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Institut für Weltwirtschaft (IfW), Kiel >
Kieler Arbeitspapiere, IfW >
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http://hdl.handle.net/10419/17715
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| Title: | | The Impact of Public Subsidies on Venture Capital Investments in Start-Up Enterprises  |
| Authors: | | Schertler, Andrea |
| Issue Date: | | 2000 |
| Series/Report no.: | | Kieler Arbeitspapiere 1018 |
| Abstract: | | The relationship between a venture capitalist and an entrepreneur is modeled to investigate the impact of public subsidies on venture capital investments in start-up enterprises. In this model, the venture capitalist only finances start-up enterprises if he has sufficient expertise to make high-risk investments in new technology profitable in terms of their expected value. It is shown that a venture capitalist who already has sufficient expertise reduces his management support in the start-up enterprise under a public subsidy. Moreover, venture capitalists who do not have sufficient expertise may finance start-up enterprises if future losses of the start-up investment are partly covered by the government. |
| Subjects: | | venture capital double-sided moral hazard public subsidies start-up investments |
| JEL: | | L14 G28 G24 D82 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Kieler Arbeitspapiere, IfW
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