| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4126 |
| DP4126 Performance of Inflation Targeting Based on Constant Interest Rate Projections | |
| Seppo Honkapohja; Kaushik Mitra | |
| 发表日期 | 2003-12-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We consider the motives for a firm to engage in corporate venturing. We argue that in case of failure of a new venture, corporate venture capitalists (CVC) have a strategic advantage relative to traditional venture capitalists (VC) in creating rents after rehiring or refinancing the entrepreneurs. Hence, corporate venturing induces the would-be entrepreneur to exert an effort that is higher than within the corporation, but lower than under traditional venture capital financing. Ceteris paribus, the entrepreneur ends up with fewer shares and less control under CVC financing than under traditional VC financing. Competition from venture capitalists increases corporate venturing activity, the salaries of potential entrepreneurs, and total economic output. Our results are consistent with the observed pro-cyclicality of corporate venture capital activity with venture capital activity. |
| 主题 | Financial Economics |
| 关键词 | Corporate venture capitalist Venture capitalist Entrepreneur Manager Competition Failure |
| URL | https://cepr.org/publications/dp4126 |
| 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/533101 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,Kaushik Mitra. DP4126 Performance of Inflation Targeting Based on Constant Interest Rate Projections. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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