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Law, Innovation and Finance: A Review

  • John Armour
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    A number of recent national and EU initiatives have sought explicitly to encourage innovative firms and venture capital finance. In keeping with the policy debate, this paper focuses explicitly on the role of law and lawyers in facilitating venture capital: that is, both supply by investors, and demand by entrepreneurs. It reviews existing literature in a way that seeks to clarify the links between law and legal institutions and the facilitation of venture capital finance, identifies open research questions and suggests a number of hypotheses. As such, it forms the first part of a wider study which will seek to test these hypotheses

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    File URL: http://www.cbr.cam.ac.uk/pdf/WP243.pdf
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    Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp243.

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    Date of creation: Sep 2002
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    Handle: RePEc:cbr:cbrwps:wp243
    Note: PRO-2
    Contact details of provider: Web page: http://www.cbr.cam.ac.uk/

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    1. Djankov, Simeon & La Porta, Rafael & Shleifer, Andrei & Lopez de Silanes, Florencio, 2001. "The regulation of entry," Policy Research Working Paper Series 2661, The World Bank.
    2. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
    3. Paul Gompers & Josh Lerner, 2001. "The Venture Capital Revolution," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 145-168, Spring.
    4. Hellmann, Thomas F., 2000. "Going Public and the Option Value of Convertible Securities in Venture Capital," Research Papers 1703, Stanford University, Graduate School of Business.
    5. Günseli Baygan & Michael Freudenberg, 2000. "The Internationalisation of Venture Capital Activity in OECD Countries: Implications for Measurement and Policy," OECD Science, Technology and Industry Working Papers 2000/7, OECD Publishing.
    6. Bernard S. Black & Ronald J. Gilson, 1999. "Does Venture Capital Require An Active Stock Market?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 11(4), pages 36-48.
    7. Ralf Becker & Thomas Hellmann, 2003. "The Genesis of Venture Capital - Lessons from the German Experience," CESifo Working Paper Series 883, CESifo Group Munich.
    8. Paul A. Gompers & Josh Lerner, 1999. "What Drives Venture Capital Fundraising?," NBER Working Papers 6906, National Bureau of Economic Research, Inc.
    9. Douglas Cumming, 2008. "Contracts and Exits in Venture Capital Finance," Review of Financial Studies, Society for Financial Studies, vol. 21(5), pages 1947-1982, September.
    10. John Armour, 2001. "The Law and Economics of Corporate Insolvency: A Review," ESRC Centre for Business Research - Working Papers wp197, ESRC Centre for Business Research.
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