Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/81372
Authors: 
Lerner, Josh
Tåg, Joacim
Year of Publication: 
2012
Series/Report no.: 
IFN Working Paper 897
Abstract: 
We survey the literature on venture capital and institutions and present a case study comparing the development of the venture capital market in the US to Sweden. Our literature survey underscores that the legal environment, financial market development, the tax system, labor market regulations, and public spending on research and development correlates with venture capital activities across countries. Our case study suggests these institutional differences led to the later development of an active venture capital market in Sweden compared to the US. In particular, a later development of financial markets and a heavier tax burden for entrepreneurs have played a key role.
Subjects: 
Financial market development
Institutions
IPOs
Labor markets
Legal environment
R&D
Taxation
Stock markets
Venture capital
JEL: 
E02
G24
G28
N20
O16
O43
O57
Document Type: 
Working Paper

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