Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/17752 
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dc.contributor.authorSchertler, Andreaen
dc.date.accessioned2009-01-28T14:59:15Z-
dc.date.available2009-01-28T14:59:15Z-
dc.date.issued2002-
dc.identifier.urihttp://hdl.handle.net/10419/17752-
dc.description.abstractVenture capital activity differs considerably across countries. Venture capital markets are highly developed in few countries, while these markets are almost nonexistent in many other countries. This paper examines the conditions that have to be fulfilled for liquid venture capital markets to emerge. Using a general equilibrium model, two necessary conditions are identified. First, value added by venture capitalists' active involvement must be high compared to the costs of management support. Second, the number of high-technology enterprises demanding venture capital must exceed a critical level. The paper discusses how differences in financial and innovation systems affect these two conditions.en
dc.language.isoengen
dc.publisher|aKiel Institute for World Economics (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1119en
dc.subject.jelG24en
dc.subject.jelO16en
dc.subject.jelO41en
dc.subject.ddc330en
dc.subject.keywordManagement supporten
dc.subject.keywordhigh-technology enterprisesen
dc.subject.keywordventure capital financeen
dc.subject.stwRisikokapitalen
dc.subject.stwMarktintegrationen
dc.subject.stwInternationaler Finanzmarkten
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwUnternehmensberatungen
dc.subject.stwHochtechnologiesektoren
dc.subject.stwBreak-Evenen
dc.titleUnder what conditions do venture capital markets emerge-
dc.typeWorking Paperen
dc.identifier.ppn859746828en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1119en
dc.identifier.printppn35221614Xen

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