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Venture Capital Backed Growth

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Author Info
Christian Keuschnigg ()

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Abstract

The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists not only finance but also advise start-up entrepreneurs and thereby add value to new firms. The paper demonstrates how a productive and active VC industry boosts innovation driven growth.

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File URL: http://www.vwa.unisg.ch/RePEc/usg/dp2002/dp0204keuschnigg_ganz.pdf
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Publisher Info
Paper provided by Department of Economics, University of St. Gallen in its series University of St. Gallen Department of Economics working paper series 2002 with number 2002-04.

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Length: 28 pages
Date of creation: Jan 2002
Date of revision:
Handle: RePEc:usg:dp2002:2002-04

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Postal: Dufourstrasse 50, CH - 9000 St.Gallen
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Web page: http://www.vwa.unisg.ch/
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Related research
Keywords: Venture capital; double moral hazard; innovation; growth;

Other versions of this item:

Find related papers by JEL classification:
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring. [Downloadable!] (restricted)
  2. Samuel Kortum & Josh Lerner, 2000. "Assessing the Contribution of Venture Capital to Innovation," RAND Journal of Economics, The RAND Corporation, vol. 31(4), pages 674-692, Winter.
  3. Laura Bottazzi & Marco Da Rin, . "Euro.NM and the Financing of European Innovative Firms," Working Papers 171, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
  4. Rafael Repullo & Javier Suarez, 2004. "Venture Capital Finance: A Security Design Approach," Review of Finance, Springer, vol. 8(1), pages 75-108. [Downloadable!]
    Other versions:
  5. Hellmann, Thomas & Puri, Manju, 2000. "The Interaction between Product Market and Financing Strategy: The Role of Venture Capital," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 13(4), pages 959-84.
  6. Kanniainen, Vesa & Keuschnigg, Christian, 2004. "Start-up investment with scarce venture capital support," Journal of Banking & Finance, Elsevier, vol. 28(8), pages 1935-1959, August. [Downloadable!] (restricted)
    Other versions:
  7. Steven N. Kaplan & Per Stromberg, 2001. "Venture Capitalists As Principals: Contracting, Screening, and Monitoring," NBER Working Papers 8202, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Block, Joern & Sandner, Philipp, 2009. "What is the Effect of the Current Financial Crisis on Venture Capital Financing? Empirical Evidence from US Internet Start-ups," MPRA Paper 14727, University Library of Munich, Germany. [Downloadable!]
  2. Cumming, D. & Johan, S., 2005. "Is it the law or the lawyers? : Investment fund covernants across countries," Discussion Paper 05, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
  3. Bruno Amable & Jean-Bernard Chatelain & Kirsten Ralf, 2004. ""Deep Pockets": Research and Development Persistence and Economic Growth," Money Macro and Finance (MMF) Research Group Conference 2004 47, Money Macro and Finance Research Group, revised 13 Oct 2004. [Downloadable!]
  4. Andy Cosh & Douglas Cumming & Alan Hughes, 2005. "Outside Entrepreneurial Capital," ESRC Centre for Business Research - Working Papers wp301, ESRC Centre for Business Research. [Downloadable!]
    Other versions:
  5. Christian Keuschnigg & Evelyn Ribi, 2009. "Profit Taxation and Finance Constraints," Working Papers 0916, Oxford University Centre for Business Taxation. [Downloadable!]
  6. Douglas Cumming & Sofia Johan, 2009. "Pre-seed government venture capital funds," Journal of International Entrepreneurship, Springer, vol. 7(1), pages 26-56, March. [Downloadable!] (restricted)
  7. Cumming, D. & Johan, S., 2005. "Advice and monitoring in venture finance," Discussion Paper 03, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
    Other versions:
  8. Andrea Schertler, 2002. "Path Dependencies in Venture Capital Markets," Kiel Working Papers 1120, Kiel Institute for the World Economy. [Downloadable!]
  9. Christian Keuschnigg & Evelyn Ribi, 2009. "Profit Taxation and Finance Constraints," University of St. Gallen Department of Economics working paper series 2009 2009-05, Department of Economics, University of St. Gallen. [Downloadable!]
  10. Bruno Amable & Jean-Bernard Chatelain & Kirsten Ralf, 2006. ""Deep Pockets'', Collateral Assignments of Patents, and the Growth of Innovations," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00112518_v1, HAL. [Downloadable!]
  11. Robin Boadway & Oana Secrieru & Marianne Vigneault, 2005. "A Search Model of Venture Capital, Entrepreneurship, and Unemployment," Working Papers 05-24, Bank of Canada. [Downloadable!]
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