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dc.contributor.authorSchäfer, Dorotheaen
dc.contributor.authorTalavera, Oleksandren
dc.contributor.authorZimmermann, Volkeren
dc.date.accessioned2007-11-21-
dc.date.accessioned2009-08-06T13:18:52Z-
dc.date.available2009-08-06T13:18:52Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aDeutsches Institut für Wirtschaftsforschung (DIW) |cBerlinen
dc.relation.ispartofseries|aDIW Discussion Papers |x701en
dc.subject.jelM13en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordEquity financingen
dc.subject.keyworddebt financingen
dc.subject.keywordinnovation firmsen
dc.subject.stwRisikokapitalen
dc.subject.stwFremdkapitalen
dc.subject.stwProjektfinanzierungen
dc.subject.stwUnternehmensgründungen
dc.subject.stwInnovationen
dc.subject.stwDeutschlanden
dc.titleVenture capital versus bank financing in innovative German firms-
dc.type|aWorking Paperen
dc.identifier.ppn550007717en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:diw:diwwpp:dp701en

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