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Autor: Andrea Schertler
ISBN-13: 9783540407102
Einband: Book
Seiten: 188
Gewicht: 471 g
Format: 244x165x19 mm
Sprache: Deutsch

Dynamic Efficiency and Path Dependencies in Venture Capital Markets

327, Kieler Studien
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Motivation.- Venture Capital Finance in the United States and in Germany.
- Dynamic Efficiency of Venture Capital Markets.
- The Effects of Public Subsidies on Path Dependencies in Venture Capital Markets.
- Concluding Remarks.
This book offers a new explanation why venture capital in investments differ substantially between countries. Recent literature has attributed these differences to differences in the financial architecture and tax regulations. By contrast, this book shows by using simulations of a general equilibrium model that interactions between venture capitalists' reputation building and experience accumulation lead to different levels of venture capital investments. The interactions taking place in venture capital markets can result in inefficiencies in experience accumulation. The study argues that government subsidies in such a situation may increase venture capitalists' experience accumulation. However, using an agency model, this study shows that subsidies can have negative effects since they reduce venture capitalists' incentives to support the management teams.

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Autor: Andrea Schertler
ISBN-13 :: 9783540407102
ISBN: 3540407103
Erscheinungsjahr: 02.12.2003
Verlag: Springer-Verlag GmbH
Gewicht: 471g
Seiten: 188
Sprache: Deutsch
Auflage 2003. 2003
Sonstiges: Buch, 244x165x19 mm, 17 schwarz-weiße Abbildungen, 8 schwarz-weiße Tabellen, Bibliographie