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An elementary model of VC financing and growth
Greenwood, Jeremy; Han, Pengfei; Inokuma, Hiroshi; … - 2022
Persistent link: https://www.econbiz.de/10013447945
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Aggregate consequences of credit subsidy policies : firm dynamics and misallocation
Jo, Hwan; Senga, Tatsuro - 2017
Government policies that attempt to alleviate credit constraints faced by small and young firms are widely adopted across countries. We study the aggregate impact of such targeted credit subsidies in a heterogeneous firm model with collateral constraints and endogenous entry and exit. A defining...
Persistent link: https://www.econbiz.de/10011756140
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Fighting for the best, losing with the rest : the perils of competition in entrepreneurial finance
Hernández, Juan; Wills, Daniel - 2024
giving more to all entrepreneurs. In equilibrium, competition for the best entrepreneurs forces intermediaries to offer …. Competition among financial intermediaries always forces them to fund projects with negative expected returns both from a private … scale. The three main features of our framework (competition, adverse selection, and limited liability) are necessary to get …
Persistent link: https://www.econbiz.de/10014537358
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Information asymmetry, external certification, and the cost of bank debt
Bellucci, Andrea; Borisov, Alexander; Giombini, Germana; … - 2022
Persistent link: https://www.econbiz.de/10014226899
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The distorting arm's length principle
Devereux, Michael P.; Keuschnigg, Christian - 2009
Persistent link: https://www.econbiz.de/10003882794
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The business angel portfolio under the European Angels Fund : an empirical analysis
Gvetadze, Salome; Pal, Kristian; Torfs, Wouter - 2020
This paper analyses the Business Angel (BA) portfolio of the European Angels Fund (EAF), an initiative of the European Investment Fund, which engages in co-investment relationships with experienced business angels across Europe. It uses EIF’s proprietary database to shed light on a specific...
Persistent link: https://www.econbiz.de/10012156137
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Firm dynamics, misallocation and targeted policies
Jo, In Hwan; Senga, Tatsuro - 2016
Access to external finance is a major obstacle for small and young firms; thus, providing subsidized credit to small and young firms is a widely-used policy option across countries. We study the impact of such targeted policies on aggregate output and productivity and highlight indirect general...
Persistent link: https://www.econbiz.de/10011576328
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Business angels in Germany : EIF's initiative to support the non-institutional financing market
Kraemer-Eis, Helmut; Schillo, Markus - 2011
Business Angels (BAs) are an important financing source for SMEs, and seed and start-up companies in particular. BAs are even more important in countries and regions lacking an institutionalised VC infrastructure, often being the only major source of equity finance for young innovative SMEs. An...
Persistent link: https://www.econbiz.de/10011862423
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Entrepreneurial finance and the Russian war against Ukraine : a survey of European venture capital and private equity investors
Krämer-Eis, Helmut; Block, Jörn; Botsari, Antonia; … - 2023
The EIF VC Survey and the EIF Private Equity Mid-Market Survey (the largest combined regular survey exercises among General Partners on a pan-European level) provide an opportunity to retrieve unique market insights. This publication is based on the results of the 2022 waves of these two surveys...
Persistent link: https://www.econbiz.de/10014314360
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Growth patterns of EIF-backed startups
Signore, Simone - 2016
Start-up growth is often treated as a stylised fact, despite an extensive research body composed of divergent theories and empirical findings. Against this background, this work contributes to the literature by analysing a hand-collected dataset of 2,951 EIF-backed VC start-ups. Section 2...
Persistent link: https://www.econbiz.de/10011863300