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Dynamic Efficiency and Path Dependencies in Venture Capital Markets (Kieler Studien - Kiel Studies)

Dynamic Efficiency and Path Dependencies in Venture Capital Markets (Kieler Studien - Kiel Studies)

ISBN: 9783540407102
Publisher: Springer
Edition: 2003
Publication Date: 2004-02-12
Number of pages: 192
Any used item that originally included an accessory such as an access code, one time use worksheet, cd or dvd, or other one time use accessories may not be guaranteed to be included or valid. By purchasing this item you acknowledge the above statement.
$95.36

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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