This study investigates whether international differences in legal enforcement are associated with venture capital (VC) syndication networks, and whether culture moderates this relationship. We conjecture that public enforcement, with strong investigative powers against any syndicate member and...

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...

This paper presents evidence about the shortfall of venture capital in Canada relative to comparable regions in the United States, despite massive government spending on governmental venture capital programs in Canada. The Government of Canada committed $500 million towards venture capital in...

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...

A recent article in the Journal of Public Economics has asserted, among other things, that government venture capital funds in Europe have crowded out private venture capital. I explain that the findings in that paper are based on empirical measures that are completely flawed. Moreover, I show...

A recent article in the Journal of Public Economics has asserted, among other things, that government venture capital funds in Europe have crowded out private venture capital. In this research note, I explain that the findings in that paper are based on empirical measures that are completely...

This set of slides represents an analysis of crowdfunding survey data in 2013 (Q1). The data and regressions are consistent with the view that different types market participants are well aware of risks associated with crowdfunding and how to appropriately mitigate those risks in view of...

Venture capital exit vehicles enable, to different degrees, mitigation of informational asymmetries and agency costs between the entrepreneurial venture and the new owners of the firm. Different exit vehicles also affect the amount of new capital for the entrepreneurial firm. Based on these...

Venture Capital Trusts (VCTs) are publicly traded venture capital companies in the UK. Since their inception in 1995, 71 VCTs have been launched, collectively raising more than 1.4 billion pounds (as at November 2002). Investors have tax incentives to contribute capital to VCTs; in exchange,...

This paper considers the issue of when venture capitalists (VCs) make a partial, as opposed to a full exit, for the full range of exit vehicles. A full exit for an IPO involves a sale of all of the venture capitalist's holdings within one year of the IPO; a partial exit involves sale of only...