Dynamic efficiency and path dependencies in venture capital markets

Andrea Schertler

Dynamic efficiency and path dependencies in venture capital markets

Research output: Books and anthologies › Monographs › Research › peer-review

Standard

Dynamic efficiency and path dependencies in venture capital markets. / Schertler, Andrea.
Berlin: Springer, 2003. 192 p. (Kieler Studien; Vol. 327).

Research output: Books and anthologies › Monographs › Research › peer-review

Bibtex

@book{fc6217fb267e44229b69d3b61dd642c4,

title = "Dynamic efficiency and path dependencies in venture capital markets",

abstract = "This book offers a new explanation why venture capital in investments differ substantially between countries. Recent literature has attributed these differences to differences in the financial architecture and tax regulations. By contrast, this book shows by using simulations of a general equilibrium model that interactions between venture capitalists' reputation building and experience accumulation lead to different levels of venture capital investments. The interactions taking place in venture capital markets can result in inefficiencies in experience accumulation. The study argues that government subsidies in such a situation may increase venture capitalists' experience accumulation. However, using an agency model, this study shows that subsidies can have negative effects since they reduce venture capitalists' incentives to support the management teams. ",

keywords = "Management studies",

author = "Andrea Schertler",

note = " Zugl.: Kiel, Univ., Diss., 2003",

year = "2003",

language = "English",

isbn = "3-540-40710-3",

series = "Kieler Studien",

publisher = "Springer",

address = "Germany",

}

RIS

TY - BOOK

T1 - Dynamic efficiency and path dependencies in venture capital markets

AU - Schertler, Andrea

N1 - Zugl.: Kiel, Univ., Diss., 2003

PY - 2003

Y1 - 2003

N2 - This book offers a new explanation why venture capital in investments differ substantially between countries. Recent literature has attributed these differences to differences in the financial architecture and tax regulations. By contrast, this book shows by using simulations of a general equilibrium model that interactions between venture capitalists' reputation building and experience accumulation lead to different levels of venture capital investments. The interactions taking place in venture capital markets can result in inefficiencies in experience accumulation. The study argues that government subsidies in such a situation may increase venture capitalists' experience accumulation. However, using an agency model, this study shows that subsidies can have negative effects since they reduce venture capitalists' incentives to support the management teams.

AB - This book offers a new explanation why venture capital in investments differ substantially between countries. Recent literature has attributed these differences to differences in the financial architecture and tax regulations. By contrast, this book shows by using simulations of a general equilibrium model that interactions between venture capitalists' reputation building and experience accumulation lead to different levels of venture capital investments. The interactions taking place in venture capital markets can result in inefficiencies in experience accumulation. The study argues that government subsidies in such a situation may increase venture capitalists' experience accumulation. However, using an agency model, this study shows that subsidies can have negative effects since they reduce venture capitalists' incentives to support the management teams.

KW - Management studies

UR - http://d-nb.info/968515142

M3 - Monographs

SN - 3-540-40710-3

SN - 978-3-540-40710-2

T3 - Kieler Studien

BT - Dynamic efficiency and path dependencies in venture capital markets

PB - Springer

CY - Berlin

ER -