Financing fuel cell market development: Exploring the role of expectation dynamics in venture capital investment

Innovation, Markets and Sustainable Energy: The Challenge of Hydrogen and Fuel Cells

Volumn , Issue , 2009, Pages 118-137

  Wüstenhagen, Rolf ^a   Wuebker, Robert ^b   Bürer, Mary Jean ^c   Goddard, Dale ^d  

^a UNIVERSITY OF ST GALLEN   (Switzerland)

^b RENSSELAER POLYTECHNIC INSTITUTE   (United States)

^c EPFL   (Switzerland)

^d UNIVERSITY OF UTAH   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84881987840     PISSN: None     EISSN: None     Source Type: Book    
DOI: None     Document Type: Chapter

References (44)

1. Acs, Z.J. (2008), 'Foundations of High Impact Entrepreneurship', Foundations and Trends in Entrepreneurship, 4 (6), 535-620.
2. Baker, M., R. Ruback and J. Wurgler (2007), 'Behavioral Corporate Finance: A Survey', in E. Eckbo (ed.), The Handbook of Corporate Finance: Empirical Corporate Finance, New York, NY: Elsevier/North Holland, pp. 145-86.
3. Barberis, N. and R. Thaler (2003), 'A Survey of Behavioral Finance', in G.M. Constantinides, M. Harris and R. Stulz (eds), Handbook of the Economics of Finance, Amsterdam, Netherlands: Elsevier, pp. 1051-121.
4. Bikhchandani, S. and S. Sharma (2001), 'Herd Behavior in Financial Markets', IMF, Staff Papers, 47 (3), 279-310.
5. Bikhchandani, S., D. Hirshleifer and I. Welch (1992), 'A Theory of Fads, Fashions, Customs and Cultural Change as Informational Cascades', Journal of Political Economy, 100 (5), 992-1026.
6. Borup, M., N. Brown, K. Konrad and H. Van Lente (2006), 'The Sociology of Expectations in Science and Technology', Technology Analysis and Strategic Management, 18 (3/4), 285-98.
7. Chan, L.K.C. and J. Lakonishok (2004), 'Value and Growth Investing: Review and Update', Financial Analysts Journal, 60 (1), 71-86.
8. Christensen, E., R. Wuebker and R. Wütenhagen (2009), 'Of Acting Principals and Principal Agents: Goal Incongruence in the Venture Capitalist-Entrepreneur Relationship', International Journal of Entrepreneurship and Small Business, 7 (3), 367-88.
9. Cornelius, B. and O. Persson (2006), 'Who's Who in Venture Capital Research', Technovation, 26 (2), 142-50.
10. Diefendorf, S. (2000), 'Venture Capital and the Environmental Industry', Corporate Environmental Strategy, 7 (4), 388-99.
11. Dushnitsky, G. and M.J. Lenox (2005), 'When Do Incumbents Learn from Entrepreneurial Ventures? Corporate Venture Capital and Investing Firm Innovation Rates', Research Policy, 34 (5), 615-39.
12. Fenn, J. (2008), Understanding Gartner's Hype Cycles, Stanford, USA: The Gartner Group.
13. Florida, R. and D. Smith (1990), 'Venture Capital, Innovation and Economic Development', Economic Development Quarterly, 4 (4), 345-60.
14. Franke, N., M. Gruber, D. Harhoff and J. Henkel (2006), 'What You Are Is What You Like - Similarity Biases in Venture Capitalists' Evaluations of Start-up Teams', Journal of Business Venturing, 21 (6), 802-26.
15. Froot, K., D. Scharfstein and J. Stein (1992), 'Herd on the Street: Informational Efficiencies in a Market with Short-Term Speculation', Journal of Finance, 47 (4), 1461-84.
16. Gompers, P.A. and J. Lerner (2004), The Venture Capital Cycle, Cambridge, MA and London, UK: MIT Press.
17. Gompers, P., A. Kovner, J. Lerner and D. Scharfstein (2008), 'Venture Capital Investment Cycles: The Impact of Public Markets', Journal of Financial Economics, 87 (1), 1-23.
18. Greenwald, T. (2007), Gore, Joy See Green Economy Powered by Silicon Valley, 11 December 2007: Wired.
19. Guice, J. (1999), 'Designing the Future: The Culture of New Trends in Science and Technology', Research Policy, 28 (1), 81-98.
20. Guler, I. and M. Guillen (2007), 'Home-Country Networks, Intangible Assets, and Foreign Expansion', Academy of Management Best Paper Proceedings, Philadelphia, PA.
