المستودع الأكاديمي جامعة المدينة

Learning and signalling in the French and German venture capital industries

أعرض تسجيلة المادة بشكل مبسط

dc.creator Stolpe, Michael
dc.date 2003
dc.date.accessioned 2013-10-16T06:12:08Z
dc.date.available 2013-10-16T06:12:08Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/2957
dc.identifier ppn:362672717
dc.identifier ppn:362672717
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/2957
dc.description This paper analyses the efficiency of venture capital and its impact on primary equity markets in France and Germany. It shows that venture capital operates according to the signalling model in France and according to the learning model in Germany. Only the learning model can serve as a rationale for government subsidies. In the signalling model, many young venture capital firms succeed without a protected learning period because they already excel in the screening, monitoring and management supporting services they provide. They will seek to signal their quality to outsiders by taking portfolio firms public early. A variety of empirical tests and policy implications are discussed.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1156
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject G14
dc.subject G15
dc.subject G18
dc.subject ddc:330
dc.subject venture capital
dc.subject initial public offerings
dc.subject underpricing
dc.subject learning-by-doing
dc.subject signalling
dc.subject new technology-based firms
dc.subject Risikokapital
dc.subject Wertpapieremission
dc.subject Signalling
dc.subject Unternehmensgründung
dc.subject Lernprozess
dc.subject Schätzung
dc.subject Deutschland
dc.subject Frankreich
dc.title Learning and signalling in the French and German venture capital industries
dc.type doc-type:workingPaper


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