The DOI matches its Crossref record; 68 of the 68 references it cites were found in a registry or an index.
Public policy and the creation of active venture capital markets
Open accessAbstract
We study how public policy can contribute to increase the share of early stage and high-tech venture capital investments, thus helping the development of active venture capital markets. A simple extension of the seminal model by Holmstrom and Tirole (1997) provides a theoretical base for our analysis. We then explore a unique panel of data for 14 European countries between 1988 and 2001. We have several novel findings. First, the opening of stock markets targeted at entrepreneurial companies positively affects the shares of early stage and high-tech venture capital investments; reductions in capital gains tax rates have a similar, albeit weaker, effect. Second, a reduction in labor regulation creases the share of high-tech investments. Finally, we find no evidence of a shortage of supply of venture capital funds, and no evidence of an effect of increased public R&D spending on the share of high-tech or early stage venture capital investments. JEL Classification: G10, G24, H20, O30
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Cites
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Endogenous Technological Change
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Financial Intermediation, Loanable Funds, and The Real Sector
Holmstrom, B., & Tirole, J. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555316 · Cited by 3,889
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Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence
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Assessing the Contribution of Venture Capital to Innovation
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Cited by
Banks and innovation: Microeconometric evidence on Italian firms☆
BENFRATELLO, L., SCHIANTARELLI, F., & SEMBENELLI, A. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2008.01.001 · Cited by 554
Self-citationThe Importance of Trust for Investment: Evidence from Venture Capital
Bottazzi, L., Da Rin, M., & Hellmann, T. (2016) · Review of Financial Studies · doi:10.1093/rfs/hhw023 · Cited by 423
Self-citationPresidential Address: Does Finance Benefit Society?
ZINGALES, L. (2015) · The Journal of Finance · doi:10.1111/jofi.12295 · Cited by 355
Dilli, S., Elert, N., & Herrmann, A. M. (2018) · Small Business Economics · doi:10.1007/s11187-018-0002-z · Cited by 149
Metadata
- Authors
- Da Rin, M., Nicodano, G., & Sembenelli, A.
- Venue
- Journal of Public Economics
- Publisher
- Elsevier BV
- Published
- 2006-09
- Volume
- 90
- Issue
- 8-9
- Pages
- 1699-1723
- ISSN
- 0047-2727 (ISSN-L)
- OpenAlex
- W1972989461
- Cited by
- 403
- References
- 68
- FWCI
- 78.45
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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