Public Policy for Venture Capital (eBook)

Arnd Plagge ist Doktorand im Department of Political Science der University of Rochester, Rochester, NY, USA.

Foreword 6
Preface 8
Contents 10
List of figures 12
List of tables 15
List of abbreviations 16
Chapter 1 The nature and role of venture capital 18
1.1 Definitions 20
1.2 The venture capital cycle 25
1.3 Plan of the book 28
Chapter 2 Theoretical perspectives on public policy for venture capital 30
2.1 Parameters for model calibration 31
2.2 Adapted endogenous growth model 36
2.3 Market failures in R& D
2.4 A strong case for public intervention 43
Chapter 3 Venture capital in the U.S- 44
3.1 History of venture capital in the U.S. 44
3.2 Venture capital in the U.S. in the 1990s and beyond 47
3.3 U.S. government programs 50
Chapter 4 Venture capital in Germany 54
4.1 The emergence of the modern venture capital industry in Germany 55
4.2 Venture capital in Germany in the 1990s and beyond 62
4.3 Data problems 65
4.4 German government programs 71
Chapter 5 Venture capital in the U.S. and Germany in comparison 76
5.1 Market size relative to GDP 77
5.2 Market size relative to the stock market 78
5.3 Disbursements relative to commitments 80
Chapter 6 IPOs and venture capital 82
6.1 Existing views on stock market exits and venture capital 82
6.2 New evidence on the link between IPOs and venture capital 99
6.2.1 Approach 99
6.2.2 OLS analysis 100
6.2.3 Time-series analysis 106
Chapter 7 Supply and demand in perspective 112
7.1 Supply bottlenecks 114
7.2 Demand factors 118
7.3 Views on public policy for venture capital 122
7.4 Implications 127
Chapter 8 Nothing ventured? 130
Data appendix 132
Bibliography 138