|
EconStor >
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin >
DIW-Diskussionspapiere >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/27226
|
| | |
| Title: | | Venture capital versus bank financing in innovative German firms  |
| Authors: | | Schäfer, Dorothea Talavera, Oleksandr Zimmermann, Volker |
| Issue Date: | | 2007 |
| Series/Report no.: | | Discussion papers // German Institute for Economic Research 701 |
| Abstract: | | The 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. |
| Subjects: | | Equity financing debt financing innovation firms |
| JEL: | | M13 G32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des DIW DIW-Diskussionspapiere
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/27226
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|