German Abstract: Fehlendes Kapital für Hightech-Wachstumsunternehmen ist eine der zentralen Schwächen des deutschen Innovationssystems. Gerade im Zuge der digitalen Transformation, in der radikale technologische Innovationen und neue Geschäftsmodelle sowie schnelles Wachstum gefragt sind,...

Insufficient access to capital for high-tech growth companies is one of the key weaknesses of Germany's innovation system. This weakness is becoming a serious competitive disadvantage, especially in the context of the radical technological innovation, new business models and rapid growth...

We hypothesize that supply and demand shifts occurred in the US venture capital (VC) industry during 1980 to 2002 and present the results of an empirical study about the temporal characteristics of the industry during that period. Our main conclusion is that the VC industry has gone under...

The valuation of high-risk technological ventures is more of an art than a science. In the absence of cash flow forecast and in view of the high uncertainty about the successful completion of the venture's Ramp;D effort, it is not possible to apply the Discounted-Cash-Flow (DCF) method, which is...

We derive a diffusive stochastic differential equation that describes the dynamics of the venture capital (VC) industry and use it to study two related issues that are concerned with the evolution of the venture capital and the high technology sectors over time. First, the short-term cyclical...

E-government holds the promise of improving administrative efficiency and citizen participation, but can also reinforce traditional administrative processes. This paper reviews the evidence, mainly from case studies, of these processes. It looks both at Asia-Pacific jurisdictions, and the wider...

Governments regularly subsidize new ventures to spur innovation. This paper conducts the first large-sample, quasi-experimental evaluation of R&D subsidies. I use data on ranked applicants to the U.S. Department of Energy's SBIR grant program. An award approximately doubles the probability that...

The internet has created challenges for regulators of financial markets unimagined over eighty years ago by drafters of the Securities and Exchange Acts. The recent explosion in internet use has provided many benefits for investors and publicly-traded companies. The Internet has been a boon to...

Over the last decade, FinTech – broadly defined as the use of new technologies to compete in the marketplace of financial institutions and intermediaries – has disrupted the financial services sector. In this paper, we revisit the question of how banks and regulators should respond.We argue...

Wikileaks' traditionally debated tension: privacy versus security. It seems to me the debate should focus not on that tension at a very high level, but on individual accountability and responsibility versus the interests of the larger public. Do we really want a situation of 'no secrets' as some...