Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/17715 
Autor:innen: 
Erscheinungsjahr: 
2000
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1018
Verlag: 
Kiel Institute of World Economics (IfW), Kiel
Zusammenfassung: 
The relationship between a venture capitalist and an entrepreneur is modeled to investigate the impact of public subsidies on venture capital investments in start-up enterprises. In this model, the venture capitalist only finances start-up enterprises if he has sufficient expertise to make high-risk investments in new technology profitable in terms of their expected value. It is shown that a venture capitalist who already has sufficient expertise reduces his management support in the start-up enterprise under a public subsidy. Moreover, venture capitalists who do not have sufficient expertise may finance start-up enterprises if future losses of the start-up investment are partly covered by the government.
Schlagwörter: 
venture capital
double-sided moral hazard
public subsidies
start-up investments
JEL: 
L14
G28
G24
D82
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
198.79 kB





Publikationen in EconStor sind urheberrechtlich geschützt.