.de/10003774795

Creative destruction and productive preemption

Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - 2009

We develop a theory of commercialization mode (entry or sale) of entrepreneurial inventions into oligopoly, and show that an invention of higher quality is more likely to be sold (or licensed) to an incumbent due to strategic product market effects on the sales price. Moreover, preemptive...

Persistent link: https://www.econbiz.de/10003843246

Entrepreneurial innovations and taxation

Haufler, Andreas; Norbäck, Pehr-Johan; Persson, Lars - 2012

growth. In this paper we study the effects of tax and subsidy policies on entrepreneurs' choice of riskiness of an innovation … tax system induce entrepreneurs to choose projects with too little risk and this problem arises primarily when … entrepreneurs market their product themselves. When innovations reduce only the fixed costs of production this leads to a …

Persistent link: https://www.econbiz.de/10009530995

The interaction of Schumpeterian institutional entrepreneurship and Hayekian institutional change in innovative industries

Henrekson, Magnus; Lakomaa, Erik; Sanandaji, Tino - 2021

entrepreneurial ecosystems emerged through actions by business entrepreneurs, rather than being designed by policymakers …. Schumpeterian entrepreneurs not only create new companies; they also create new institutions as an integral part of the … restructuring process. At times, efforts of identifiable entrepreneurs are crucial, while in other instances institutional change …

Persistent link: https://www.econbiz.de/10012660131

Buying to sell : a theory of buyouts

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2010

Private equity owned firms have more leverage, more intense compensation contracts, and higher productivity than comparable firms. We develop a theory of buyouts in oligopolistic markets that explains these facts. Private equity firms are more aggressive in inducing restructuring compared to...

Persistent link: https://www.econbiz.de/10003914407

Private equity's unintended dark side : on the economic consequences of excessive delistings

Ljungqvist, Alexander; Persson, Lars; Tåg, Joacim - 2016

Over the past two decades, private equity has contributed to a shrinking of the U.S. stock market. We develop a political economy model of private equity activity to study the wider economic consequences of this trend. We show that private and social incentives to delist firms from the stock...

Persistent link: https://www.econbiz.de/10011436675

Tolerating losses for growth : J-curves in venture capital investing

Hellmann, Thomas; Montag, Alexander; Tåg, Joacim - 2024

Startups face a trade-off between short-term profitability versus long-term growth where investors tolerate prolonged financial losses. We present a new theory and empirical evidence about the existence and shape of so-called J-curves. The theory predicts that investors facing better exit...

Persistent link: https://www.econbiz.de/10015051922

Ownership efficiency and tax advantages : the case of private equity buyouts

Norbäck, Pehr-Johan; Persson, Lars; Tåg, Joacim - 2010

Commentators on the private equity industry often claim that favorable tax treatment gives private equity firms advantages in the market for corporate control. But we show that tax advantages do not affect the equilibrium ownership of corporate assets when acquisition costs are fully deductible...

Persistent link: https://www.econbiz.de/10003973520

Employment protection and multinational enterprises : theory and evidence from micro data

Norbäck, Pehr-Johan; Duanmu, Jing-Lin; Skedinger, Per - 2012

In this paper we show, theoretically and empirically, that stronger employment protection legislation (EPL) in a host country has important and differing effects on the various activities of multinational enterprises (MNEs). Using micro data on affiliates to Swedish multinational firms in 20...

Persistent link: https://www.econbiz.de/10009661696

International mergers with financially constrained owners

Berg, Aron; Norbäck, Pehr-Johan; Persson, Lars - 2012

This paper proposes a cross-border M&A model with financially constrained owners in which the identity of the buyer and seller can be determined. We show that policies blocking foreign acquisitions to protect the domestic industry can be counterproductive. Foreign acquisition can increase the...

Persistent link: https://www.econbiz.de/10009625136