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UID:calendar.141715.field_date.0@www.tse-fr.eu
DTSTAMP:20260510T180201Z
CREATED:20260202T111001Z
DESCRIPTION:Martin Aragoneses (INSEAD)\, “Industrial Policy via Venture Cap
 ital”\, Finance Seminar\, Toulouse: TSE\, May 4\, 2026\, 11:00–12:30\, roo
 m Auditorium 3.\n\n1/3 of venture capital (VC) investment in Europe comes 
 from the government. We study government-backed VC investment intermediate
 d via private VC funds that focus on different stages of the firm life cyc
 le. We link data on the portfolio of VC investments of the largest Europea
 n government agency engaged in such form of industrial policy\, showing la
 rge increases in the volume of VC funding per firm. Reduced-form regressio
 ns show government-linked financing via private VCs has stronger effects w
 hen focused on young firms. Despite being much less effective when targeti
 ng older firms\, we find government-linked VC funds are biased towards lat
 er-stage investments in so-called 'scale-ups'. We develop a structural mod
 el of firm life cycle dynamics in which government spending funds entrepre
 neurs via private VCs. Counterfactuals show the targeting across VC stages
  that maximizes aggregate productivity depends on the degree of financial 
 market imperfections. The model rationalizes the policy focus on mature fi
 rms in highly frictional markets. However\, in a calibration with relative
 ly mild financial frictions\, reallocating a constant budget towards early
 -stages produces aggregate effects of the same magnitude as a more costly 
 “Big Push' that increases the amount of spending.
DTSTART;TZID=Europe/Paris:20260504T120000
DTEND;TZID=Europe/Paris:20260504T133000
LAST-MODIFIED:20260430T001001Z
LOCATION:Toulouse: TSE\, May 4\, 2026\, 11:00–12:30\, room Auditorium 3
SUMMARY:Finance Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2026-industrial-policy-venture-
 capital
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