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The Dance Between Government and Private Investors: Public Entrepreneurial Finance around the Globe / Jessica Bai, Shai Bernstein, Abhishek Dev, Josh Lerner.
- Format:
- Book
- Author/Creator:
- Bai, Jessica.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w28744.
- NBER working paper series no. w28744
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- This paper examines the interaction between governments and private capital investors when financing early-stage ventures. We first provide a simple conceptual framework to explore when collaboration between governments and private investors is likely to emerge. Using hand-collected data on 755 programs worldwide, we find that government programs frequently involve private capital investors. Collaboration is greater when governments are more effective, when programs target earlier-stage companies, and when the local private venture market is more developed. Such collaborations mostly occur through joint equity investments and matching-funds requirements. These findings underscore the importance of government synergies with local private capital markets.
- Notes:
- Print version record
- April 2021.
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