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Financing Ventures / Jeremy Greenwood, Pengfei Han, Juan M. Sanchez.
- Format:
- Book
- Author/Creator:
- Greenwood, Jeremy.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w24808.
- NBER working paper series no. w24808
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- The relationship between venture capital and growth is examined using an endogenous growth model incorporating dynamic contracts between entrepreneurs and venture capitalists. At each stage of financing, venture capitalists evaluate the viability of startups. If viable, venture capitalists provide funding for the next stage. The success of a project depends on the amount of funding. The model is confronted with stylized facts about venture capital: statistics by funding round concerning success rates, failure rates, investment rates, equity shares, and IPO values. The increased efficiency offered by venture capital for financing inventive startups is important for long-run growth and welfare.
- Notes:
- Print version record
- July 2018.
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