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Venture Capital and Innovation: Which is First?

Hirukawa, Masayuki; Ueda, Masako - C.E.P.R. Discussion Papers - 2008

Policy makers typically interpret positive relations between venture capital investments and innovations as an evidence that venture capital investments stimulate innovation ('VC-first hypothesis'). This interpretation is, however, one-sided because there may be a reverse causality that...

Persistent link: https://www.econbiz.de/10005666846

Venture Capital and Industrial ''Innovation''

Hirukawa, Masayuki; Ueda, Masako - C.E.P.R. Discussion Papers - 2008

For the sample period of 1965-1992, Kortum and Lerner (2000) find that venture capital (VC) investments have a positive impact on patent count at industry level, and this impact is larger than that of R&D expenditures. We confirm that this positive impact continued to be present and became even...

Persistent link: https://www.econbiz.de/10005136420

Taxation and Venture Capital-Backed Entrepreneurship

Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2003

capital-backed entrepreneurship. We also argue that dividend and capital gains taxes on mature firms have important …

Persistent link: https://www.econbiz.de/10005504248

Tax Policy, Venture Capital and Entrepreneurship

Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2000

an entrepreneurial sector, the Paper investigates the effects of taxes on the equilibrium level of entrepreneurship and …

Persistent link: https://www.econbiz.de/10005666436

Entrepreneurship in Equilibrium

Gromb, Denis; Scharfstein, David - C.E.P.R. Discussion Papers - 2002

This Paper compares the financing of new ventures in start-ups (entrepreneurship) and in established firms … can arise (and sometimes coexist). In a low (high) entrepreneurship equilibrium, the market for failed entrepreneurs is … (entrepreneurship). We also characterize conditions under which there can be too little or too much entrepreneurial activity in …

Persistent link: https://www.econbiz.de/10005789057

The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists

Norbäck, Pehr-Johan; Persson, Lars - C.E.P.R. Discussion Papers - 2006

Exit of venture-backed firms often takes place through sales to large incumbent firms. We show that in such an environment, venture-backed firms have a stronger incentive to develop basic innovations into commercialized innovations than incumbent firms, due to strategic product market effects....

Persistent link: https://www.econbiz.de/10005791605

What are Firms? Evolution from Birth to Public Companies

Kaplan, Steven; Sensoy, Berk A.; Strömberg, Per Johan - C.E.P.R. Discussion Papers - 2005

We study how firm characteristics evolve from early business plan, to initial public offering, to public company for 49 venture capital financed companies. The average time elapsed is almost six years. We describe the financial performance, business idea, point(s) of differentiation, non-human...

Persistent link: https://www.econbiz.de/10005792538

The Impact of R&D Subsidies on the Introduction of New Products by Incumbent Firms

Siebert, Ralph - C.E.P.R. Discussion Papers - 2003

This Paper analyses the impact of R&D subsidies on incumbent firms to introduce new goods. We are especially interested in investigating various consequences of government subsidies for R&D, provided to firms that offer products of different qualities. This study examines the incentives of...

Persistent link: https://www.econbiz.de/10005504784

Are More Important Patents Approved More Slowly and Should They Be?

Régibeau, Pierre; Rockett, Katharine - C.E.P.R. Discussion Papers - 2007

Innovative activities often are heavily regulated. Reviews conducted by administrative agencies take time and are not perfectly accurate. Of particular concern is whether, by design or not, such agencies discriminate against more important innovations by taking more time to perform their...

Persistent link: https://www.econbiz.de/10005661945

Science versus Profit in Research: Lessons from the Human Genome Project

Carraro, Carlo; Pomè, Alessandra; Siniscalco, Domenico - C.E.P.R. Discussion Papers - 2001

This Paper elaborates on the recent race to sequence the human genome. Starting from the debate arising from the genome case on public versus private research, the Paper shows that in some fundamental research areas, where knowledge externalities play an important role, market and non-market...

Persistent link: https://www.econbiz.de/10005662042