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Early Stage Investments In New Technology Based Firms Analyzing The Changing German Landscape Of Venture Capital Finance In The Light Of Capital Market Theory And New Institutional Economics

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Early Stage Investments In New Technology Based Firms

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Author : Holger Ludewig
language : en
Publisher: diplom.de
Release Date : 1999-01-04

Early Stage Investments In New Technology Based Firms written by Holger Ludewig and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-04 with Business & Economics categories.

Inhaltsangabe:Abstract: In recent years the issue of early stage investment in new technology based firms has drawn considerable attention. Its relevance emerges from the rise of high technology industries in the global economy. As competition in established, mature industries all over the world is ever increasing, the importance of keeping up and increasing the speed of innovation to ensure competitiveness of companies and national wealth is widely recognized. Innovation may concern products or processes. It refers to the development of new proprietary knowledge, i. e. technology, which is embodied in marketable products or services. In as far as the added private knowledge increases the utility of a product to the customers, it adds value. Unless the new features of a product are matched by competitors, a company may earn innovation rents. Thus proprietary knowledge attained through innovation is an important source of strategic advantage. In a competitive, dynamic market, however innovation rents are not sustainable. Competitors will attempt to match and exceed the innovation advantage. This may be achieved by imitation or by adding other or more innovative features. Whereas following the product life cycle model initial growth may be steep and rents may be high for the first mover, imitators competing on price and other rivals competing on innovations, may inflate the monopolistic power of the proprietary knowledge. Striving to maintain and increase market shares and profitability, companies thus have a strong incentive to keep innovating. For new technology-based firms the importance of proprietary knowledge is particularly pronounced. These start-ups operate in a hostile competitive environment, characterized by high uncertainty, offering the potential for rapid growth and high profits on the upside, but also the substantial threat of incurring deep losses on the downside. Whereas large companies generally possess a diversified product portfolio and a host of strategic assets, small companies will need to compete on a single new product or service and the determination of its management team. Politicians, worried by high unemployment and budget deficits, lately fell in love with the high-technology start-ups for their ability to create jobs and ensure future tax revenues. New technology-based firms are drivers of structural change in the economy in that they are among the first to enter new high growth potential industries. For [...]

Early Stage Investments In New Technology Based Firms Analyzing The Changing German Landscape Of Venture Capital Finance In The Light Of Capital Market Theory And New Institutional Economics

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Author : Fritz Holger Ludewig
language : en
Publisher: GRIN Verlag
Release Date : 2013-09-21

Early Stage Investments In New Technology Based Firms Analyzing The Changing German Landscape Of Venture Capital Finance In The Light Of Capital Market Theory And New Institutional Economics written by Fritz Holger Ludewig and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-21 with categories.

Diploma Thesis from the year 1998 in the subject Economics - Finance, grade: 2, University of Paderborn, language: English, abstract: Gegenstand der Arbeit ist die Untersuchung der jungsten Veranderungen in der institutionellen Mikrostruktur des deutschen Kapitalmarktes, die geeignet sind die Bedingungen fur die Versorgung junger Technologieunternehmen mit Eigenkapital zu verbessern. Behandelt werden insbesondere die Funktionsweise und zunehmende Bedeutung professioneller Venture Capital-Intermediare und die hierzu komplementare Rolle des "Neuen Marktes" in Deutschland. Der Autor zeigt, wie die Finanzierung junger Technologieunternehmen durch strukturelle Imperfektionen des Kapitalmarktes in besonderem Masse beeintrachtigt wird. Unter Berucksichtigung der fundamentalen Aussagen der neoklassischen Kapitalmarkttheorie und der Neuen Institutionenokonomik wird die Hypothese entwickelt, dass die durch die Unvollkommenheit der Markte bedingten Risikopramien und Transaktionskosten im Falle von Fruhphaseninvestitionen in innovativen Unternehmen besonders hoch sind. Somit besteht im Falle dieser Investitionen eine erhebliche Spanne zwischen den vom Unternehmer zu tragenden Kapitalkosten und den vom Financier empfangenen Nettoertragen. Bestimmte Institutionen des Kapitalmarktes, d. h. spezialisierte Intermediare und regulierte Marktsegmente sind geeignet diese Spanne zwischen Kapitalkosten und Nettoertragen zu vermindern, indem nicht-projektinharente Risiken oder Transaktionskosten reduziert werden. Das fur die Investitionsentscheidung massgebliche Risiko-Rendite-Verhaltnis einer Investition wird somit durch institutionelle Rahmenbedingungen erheblich beeinflusst. Der Autor diskutiert vor diesem theoretischen Hintergrund umfassend die konkreten Veranderungen des deutschen Venture-Capital-Marktes in der jungsten Zeit und entwirft verschiedene Szenarien fur dessen zukunftige Entwicklung. Keywords: Venture Capital, Neuer Markt, Unternehmensgrundung, Innovationsmanage

