Investor Protection and Business Creation

Topics:
Venture Capital
Tags:
Bank Of Finland,
Creation,
Entrepreneurship,
Financial Services,
Friction,
Management
Source:
Bank of Finland

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Overview: This paper studies the effects of investor protection on the availability of external finance, entrepreneurship, and creation of new firms in an equilibrium search model of private capital markets. In addition to search frictions, it examines contract frictions, specifically interim and ex post moral hazard problems stemming from entrepreneurs' possibilities to expropriate financiers. The results indicate that anything that increases (decreases) entrepreneurship also increases (decreases) the creation of start-ups.

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Format: PDF | Size: 420KB | Date: Dec 2003 | Pages: 36

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