Does Venture Capital Require An Active Stock Market?
The 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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Volume (Year): 11 (1999)
Issue (Month): 4 ()
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