{"id":114934,"date":"2024-01-22T19:06:08","date_gmt":"2024-01-22T18:06:08","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/114934\/"},"modified":"2024-11-07T04:26:12","modified_gmt":"2024-11-07T03:26:12","slug":"venture-capital-in-bank-and-market-based-economies","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/114934\/","title":{"rendered":"Venture Capital in Bank- and Market-based Economies"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-114934","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The determinants of venture capital investment have attracted a significant amount of attention from both academics and policymakers. We use a version of the Keuschnigg-Nielsen model for venture-capital financed projects to condition our analysis on a reasonable set of exogenous variables but we focus on one determinant: financial market structure. The type of financial market structure (bank- or market-based) contributes substantially to explaining differences among countries with respect to the extent of venture capital investments in the initial business stages. We will use the cross country and time series variation from a panel of 19 industrialised countries to support the hypothesis that venture capital thrives within market-based financial systems and is confined to an ancillary role in bank-based systems.","onlinedate":"2011-02-21 01:00:00","lang":"English","publication_series":"","publication_date":"20110201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"56","keywords":"[\"Venture capital\",\"financial market structure\",\"local stock markets\",\"panel data\"]","jelcodes":"[]","related_publications":"[]","pdf":340381,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"389","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44410],"research_groups":[3500],"collaboration":"","persons":[4417,3899],"persons_data":"[{\"personId\":4417,\"personName\":\"Adeline Saillard\",\"organisationNames\":[]},{\"personId\":3899,\"personName\":\"Thomas Url\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Saillard, A.<\\\/span><span>, &amp; Url, T.<\\\/span> (2011). <span>Venture Capital in Bank- and Market-based Economies<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (389). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/41250\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/41250<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Saillard A<\\\/span><span>, Url T<\\\/span>. <span class=\\\"title\\\"><span>Venture Capital in Bank- and Market-based Economies<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2011 Feb;(389).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{64c0eafe40ea4c7f96c335988ee472c3,<\\\/div><div>  title    = \\\"Venture Capital in Bank- and Market-based Economies\\\",<\\\/div><div>  abstract = \\\"The determinants of venture capital investment have attracted a significant amount of attention from both academics and policymakers. We use a version of the Keuschnigg-Nielsen model for venture-capital financed projects to condition our analysis on a reasonable set of exogenous variables but we focus on one determinant: financial market structure. The type of financial market structure (bank- or market-based) contributes substantially to explaining differences among countries with respect to the extent of venture capital investments in the initial business stages. We will use the cross country and time series variation from a panel of 19 industrialised countries to support the hypothesis that venture capital thrives within market-based financial systems and is confined to an ancillary role in bank-based systems.\\\",<\\\/div><div>  keywords = \\\"Venture capital, financial market structure, local stock markets, panel data, Venture capital, financial market structure, local stock markets, panel data\\\",<\\\/div><div>  author   = \\\"Adeline Saillard and Thomas Url\\\",<\\\/div><div>  year     = \\\"2011\\\",<\\\/div><div>  month    = feb,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Venture Capital in Bank- and Market-based Economies<\\\/p><p>AU  - Saillard, Adeline<\\\/p><p>AU  - Url, Thomas<\\\/p><p>PY  - 2011\\\/2<\\\/p><p>Y1  - 2011\\\/2<\\\/p><p>N2  - The determinants of venture capital investment have attracted a significant amount of attention from both academics and policymakers. We use a version of the Keuschnigg-Nielsen model for venture-capital financed projects to condition our analysis on a reasonable set of exogenous variables but we focus on one determinant: financial market structure. The type of financial market structure (bank- or market-based) contributes substantially to explaining differences among countries with respect to the extent of venture capital investments in the initial business stages. We will use the cross country and time series variation from a panel of 19 industrialised countries to support the hypothesis that venture capital thrives within market-based financial systems and is confined to an ancillary role in bank-based systems.<\\\/p><p>AB  - The determinants of venture capital investment have attracted a significant amount of attention from both academics and policymakers. We use a version of the Keuschnigg-Nielsen model for venture-capital financed projects to condition our analysis on a reasonable set of exogenous variables but we focus on one determinant: financial market structure. The type of financial market structure (bank- or market-based) contributes substantially to explaining differences among countries with respect to the extent of venture capital investments in the initial business stages. We will use the cross country and time series variation from a panel of 19 industrialised countries to support the hypothesis that venture capital thrives within market-based financial systems and is confined to an ancillary role in bank-based systems.<\\\/p><p>KW  - Venture capital<\\\/p><p>KW  - financial market structure<\\\/p><p>KW  - local stock markets<\\\/p><p>KW  - panel data<\\\/p><p>KW  - Venture capital<\\\/p><p>KW  - financial market structure<\\\/p><p>KW  - local stock markets<\\\/p><p>KW  - panel data<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Venture Capital in Bank- and Market-based Economies - 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