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

This study examines the consequences of loan denials for the investment performance of small and medium-sized German … investment than non-innovative companies. The non-randomness of loan denials is controlled for with a selection equation … mezzanine capital, when facing a loan denial. -- Investment ; loan availability ; innovation ; private equity …

" early on, resulting in long-run differences in investment, profits, and firm growth. The value of active investors is …