Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/17715 
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dc.contributor.authorSchertler, Andreaen
dc.date.accessioned2009-01-28T14:59:00Z-
dc.date.available2009-01-28T14:59:00Z-
dc.date.issued2000-
dc.identifier.urihttp://hdl.handle.net/10419/17715-
dc.description.abstractThe 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.en
dc.language.isoengen
dc.publisher|aKiel Institute of World Economics (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1018en
dc.subject.jelL14en
dc.subject.jelG28en
dc.subject.jelG24en
dc.subject.jelD82en
dc.subject.ddc330en
dc.subject.keywordventure capitalen
dc.subject.keyworddouble-sided moral hazarden
dc.subject.keywordpublic subsidiesen
dc.subject.keywordstart-up investmentsen
dc.subject.stwRisikokapitalen
dc.subject.stwUnternehmensgründungen
dc.subject.stwInvestitionen
dc.subject.stwFinanzierungen
dc.subject.stwInvestitionspolitiken
dc.subject.stwSubventionen
dc.subject.stwMoral Hazarden
dc.subject.stwTheorieen
dc.titleThe Impact of Public Subsidies on Venture Capital Investments in Start-Up Enterprises-
dc.typeWorking Paperen
dc.identifier.ppn859674258en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1018en
dc.identifier.printppn323915795en

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