Abstract

http://ssrn.com/abstract=2194452
 
 

References (23)



 
 

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Public Economics Gone Wild: Lessons from Venture Capital


Douglas J. Cumming


York University - Schulich School of Business

May 6, 2013


Abstract:     
A recent article in the Journal of Public Economics has asserted, among other things, that government venture capital funds in Europe have crowded out private venture capital. In this research note, I explain that the findings in that paper are based on empirical measures that are completely flawed. Moreover, I show with data spanning 13 countries and the years 1989-2011 that government venture capital funds in Europe have not crowded out private venture capital investment.

Number of Pages in PDF File: 16

Keywords: Venture capital, Public Policy, Government sponsorship, Tax, Crowding out

JEL Classification: G24, G28, G32, G38, K22

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Date posted: December 29, 2012 ; Last revised: May 8, 2013

Suggested Citation

Cumming, Douglas J., Public Economics Gone Wild: Lessons from Venture Capital (May 6, 2013). Available at SSRN: http://ssrn.com/abstract=2194452 or http://dx.doi.org/10.2139/ssrn.2194452

Contact Information

Douglas J. Cumming (Contact Author)
York University - Schulich School of Business ( email )
4700 Keele Street
Toronto, Ontario M3J 1P3
Canada
HOME PAGE: http://www.venturecapitalprivateequitycontracting.com/
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