Publication
Jul 2002
This paper examines the impact of venture capitalists' reputation building and experience accumulation on the genesis of venture capital markets. The author argues that they must build a track record for successfully financing high-technology enterprises in order to raise new funds from outside investors. Her simulation results demonstrate path dependencies, indicating that if venture capitalists lack experience, successive waves of unsuccessful venture-capital-backed enterprises undermine the genesis of venture capital markets.
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English (PDF, 39 pages, 549 KB) |
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Author | Andrea Schertler |
Series | Kiel Institute Working Papers |
Issue | 1120 |
Publisher | Kiel Institute for the World Economy |
Copyright | © 2002 Kiel Institute for the World Economy |