| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3501 |
| DP3501 The Portfolio Implications of Home Ownership | |
| Piet Eichholtz; Kees Koedijk; Frans de Roon | |
| 发表日期 | 2002-08-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We claim that the stock market encourages business creation, innovation, and growth by allowing the recycling of ?informed capital?. Due to incentive and information problems, start-ups face larger costs of going public than mature firms. Sustaining a tight relationship with a monitor (bank, venture capitalist) allows them to postpone their going public decision until profitability prospects are clearer or incentive problems are less severe. However, the earlier young firms go public, the quicker monitors? informed capital is redirected towards new start-ups. Hence, when informed capital is in limited supply, factors that accelerate firms? access to the stock market encourage business creation. Technological spill-overs associated with business creation and thick market externalities in the young firms segment of the stock market provide prima facie cases for encouraging young firms to go public. |
| 主题 | Financial Economics |
| 关键词 | Start-ups Going public Venture capital Growth |
| URL | https://cepr.org/publications/dp3501 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532515 |
| 推荐引用方式 GB/T 7714 | Piet Eichholtz,Kees Koedijk,Frans de Roon. DP3501 The Portfolio Implications of Home Ownership. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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