Government sponsored versus private venture capital: Canadian evidence
"This paper investigates the relative performance of enterprises backed by government-sponsored venture capitalists and private venture capitalists. While previous studies focus mainly on investor returns, this paper focuses on a broader set of public policy objectives, including value-creation...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14029 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "This paper investigates the relative performance of enterprises backed by government-sponsored venture capitalists and private venture capitalists. While previous studies focus mainly on investor returns, this paper focuses on a broader set of public policy objectives, including value-creation, innovation, and competition. A number of novel data-collection methods, including web-crawlers, are used to assemble a near-comprehensive data set of Canadian venture-capital backed enterprises. The results indicate that enterprises financed by government-sponsored venture capitalists underperform on a variety of criteria, including value-creation, as measured by the likelihood and size of IPOs and M&As, and innovation, as measured by patents. It is important to understand whether such underperformance arises from a selection effect in which private venture capitalists have a higher quality threshold for investment than subsidized venture capitalists, or whether it arises from a treatment effect in which subsidized venture capitalists crowd out private investment and, in addition, provide less effective mentoring and other value-added skills. We find suggestive evidence that crowding out and less effective treatment are problems associated with government-backed venture capital. While the data does not allow for a definitive welfare analysis, the results cast some doubt on the desirability of certain government interventions in the venture capital market"--National Bureau of Economic Research web site |
| Beschreibung: | 65 S. graph. Darst. 22 cm |
Internformat
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| 100 | 1 | |a Brander, James A. |d 1953- |e Verfasser |0 (DE-588)128690291 |4 aut | |
| 245 | 1 | 0 | |a Government sponsored versus private venture capital |b Canadian evidence |c James A. Brander ; Edward J. Egan ; Thomas F. Hellmann |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2008 | |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 14029 | |
| 520 | 8 | |a "This paper investigates the relative performance of enterprises backed by government-sponsored venture capitalists and private venture capitalists. While previous studies focus mainly on investor returns, this paper focuses on a broader set of public policy objectives, including value-creation, innovation, and competition. A number of novel data-collection methods, including web-crawlers, are used to assemble a near-comprehensive data set of Canadian venture-capital backed enterprises. The results indicate that enterprises financed by government-sponsored venture capitalists underperform on a variety of criteria, including value-creation, as measured by the likelihood and size of IPOs and M&As, and innovation, as measured by patents. It is important to understand whether such underperformance arises from a selection effect in which private venture capitalists have a higher quality threshold for investment than subsidized venture capitalists, or whether it arises from a treatment effect in which subsidized venture capitalists crowd out private investment and, in addition, provide less effective mentoring and other value-added skills. We find suggestive evidence that crowding out and less effective treatment are problems associated with government-backed venture capital. While the data does not allow for a definitive welfare analysis, the results cast some doubt on the desirability of certain government interventions in the venture capital market"--National Bureau of Economic Research web site | |
| 700 | 1 | |a Egan, Edward J. |e Verfasser |4 aut | |
| 700 | 1 | |a Hellmann, Thomas |e Verfasser |0 (DE-588)129335304 |4 aut | |
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| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-09T21:25:16Z |
| institution | BVB |
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| physical | 65 S. graph. Darst. 22 cm |
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| spelling | Brander, James A. 1953- Verfasser (DE-588)128690291 aut Government sponsored versus private venture capital Canadian evidence James A. Brander ; Edward J. Egan ; Thomas F. Hellmann Cambridge, Mass. National Bureau of Economic Research 2008 65 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14029 "This paper investigates the relative performance of enterprises backed by government-sponsored venture capitalists and private venture capitalists. While previous studies focus mainly on investor returns, this paper focuses on a broader set of public policy objectives, including value-creation, innovation, and competition. A number of novel data-collection methods, including web-crawlers, are used to assemble a near-comprehensive data set of Canadian venture-capital backed enterprises. The results indicate that enterprises financed by government-sponsored venture capitalists underperform on a variety of criteria, including value-creation, as measured by the likelihood and size of IPOs and M&As, and innovation, as measured by patents. It is important to understand whether such underperformance arises from a selection effect in which private venture capitalists have a higher quality threshold for investment than subsidized venture capitalists, or whether it arises from a treatment effect in which subsidized venture capitalists crowd out private investment and, in addition, provide less effective mentoring and other value-added skills. We find suggestive evidence that crowding out and less effective treatment are problems associated with government-backed venture capital. While the data does not allow for a definitive welfare analysis, the results cast some doubt on the desirability of certain government interventions in the venture capital market"--National Bureau of Economic Research web site Egan, Edward J. Verfasser aut Hellmann, Thomas Verfasser (DE-588)129335304 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14029 (DE-604)BV002801238 14029 http://papers.nber.org/papers/w14029.pdf kostenfrei Volltext |
| spellingShingle | Brander, James A. 1953- Egan, Edward J. Hellmann, Thomas Government sponsored versus private venture capital Canadian evidence |
| title | Government sponsored versus private venture capital Canadian evidence |
| title_auth | Government sponsored versus private venture capital Canadian evidence |
| title_exact_search | Government sponsored versus private venture capital Canadian evidence |
| title_exact_search_txtP | Government sponsored versus private venture capital Canadian evidence |
| title_full | Government sponsored versus private venture capital Canadian evidence James A. Brander ; Edward J. Egan ; Thomas F. Hellmann |
| title_fullStr | Government sponsored versus private venture capital Canadian evidence James A. Brander ; Edward J. Egan ; Thomas F. Hellmann |
| title_full_unstemmed | Government sponsored versus private venture capital Canadian evidence James A. Brander ; Edward J. Egan ; Thomas F. Hellmann |
| title_short | Government sponsored versus private venture capital |
| title_sort | government sponsored versus private venture capital canadian evidence |
| title_sub | Canadian evidence |
| url | http://papers.nber.org/papers/w14029.pdf |
| volume_link | (DE-604)BV002801238 |
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