21. Hochberg, Y.V., A. Ljungqvist and Y. Lu (2007), 'Whom You Know Matters: Venture Capital Networks and Investment Performance', Journal of Finance, 62 (1), 251-301.
22. Jordan, J. and K.P. Kaas (2002), 'Advertising in the Mutual Fund Business: The Role of Judgmental Heuristics in Private Investors' Evaluation of Risk and Return', Journal of Financial Services Marketing, 7 (2), 129-40.
23. Kahneman, D. (2003), 'Maps of Bounded Rationality: Psychology for Behavioral Economics', American Economic Review, 93 (5), 1449-75.
24. Kahneman, D. and A. Tversky (1979), 'Prospect Theory: An Analysis of Decisions under Risk', Econometrica, 47 (2), 263-91.
25. Kortum, S. and J. Lerner (2000), 'Assessing the Contribution of Venture Capital to Innovation', The Rand Journal of Economics, 31 (4), 674-92.
26. Lakonishok, J., A. Shleifer and R.W. Vishny (1994), 'Contrarian Investment, Extrapolation, and Risk', Journal of Finance, 49 (5), 1541-78.
27. Lerner, J. (2002), 'Venture Capital', in B. Steil, D.G. Victor and R.R. Nelson (eds), Technological Innovation and Economic Performance, Princeton, NJ: Princeton University Press, pp. 327-46.
28. McNamara, G. and P. Bromiley (1999), 'Risk and Return in Organization Decision Making', Academy of Management Journal, 42 (3), 330-339.
29. Moore, B. and R. Wütenhagen (2004), 'Innovative and Sustainable Energy Technologies: The Role of Venture Capital', Business Strategy and the Environment, 13 (4), 235-45.
30. Nelson, R.R. and S. Winter (1982), An Evolutionary Theory of Economic Change, Cambridge, MA: Harvard Business School Press.
31. NVCA (2007), Venture Capitalists Predict 2008 Trends. Press Release, Dec. 17, 2007, USA: North American Venture Capital Association.
32. O'Rourke, A. and N. Parker (2006), 'Unearthing Cleantech: US and Canadian VC Investments into Cleantech between 1999 and 2005', Academy of Management Annual Meeting, Atlanta, USA, pp. 1-35.
33. Ruef, A. and J. Markard (forthcoming), 'What Happens after a Hype? How Changing Expectations Aff ected Innovation Activities in the Case of Stationary Fuel Cells', Technology Analysis and Strategic Management.
34. Scharfstein, D.S. and J.C. Stein (1990), 'Herd Behavior and Investment', The American Economic Review, 80 (3), 465-79.
35. Schumpeter, J.A. (1934), Theory of Economic Development, Cambridge, MA: Harvard University Press.
36. Schumpeter, J.A. (1939), Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process, New York, NY: McGraw-Hill.
37. Shepherd, D.A. (1999), 'Venture Capitalists' Assessment of New Venture Survival', Management Science, 45 (5), 621-32.
38. Shepherd, D.A., A. Zacharakis and R.A. Baron (2003), 'VCs' Decision Processes: Evidence Suggesting More Experience May Not Always Be Better', Journal of Business Venturing, 18 (3), 381-401.
39. Thaler, R. (1999), 'The End of Behavioral Finance', Financial Analysts Journal, 55 (6), 12-17.
40. Usher, E. (2008), 'Global Investment in the Renewable Energy Sector', in O. Hohmeyer and T. Trittin (eds), Proceedings, Lūbeck: IPCC Scoping Meeting on Renewable Energy Sources, pp. 147-54.
41. Utterback, J. (1994), Mastering the Dynamics of Innovation, Boston, MA: Harvard Business School Press.
42. van Lente, H. (1993), Promising Technology. The Dynamics of Expectations in Technological Developments, Enschede: Doctoral thesis, University of Twente.
43. Wütenhagen, R. and T. Teppo (2006), 'Do Venture Capitalists Really Invest in Good Industries? Risk-Return Perceptions and Path Dependence in the Emerging European Energy VC Market', International Journal of Technology Management, 34 (1/2), 63-87.
44. Zacharakis, A.L. and D.A. Shepherd (2001), 'The Nature of Information and Overconfidence on Venture Capitalists' Decision Making', Journal of Business Venturing, 16 (4), 311-32.