Using a data set of the firms listed on the Neuer Markt in Germany, this paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more...

We study the implications of ownership and its induced incentives on firm survival on the stock market for young and high-tech firms. Using a unique data set of all 341 firms listed on the Neuer Markt, the German counterpart of the NASDAQ, our results differ from studies on more traditional...

An important literature has made a fundamental link between corporate governance and corporate strategy. According to agency theory, assigning managers stock options aligns their interests with the interests of the owners of the firm. This paper suggests that this may not apply in the context of...

This paper examines the impact of locational choice as a firm strategy to access knowledge spillovers from universities. Based on a large data set of young high-technology start-ups publicly listed in Germany, this study tests the propositions that geographic proximity to the university is...

An examination of whether the institutional differencein universities makes a difference in facilitating spillover and thecommercialization of knowledge is conducted. Specifically, the impacts of twodifferent types of universities in Germany--general universities and technicaluniversities--are...

The recent waves of immigration in western countries lead to challenges for policy makers and the society. In particular the integration of immigrants into the society and the labor market is intensively discussed. Within this process, self-employment and entrepreneurship plays an important...