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Financing High-Tech Growth: The Role of Debt or Equity
Using a data set of the firms listed on the Neuer
Markt in Germany, the paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. The authors also provide evidence that the presence of venture capitalists enhance the growth rates of firms positively.
Link
ftp://papers.mpiew-jena.mpg.de/egp/discussionpapers/2004-19.pdf