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来源类型Working Paper
规范类型报告
DOI10.3386/w25202
来源IDWorking 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
URLhttps://www.nber.org/papers/w25202
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/582876
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Yujin Kim,Chirantan Chatterjee,Matthew J. Higgins. Moving Beyond the Valley of Death: Regulation and Venture Capital Investments in Early-Stage Biopharmaceutical Firms. 2018.
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