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Early-stage financing and firm growth in new industries

  • This paper shows that active investors, such as venture capitalists, can affect the speed at which new ventures grow. In the absence of product market competition, new ventures financed by active investors grow faster initially, though in the long run those financed by passive investors are able to catch up. By contrast, in a competitive product market, new ventures financed by active investors may prey on rivals that are financed by passive investors by “strategically overinvesting” early on, resulting in long-run differences in investment, profits, and firm growth. The value of active investors is greater in highly competitive industries as well as in industries with learning curves, economies of scope, and network effects, as is typical for many “new economy” industries. For such industries, our model predicts that start-ups with access to venture capital may dominate their industry peers in the long run. JEL Classifications: G24; G32 Keywords: Venture capital; dynamic investment; product market competition

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Metadaten
Verfasserangaben:Roman InderstORCiDGND, Holger M. MüllerGND
URN:urn:nbn:de:hebis:30-72905
URL:http://www.imfs-frankfurt.de/fileadmin/user_upload/pdf/WP_2009_30_Inderst.pdf
Titel des übergeordneten Werkes (Deutsch):Working paper series / Institute for Monetary and Financial Stability ; 30
Schriftenreihe (Bandnummer):Working paper series / Institute for Monetary and Financial Stability (30)
Dokumentart:Arbeitspapier
Sprache:Englisch
Jahr der Fertigstellung:2009
Jahr der Erstveröffentlichung:2009
Veröffentlichende Institution:Universitätsbibliothek Johann Christian Senckenberg
Datum der Freischaltung:08.12.2009
Freies Schlagwort / Tag:dynamic investment; product market competition; venture capital
GND-Schlagwort:Unternehmensgründung; Innovation; Risikokapital; Finanzierung
Bemerkung:
Published in: Journal of Financial Economics, 2009, vol. 93, issue 2, pp. 276-291
HeBIS-PPN:220364575
Institute:Wissenschaftliche Zentren und koordinierte Programme / Institute for Monetary and Financial Stability (IMFS)
DDC-Klassifikation:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Lizenz (Deutsch):License LogoDeutsches Urheberrecht