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作者：Biggs, M
作者单位：University of Cambridge
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作者：de Meza, D
作者单位：University of London; London School Economics & Political Science; University of Exeter
摘要：A mass of evidence suggests that aspiring entrepreneurs with low net worth or from disadvantaged social groups are excluded from capital markets. Asymmetric information potentially explains these findings, though whether aggregate lending is raised or lowered relative to the full information outcome is ambiguous. Whichever case occurs, subsidising credit may decrease efficiency. This is all the more true when, as the evidence suggests, potential entrepreneurs are prone to unrealistic optimism....
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作者：Redding, S
作者单位：University of London; London School Economics & Political Science
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作者：Lerner, J
作者单位：Harvard University; National Bureau of Economic Research
摘要：Recently public efforts to finance small high-technology firms have proliferated. We review the motivations for these efforts and make some preliminary observations about their design. We explore the underlying challenges that the financing of young growth firms poses, the ways that specialised financial intermediaries address them, and the rationales for public efforts to finance these companies. The final section makes a set of observations about the ways in which the structure of these effo...
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作者：Biggs, M
作者单位：University of Cambridge
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作者：Kaser, M
作者单位：University of Birmingham; University of Oxford
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作者：Biggs, M
作者单位：University of Cambridge
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作者：Cressy, R
作者单位：City St Georges, University of London
摘要：Theoretical and empirical foundations of government policies to plug alleged business funding gaps are highly controversial but rarely subject to wide-ranging in-depth debate. This symposium from major scholars in the field provides a counterbalance. Topics addressed cover the theory of lending under asymmetric information; its implications for overlending; relationship lending as a market solution to information asymmetries; government emulation of private sector decision-making to eliminate ...
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作者：Biggs, M
作者单位：University of Cambridge
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作者：Carpenter, RE; Petersen, BC
作者单位：University System of Maryland; University of Maryland Baltimore County; Washington University (WUSTL)
摘要：Highly variable returns, asymmetric information and a lack of collateral should cause small high-tech firms to have poor access to debt. New equity financing has several advantages over debt, but may be costly compared to internal finance. We examine an unbalanced panel of over 2,400 publicly traded US high-tech companies over the period 1981-98. Most small high-tech firms obtain little debt financing. New equity financing, in the form of the initial public offering, is very important and perm...
