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dc.contributor.authorSchertler, Andreaen_US
dc.date.accessioned2009-01-28T14:59:27Z-
dc.date.available2009-01-28T14:59:27Z-
dc.date.issued2002en_US
dc.identifier.urihttp://hdl.handle.net/10419/17782-
dc.description.abstractUsing an agency framework, this paper examines advantages of offering venture capitalists a choice between public equity and loan schemes. Both schemes can be used to promote venture capital investments in hightechnology enterprises since they encourage inexperienced venture capitalists to accumulate experience. However, under both schemes, experienced venture capitalists save on management support. This paper shows that offering venture capitalists a choice between these two schemes can lead to a positive self-selection. Inexperienced venture capitalists choose public equity under which they have higher incentives to enter the market. Experienced venture capitalists choose public loans under which they have lower incentives to save on their management support.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKieler Arbeitspapiere 1118en_US
dc.subject.jelL14en_US
dc.subject.jelG28en_US
dc.subject.jelG24en_US
dc.subject.jelD82en_US
dc.subject.ddc330en_US
dc.subject.keywordpublic equity schemesen_US
dc.subject.keywordpublic loan schemesen_US
dc.subject.keywordventure capitalen_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwÖffentliche Kapitalbeteiligungen_US
dc.subject.stwÖffentliche Kreditvergabeen_US
dc.subject.stwSubventionen_US
dc.subject.stwUnternehmensgründungen_US
dc.subject.stwFinanzierungstheorieen_US
dc.subject.stwAgency Theoryen_US
dc.subject.stwTheorieen_US
dc.subject.stwDeutschlanden_US
dc.titleComparative Advantages of Public Loan and Public Equity Schemes in Venture Capital Marketsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn352215569en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Kieler Arbeitspapiere, IfW
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