Does Venture Capital Require An Active Stock Market?
AbstractThe United States has both an active venture capital industry and well-developed stock markets. Japan and Germany have neither. The authors argue that this is no accident- that venture capital flourishes especially, and perhaps "only", when venture capitalists can exit from successful portfolio companies through initial public offerings (IPOs), which in turn require an active stock market. 1999 Morgan Stanley.
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Bibliographic InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 11 (1999)
Issue (Month): 4 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196
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- John Armour, 2002. "Law, Innovation and Finance: A Review," ESRC Centre for Business Research - Working Papers wp243, ESRC Centre for Business Research.
- Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2008. "Stock Exchange Markets for New Ventures," CIRANO Working Papers 2008s-12, CIRANO.
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- Bruce Hearn & Jenifer Piesse, 2010. "Barriers to the development of small stock markets: A case study of Swaziland and Mozambique," Journal of International Development, John Wiley & Sons, Ltd., vol. 22(7), pages 1018-1037.
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