Early Stage Investments In New Technology Based Firms Analyzing The Changing German Landscape Of Venture Capital Finance In The Light Of Capital Market Theory And New Institutional Economics

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Author : Fritz Holger Ludewig
language : en
Publisher: GRIN Verlag
Release Date : 2012-07-13

Diploma Thesis from the year 1998 in the subject Economics - Finance, grade: 2, University of Paderborn, language: English, abstract: Gegenstand der Arbeit ist die Untersuchung der jüngsten Veränderungen in der institutionellen Mikrostruktur des deutschen Kapitalmarktes, die geeignet sind die Bedingungen für die Versorgung junger Technologieunternehmen mit Eigenkapital zu verbessern. Behandelt werden insbesondere die Funktionsweise und zunehmende Bedeutung professioneller Venture Capital-Intermediäre und die hierzu komplementäre Rolle des “Neuen Marktes” in Deutschland. Der Autor zeigt, wie die Finanzierung junger Technologieunternehmen durch strukturelle Imperfektionen des Kapitalmarktes in besonderem Maße beeinträchtigt wird. Unter Berücksichtigung der fundamentalen Aussagen der neoklassischen Kapitalmarkttheorie und der Neuen Institutionenökonomik wird die Hypothese entwickelt, daß die durch die Unvollkommenheit der Märkte bedingten Risikoprämien und Transaktionskosten im Falle von Frühphaseninvestitionen in innovativen Unternehmen besonders hoch sind. Somit besteht im Falle dieser Investitionen eine erhebliche Spanne zwischen den vom Unternehmer zu tragenden Kapitalkosten und den vom Financier empfangenen Nettoerträgen. Bestimmte Institutionen des Kapitalmarktes, d. h. spezialisierte Intermediäre und regulierte Marktsegmente sind geeignet diese Spanne zwischen Kapitalkosten und Nettoerträgen zu vermindern, indem nicht-projektinhärente Risiken oder Transaktionskosten reduziert werden. Das für die Investitionsentscheidung maßgebliche Risiko-Rendite-Verhältnis einer Investition wird somit durch institutionelle Rahmenbedingungen erheblich beeinflußt. Der Autor diskutiert vor diesem theoretischen Hintergrund umfassend die konkreten Veränderungen des deutschen Venture-Capital-Marktes in der jüngsten Zeit und entwirft verschiedene Szenarien für dessen zukünftige Entwicklung. Keywords: Venture Capital, Neuer Markt, Unternehmensgründung, Innovationsmanagement

Venture Capital In Europe

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Author : Greg N. Gregoriou
language : en
Publisher: Elsevier
Release Date : 2011-04-01

Venture Capital In Europe written by Greg N. Gregoriou and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-01 with Business & Economics categories.

Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital financing over the past five years. This book contains new scientific articles showcasing the latest research on venture capital in Europe. Venture capital investment remains a hot topic with portfolio managers, individual investors, academics worldwide. This book examines in detail all the major issues regarding venture capital investment: contracting, financing, regulation, valuation, etc. and identifies new trends in the venture capital arena. Features a foreword by Josh Lerner. *The only book in which academics from around the world present the latest research on venture capital in Europe *Covers all of Europe as well as including overview papers about venture capital industry, public and private venture capital, valuation, financing, contracting, structuring, regulation, etc. *Comprehensive, authoritative coverage

Bulletin Of The Atomic Scientists

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Author :
language : en
Publisher:
Release Date : 1970-06

Bulletin Of The Atomic Scientists written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1970-06 with categories.

The Bulletin of the Atomic Scientists is the premier public resource on scientific and technological developments that impact global security. Founded by Manhattan Project Scientists, the Bulletin's iconic "Doomsday Clock" stimulates solutions for a safer world.

Oecd Reviews Of Pension Systems Slovenia

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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2022-01-27

Oecd Reviews Of Pension Systems Slovenia written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-27 with categories.

This review provides policy recommendations on how to improve the Slovenian pension system, building on the OECD’s best practices in pension design. It details the Slovenian pension system and identifies its strengths and weaknesses based on cross‐country comparisons.

Early Stage Investments In New Technology Based Firms Analyzing The Changing German Landscape Of Venture Capital Finance In The Light Of Capital Market Theory And New Institutional Economics

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