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dc.contributor.authorSchertler, Andreaen_US
dc.date.accessioned2009-01-28T14:59:15Z-
dc.date.available2009-01-28T14:59:15Z-
dc.date.issued2002en_US
dc.identifier.urihttp://hdl.handle.net/10419/17752-
dc.description.abstractVenture capital activity differs considerably across countries. Venture capital markets are highly developed in few countries, while these markets are almost nonexistent in many other countries. This paper examines the conditions that have to be fulfilled for liquid venture capital markets to emerge. Using a general equilibrium model, two necessary conditions are identified. First, value added by venture capitalists? active involvement must be high compared to the costs of management support. Second, the number of high-technology enterprises demanding venture capital must exceed a critical level. The paper discusses how differences in financial and innovation systems affect these two conditions.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKieler Arbeitspapiere 1119en_US
dc.subject.jelG24en_US
dc.subject.jelO16en_US
dc.subject.jelO41en_US
dc.subject.ddc330en_US
dc.subject.keywordManagement supporten_US
dc.subject.keywordhigh-technology enterprisesen_US
dc.subject.keywordventure capital financeen_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwInternationaler Finanzmarkten_US
dc.subject.stwAllgemeines Gleichgewichten_US
dc.subject.stwUnternehmensberatungen_US
dc.subject.stwHochtechnologiesektoren_US
dc.subject.stwBreak-Evenen_US
dc.titleUnder what conditions do venture capital markets emergeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn35221614Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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