Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/179228 
Authors: 
Year of Publication: 
2017
Series/Report no.: 
ADBI Working Paper No. 772
Publisher: 
Asian Development Bank Institute (ADBI), Tokyo
Abstract: 
This paper reviews the literature on the role of public equity markets in the innovation ecosystem. The review highlights the importance of public equity markets in funding the research and development activities of young and high growth firms. It also illustrates the dependence of venture capital firms, which provide an important source of capital to early-stage start-ups, on the performance of public equity markets and the initial public offering market in particular. Finally, the paper discusses the potential shortcomings of public equity markets that may hinder innovation, and highlights various mechanisms that may alleviate such concerns.
Subjects: 
public equity markets
finance
innovation
entrepreneurship
agency problems
venture capital
JEL: 
G21
G24
L26
M13
O31
O32
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper

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