| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25202 |
| 来源ID | Working Paper 25202 |
| Moving Beyond the Valley of Death: Regulation and Venture Capital Investments in Early-Stage Biopharmaceutical Firms | |
| Yujin Kim; Chirantan Chatterjee; Matthew J. Higgins | |
| 发表日期 | 2018-10-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Can regulation reduce risks associated with investing in early-stage firms? Using the passage of the European Orphan Drug Act (EU-ODA), we examine this question in the biopharmaceutical industry. We provide causal evidence that venture capitalists (VCs) are more likely to invest in early-stage firms operating in sub-fields disproportionately affected by EU-ODA. The switch to early-stage investments appears strongest among VCs that previously faced greater levels of information asymmetry. We also find that the level of syndication declined for early-stage investments and exit performance improved. We conclude discussing the implications of our findings for public policy, entrepreneurship and innovation. |
| 主题 | Financial Economics ; Financial Institutions ; Industrial Organization ; Regulatory Economics ; Industry Studies |
| URL | https://www.nber.org/papers/w25202 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582876 |
| 推荐引用方式 GB/T 7714 | Yujin Kim,Chirantan Chatterjee,Matthew J. Higgins. Moving Beyond the Valley of Death: Regulation and Venture Capital Investments in Early-Stage Biopharmaceutical Firms. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25202.pdf（649KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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