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Misinforming the Public About Public Policy Towards Venture Capital

Venture Capital: An International Journal of Entrepreneurial Finance, Forthcoming

4 Pages Posted: 9 Nov 2010  

Douglas J. Cumming

York University - Schulich School of Business

Date Written: October 31, 2010

Abstract

Recent work by Da Rin et al. (2006, 2011) and Lerner (2009) base their analysis of the effect of public policy towards venture capital on variables like the ratio of early stage to late stage investment. This paper provides an explanation as to why such measures are incorrect for studying the effect of public policy towards venture capital, regardless of whether one is interested in comparing venture capital investment across countries or comparing venture capital investment over time within a country. One should be extremely cautious about drawing public policy lessons for venture capital based on work that use these inappropriate measures.

Keywords: Venture Capital, Public Policy

JEL Classification: G24, G28, H25

Suggested Citation

Cumming, Douglas J., Misinforming the Public About Public Policy Towards Venture Capital (October 31, 2010). Venture Capital: An International Journal of Entrepreneurial Finance, Forthcoming. Available at SSRN: https://ssrn.com/abstract=1705519

Douglas J. Cumming (Contact Author)

York University - Schulich School of Business ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

HOME PAGE: http://booksite.elsevier.com/9780124095373/

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