The Effects of Government-Sponsored Venture Capital: International Evidence
NBER Working Paper No. 16521
---- Acknowledgements ----
We thank David Hsu, Josh Lerner, Anuradha Gurung, and seminar participants at the Entrepreneurial Finance & Innovation Conference, Boston, June 15, 2010 for very helpful comments. We thank Brad MacLean for generously providing access to the Asian Venture Capital Journal (AVCJ) database. We also thank our research assistants, Lynn Chang, Lingxiang Gao, Florian Guhr, Joel Jaffe, Armin Navabi, and Yan Li for their valuable contributions. Financial support from the World Economic Forum (WEF) and the SSHRC is gratefully acknowledged. This paper builds on an earlier working paper called "Governments as Venture Capitalists: Striking the Right Balance" which appeared in a World Economic Forum Working Paper Series entitled "Globalization of Alternative Investments, Working Papers Volume 3: The Global Economic Impact of Private Equity Report 2010, World Economic Forum". The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.