Arbeitspapier
Public policy and the creation of active venture capital markets
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 430
- Klassifikation
-
Wirtschaft
General Financial Markets: General (includes Measurement and Data)
Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
Taxation, Subsidies, and Revenue: General
Innovation; Research and Development; Technological Change; Intellectual Property Rights: General
- Thema
-
Barriers to Entrepreneurship
Capital Gains Tax
Public Policy
Public R&D Expenditure
Stock Markets
Venture Capital
Risikokapital
Wertzuwachssteuer
Öffentliche Forschung
Forschungskosten
EU-Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Da Rin, Marco
Nicodano, Giovanna
Sembenelli, Alessandro
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Da Rin, Marco
- Nicodano, Giovanna
- Sembenelli, Alessandro
- European Central Bank (ECB)
Entstanden
- 2005
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