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http://hdl.handle.net/10419/27226
  

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dc.contributor.authorSchäfer, Dorotheaen_US
dc.contributor.authorTalavera, Oleksandren_US
dc.contributor.authorZimmermann, Volkeren_US
dc.date.accessioned2007-11-21en_US
dc.date.accessioned2009-08-06T13:18:52Z-
dc.date.available2009-08-06T13:18:52Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/27226-
dc.description.abstractThe paper investigates young firms' choice of capital source. Our theoretical model hypothesizes a positive (negative) relation between riskiness of the project (price of venture capital) and receiving informed equity. We test our predictions by employing a unique data set collected by KfW group. The theoretical framework is largely confirmed for the sample of bank financing and independent VC financing. However, the picture is less clear if the sample includes also public and bank-dependent VCs. In this case, empirical evidence is less compatible with theory, in particular the evidence on intrinsic project risk is inconclusive.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDiscussion papers // German Institute for Economic Research 701en_US
dc.subject.jelM13en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordEquity financingen_US
dc.subject.keyworddebt financingen_US
dc.subject.keywordinnovation firmsen_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwFremdkapitalen_US
dc.subject.stwProjektfinanzierungen_US
dc.subject.stwUnternehmensgründungen_US
dc.subject.stwInnovationen_US
dc.subject.stwDeutschlanden_US
dc.titleVenture capital versus bank financing in innovative German firmsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn550007717en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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