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Title:Venture Capitalists Investment Incentives Under Public Equity Schemes PDF Logo
Authors:Schertler, Andrea
Issue Date:2002
Series/Report no.:Kieler Arbeitspapiere 1117
Abstract:This paper analyses the impact of public equity schemes on venture capitalist?s incentives to finance start-up enterprises and to support the management teams. In a double-sided moral hazard model, it is shown that experienced venture capitalists, who have already financed start-up enterprises, reduce their intensity of management support under public equity schemes. However, public equity offers inexperienced venture capitalists, who have not yet financed start-up enterprises because of insuf-ficient experience, incentives to enter the venture capital market so that they can start to accumulate experience.
Subjects:Double-sided moral hazard
public equity
venture capital
JEL:L14
G28
G24
D82
Document Type:Working Paper
Appears in Collections:Kieler Arbeitspapiere, IfW
Publikationen von Forscherinnen und Forschern des IfW

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