Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/17782 
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dc.contributor.authorSchertler, Andreaen
dc.date.accessioned2009-01-28T14:59:27Z-
dc.date.available2009-01-28T14:59:27Z-
dc.date.issued2002-
dc.identifier.urihttp://hdl.handle.net/10419/17782-
dc.description.abstractUsing an agency framework, this paper examines advantages of offering venture capitalists a choice between public equity and loan schemes. Both schemes can be used to promote venture capital investments in hightechnology enterprises since they encourage inexperienced venture capitalists to accumulate experience. However, under both schemes, experienced venture capitalists save on management support. This paper shows that offering venture capitalists a choice between these two schemes can lead to a positive self-selection. Inexperienced venture capitalists choose public equity under which they have higher incentives to enter the market. Experienced venture capitalists choose public loans under which they have lower incentives to save on their management support.en
dc.language.isoengen
dc.publisher|aKiel Institute for World Economics (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1118en
dc.subject.jelL14en
dc.subject.jelG28en
dc.subject.jelG24en
dc.subject.jelD82en
dc.subject.ddc330en
dc.subject.keywordpublic equity schemesen
dc.subject.keywordpublic loan schemesen
dc.subject.keywordventure capitalen
dc.subject.stwRisikokapitalen
dc.subject.stwÖffentliche Kapitalbeteiligungen
dc.subject.stwÖffentliche Kreditvergabeen
dc.subject.stwSubventionen
dc.subject.stwUnternehmensgründungen
dc.subject.stwFinanzierungstheorieen
dc.subject.stwAgency Theoryen
dc.subject.stwTheorieen
dc.subject.stwDeutschlanden
dc.titleComparative Advantages of Public Loan and Public Equity Schemes in Venture Capital Markets-
dc.typeWorking Paperen
dc.identifier.ppn85977516Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1118en
dc.identifier.printppn352215569en

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