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Is venture capital a regional business? The role of syndication
Fritsch, Michael; Schilder, Dirk - Fakultät Wirtschaftswissenschaften, Technische … - 2006
We investigate whether the supply of Venture Capital (VC) in Germany is driven by spatial influences. The study is based on information from more than 300 VC investments made in Germany in the year 2004 and 2005. We find evidence that the geographical distance between a VC company and the...
Persistent link: https://www.econbiz.de/10009207069
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Banks versus venture capital when the venture capitalist values private benefits of control
Inci, Eren; Barlo, Mehmet - Volkswirtschaftliche Fakultät, … - 2010
If control of their firms allows entrepreneurs to derive private benefits, it also allows other controlling parties. Private benefits are especially relevant for venture capitalists, who typically get considerable control in their portfolio firms, but not for banks, which are passive loan...
Persistent link: https://www.econbiz.de/10008674267
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Competition, syndication, and entry in the venture capital market
Hong, Suting - Federal Reserve Bank of Philadelphia - 2013
There are two ways for a venture capital (VC) firm to enter a new market: initiate a new deal or form a syndicate with an incumbent. Both types of entry are extensively observed in the data. In this paper, I examine (i) the causes of syndication between entrant and incumbent VC firms, (ii) the...
Persistent link: https://www.econbiz.de/10010732484
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Labor regulations and European venture capital
Bozkaya, Ant; Kerr, William R. - Suomen Pankki - 2013
European nations substitute between employment protection regulations and labor market expenditures (e.g., unemployment insurance benefits) for providing worker insurance. Employment regulations more directly tax firms making frequent labor adjustments than other labor market insurance...
Persistent link: https://www.econbiz.de/10011106047
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Early-stage venture capital in South Africa: Challenges and prospects
Jones, Morgan; Mlambo, Chipo - Volkswirtschaftliche Fakultät, … - 2009
The aim of this paper is to assess which factors impact the development of early-stage venture capital in South Africa. Factors identified for other markets and countries are explored and their relative importance in South Africa determined from the perspective of market participants. These...
Persistent link: https://www.econbiz.de/10011112215
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Financing High-Tech Growth: The Role of Debt or Equity
Audretsch, David B.; Lehmann, Erik E. - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2004
Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more...
Persistent link: https://www.econbiz.de/10005765249
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Entrepreneurship in Equilibrium
Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002
This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms … can arise (and sometimes coexist). In a low (high) entrepreneurship equilibrium, the market for failed entrepreneurs is … (entrepreneurship). We also characterize conditions under which there can be too little or too much entrepreneurial activity in …
Persistent link: https://www.econbiz.de/10005789057
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The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists
Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006
Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....
Persistent link: https://www.econbiz.de/10005791605
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The impact of insolvency laws on venture capital
Bhatia, Jai - Volkswirtschaftliche Fakultät, … - 2009
The venture capital (VC) industry supports innovation in an economy, and has seen much success over the last few years. However, with the inherent risk in any start-up business, the venture capitalist is bound to see some failures. This paper explores the effects of corporate and personal...
Persistent link: https://www.econbiz.de/10008562618
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Labor Regulations and European Private Equity
Bozkaya, ANT; R. Kerr, William - Centre Emile Bernheim, Solvay Brussels School of … - 2009
European nations substitute between employment protection regulations and labor market expenditures (e.g. unemployment insurance benefits) for providing worker insurance. Employment regulations more directly tax firms making frequent labor adjustments than other labor insurance mechanisms....
Persistent link: https://www.econbiz.de/10008544626