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Short Term America Revisited? Boom and Bust in the Venture Capital Industry and the Impact on Innovation
The working paper contends that increased public capital investments in times of excess venture capital (VC) availability — that which the market has demonstrated over the past two years — may actually add "fuel to the fire," particularly in hot sectors. States and localities across the country, seeing the quarterly surveys report the continuing decline in venture capital deals are moving to encourage more VC investment.
http://www.nber.org/~confer/2002/ipes02/lerner.pdf