Using a data set of the firms listed on the Neuer Markt in Germany, we demonstrate that venture-backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study support the hypothesis that small and innovative firms are more likely to be financed by...

The commercial development of electricity in the late nineteenth century brought about a technological revolution comparable to, if not exceeding, the development of the steam engine more than a century earlier. While the steam engine laid the groundwork for the Industrial Revolution and altered...