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Venture debt, or loans to rapid-growth start-ups, is a puzzle. How are start-ups with no track records, positive cash …? And why do start-ups take on debt rather than rely exclusively on equity investments from angel investors and venture … puzzle of venture debt by revealing that a start-up's VC backing and intellectual property substitute for traditional loan …
Persistent link: https://www.econbiz.de/10013152530
internal cash flows is greater in larger than in the smaller VC-backed SMEs. Debt is more important for smaller than for larger … flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC …
Persistent link: https://www.econbiz.de/10012241535
Green innovation is a key element in fighting climate change. But there are several challenges that need to be addressed in managing a green technology transition, both in terms of interacting market failures (environmental externality, public good nature of innovation, strategic behaviour of...
Persistent link: https://www.econbiz.de/10012614100
The entire venture capital sector of Central and Eastern Europe is characterised by the increased weight of state resources. The strengthening of public activities is mainly due to the new type of equity schemes introduced in the European Union's 2007 to 2013 programming period, which allowed...
Persistent link: https://www.econbiz.de/10011304591
This paper reviews the literature on the role of public equity markets in the innovation ecosystem. The review highlights the importance of public equity markets in funding the research and development activities of young and high growth firms. It also illustrates the dependence of venture...
Persistent link: https://www.econbiz.de/10011723674
The working paper examines the role and development of the Central and Eastern European venture capital sector in the five years between 2016 and 2020. This period includes both the end of the recovery after the economic crisis in 2008 and the downturn due to the coronavirus crisis in 2019. A...
Persistent link: https://www.econbiz.de/10014454594
In recent years governments around the world have introduced policies to stimulate investments in early stage entrepreneurial companies, in particular investments by Angel investors. In this paper we study whether introducing subsidies to Angel investors has effects on startups’ access to...
Persistent link: https://www.econbiz.de/10012622932
Based on 1182 dyads of German new ventures and venture capitalists involved in a financing round between 2002 and 2007, we examine the impact of spatial proximity on the likelihood of an investment. We find that with each triplication of journey time the relative likelihood of an investment...
Persistent link: https://www.econbiz.de/10010305691
I study the effect of limited attention on resource allocation by venture capitalists. Using engagement in the IPO process as a measure of distraction, I document that investments made by distracted venture capitalists into new portfolio companies tend to underperform. Such companies are 7% less...
Persistent link: https://www.econbiz.de/10012003141
Industry 4.0 revolution find a real interest of entrepreneurs but in the case of frontier and emerging markets it is difficult to find a reliable source of long-term financing. The decoupling of the technological evolution from the evolution of the access to financing capacities must be analysed...
Persistent link: https://www.econbiz.de/10012227982