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  1. Bank as a venture capitalist
    Author: Rishabh, Kumar
    Published: August 2021
    Publisher:  Universität Basel, Faculty of Business and Economics, Basel, Switzerland

    Green innovation is a key element in fighting climate change. But there are several challenges that need to be addressed in managing a green technology transition, both in terms of interacting market failures (environmental externality, public good... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 523
    Inter-library loan:
    No inter-library loan

     

    Green innovation is a key element in fighting climate change. But there are several challenges that need to be addressed in managing a green technology transition, both in terms of interacting market failures (environmental externality, public good nature of innovation, strategic behaviour of incumbents protecting an emission-intensive technology) and as the structure of the technology market (whether the new technology is offered by a monopolistic incumbent or whether there is some competition induced by market entrants) will evolve throughout the transition. In this paper, we investigate the question what constitutes the optimal policy at different stages of the technology transition and for different market structures. We first analyse a policy mix that can implement a first-best outcome. We show that this mix will differ between different market settings and for different stages of the technology transition. Second, we investigate the choice between a push policy (subsidy for the new technology) and a pull strategy (tax on the old technology) and show that throughout the transition, the policy should be switched, often even more than once. Overall, our results indicate that managing a green technology transition requires a sequence of different policies attuned to the state of the transition and that this sequence differs substantially for different cases, for example, different levels of environmental damage or different cost advantages of the incumbent over entrants.Banks all over the world show interest in acting as venture capitalists. In this paper, I argue that banks offer venture capital (VC) financing along with traditional (collateralized) loans in response to the natural constraints of the hidden information that they face. Innovative entrepreneurs pursue new technology that promises high return but runs a high risk of failure. The more innovative entrepreneurs also have higher reservation utility. This interaction between type-dependent returns and reservation utility creates a situation where collateral alone is not sufficient to screen entrepreneurs, and the uninformed bank needs an additional screening device. VC fulfils that role.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/261062
    Series: WWZ working paper ; 2021, 09
    Subjects: Bank; Venture Capital; Collateral; Debt; Screening
    Scope: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  2. Shining with the stars: competition, screening, and concern for coworkers' quality
    Author: Barigozzi, Francesca; Cremer, Helmuth
    Published: November 2021
    Publisher:  Toulouse School of Economics, [Toulouse]

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 330
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working papers / Toulouse School of Economics ; no 1257
    Subjects: Concern for Coworkers' Quality; Competition; Screening; Sorting
    Scope: 1 Online-Ressource (circa 51 Seiten)