Kiel Working Papers, Kiel Institute for World Economics
No 939:
Venture Capital and Asymmetric Information in an Evolutionary Framework
Andrea Schertler
Abstract: The paper analyzes the impact of information asymmetries
between intermediaries and savers in open economies in a stochastic model
that uses computer simulation. The model features two sectors producing two
types of consumer goods and two sectors producing two typos of intermediate
inputs (soft machinery and heavy machinery) which are used in the
production of consumer goods with different intensities. Machineries are
composites of machines supplied under imperfect competition. New businesses
are started to develop new machines requiring an initial research and
development (R&D) investment. R&D investment includes tangible and
intangible investments and can be financed either by bank credits or
venture capital.
Keywords: venture capital, uncertainty, asymmetric information, intangible investment; (follow links to similar papers)
JEL-Codes: G24; (follow links to similar papers)
46 pages, July 1999
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