Bank versus venture capital
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- dc.contributor.author Ueda, Masakoca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:26Z
- dc.date.available 2017-07-26T10:50:26Z
- dc.date.issued 2000-11-01
- dc.date.modified 2017-07-23T02:05:53Z
- dc.description.abstract Why do some start-up firms raise funds from banks and others from venture capitalists? To answer this question, I develop a model of start-up financing when intellectual property rights are not well protected. The upside of VC financing is that the VC understands the business better than a bank. The downside, however, is that the VC may steal the idea and use it himself. The results of the model are consistent with empirical regularities on start-up financing. The model implies that the characteristics of the firms financing from venture capitalists are low-collateral, high-growth and high-profitability. The model also suggests that the tighter protection of intellectual property rights contributes to the recent dramatic growth of the US venture capital industry.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=522
- dc.identifier.citation Journal of Finance 59(2), 601-621, 2004
- dc.identifier.uri http://hdl.handle.net/10230/845
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 522
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword Collateral
- dc.subject.keyword Intellectual-property
- dc.subject.keyword Venture capital
- dc.subject.keyword Finance and Accounting
- dc.title Bank versus venture capitalca
- dc.title.alternative Banks versus Venture Capital: Project Evaluation, Screening, and Expropiation
- dc.type info:eu-repo/semantics/workingPaper