start-up enterprises if future losses of the start-up investment are partly covered by the government. …

between venture capital financing and product market competition: A young firm with a risky innovation project attempts to …

During the last years the relationship between financial development and economic growth has received widespread … attention in the literature on growth and development. This paper summarises in its first part the results of this research …, stressing the growth-enhancing effects of an increased interpersonal re-allocation of resources promoted by financial …

We analyze innovation race in a moral hazard setting. We develop a model in which two competing entrepreneurs work …

This paper proposes an intertemporal model of venture capital investment with screening and advising where the venture …

Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have … higher early growth rates and initial patent quality than non-VC-backed ones. VC backing increases a startup's likelihood of … reaching the right tails of the firm size and innovation distributions. Furthermore, outcomes are better for startups matched …

The effects of public policy programs which aim at internalizing spill-overs due to successful innovation are analyzed … the first-best situation, whereas the success of guarantee programs, ex ante grants and some types of investment grants …