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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/17715| Title: | The Impact of Public Subsidies on Venture Capital Investments in Start-Up Enterprises |
| Keywords: | L14 G28 G24 D82 ddc:330 venture capital double-sided moral hazard public subsidies start-up investments Risikokapital Unternehmensgründung Investition Finanzierung Investitionspolitik Subvention Moral Hazard Theorie |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Kiel Institute for the World Economy (IfW) Kiel |
| Description: | 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. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/17715 |
| Other Identifiers: | http://hdl.handle.net/10419/17715 ppn:323915795 |
| Appears in Collections: | EconStor |
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