Abstract

http://ssrn.com/abstract=1443508
 
 

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Public Policy, Entrepreneurship, and Venture Capital in the United States


Douglas J. Cumming


York University - Schulich School of Business

Dan Li


The School of Economics and Finance, University of Hong Kong

April 23, 2013

Journal of Corporate Finance, Vol. 23, 2013

Abstract:     
This paper empirically examines business starts, deaths, venture capital and patents in relation to U.S. public policy. The most consistent evidence in the data shows that lower levels of labor frictions and higher levels of SBIR awards are associated with more business starts and higher levels of venture capital per population. Counter to expectations, the data indicate a positive impact from the homestead exemption only among the bottom quartile homestead exemption states, and otherwise a negative impact. We analyze a variety of other policy instruments and compare the effects of policy in regular times with the financial crisis of 2008-2010.

Number of Pages in PDF File: 43

Keywords: Entrepreneurial Finance, Venture Capital, Public Policy, Tax, Labor Law, Bankruptcy, SBIR

JEL Classification: G24, G32, G33, G38, K22, K31, K35, L26

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Date posted: August 7, 2009 ; Last revised: November 21, 2014

Suggested Citation

Cumming, Douglas J. and Dan Li, Public Policy, Entrepreneurship, and Venture Capital in the United States (April 23, 2013). Journal of Corporate Finance, Vol. 23, 2013. Available at SSRN: http://ssrn.com/abstract=1443508 or http://dx.doi.org/10.2139/ssrn.1443508

Contact Information

Douglas J. Cumming
York University - Schulich School of Business ( email )
4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
HOME PAGE: http://www.venturecapitalprivateequitycontracting.com/
Dan Li (Contact Author)
The School of Economics and Finance, University of Hong Kong ( email )
8th Floor Kennedy Town Centre
23 Belcher's Street
Kennedy Town
Hong Kong
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