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A Businessman's Risk: the Construction of Venture Capital at the Center of U.S. High Technology.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	A Businessman's Risk: the Construction of Venture Capital at the Center of U.S. High Technology./
作者:	Sauter, M. R.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2020,
面頁冊數:	389 p.
附註:	Source: Dissertations Abstracts International, Volume: 82-10, Section: B.
Contained By:	Dissertations Abstracts International82-10B.
標題:	Investments. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=28383743
ISBN:	9798708708748

A Businessman's Risk: the Construction of Venture Capital at the Center of U.S. High Technology.
Sauter, M. R.

A Businessman's Risk: the Construction of Venture Capital at the Center of U.S. High Technology. - Ann Arbor : ProQuest Dissertations & Theses, 2020 - 389 p.

Source: Dissertations Abstracts International, Volume: 82-10, Section: B.

Thesis (Ph.D.)--McGill University (Canada), 2020.

A Businessman's Risk: The Construction of Venture Capital at the Center of U.S. High Technology is a micro-history of a key, but forgotten, moment in the development of the high technology/finance nexus in the United States. In this dissertation I argue that the Small Business Administration's Task Force on Venture and Equity Capital for Small Business, established in 1976 and headed by experienced financial attorney and future CIA director William J. Casey, had an outsized impact on the development of modern venture capital and its close associations with the high technology sector.This project examines several sets of policy recommendations made by the Task Force in 1977. These reforms were central in the establishment of the venture capital industry as we know it today. They include reforms to the prudent man rule as applied to pension funds by the 1974 ERISA statute, and SEC Rules 144 and 146 which governed how equity investments could be made. This project also examines the role of the Task Force's published report in establishing the figure of the venture capitalist as a central player in high technology and normalizing his financial activities in the minds of policymakers, businessmen, and the general public. I argue that the Task Force was a prime mover in establishing this figure and his attendant business narrative as the dominant understanding of how high technology firms developed over time and how the venture capitalist fit into the history of American business. This was achieved through widespread citation of the Report and its conclusion in newspapers, professional publications, and in government hearings on various topics, and through the development of a novel business model that included the venture capitalist and his practices as essential to a firm's success.The aim of this project is to contribute an empirical, historical account to scholarly attempts to de-naturalize or de-center the venture capital funding model and its attendant ideologies of explosive growth, "disruptive" market dominance and financialized success from the high technology sector. Through this historical account, I argue that there were identifiable events, actions, and individuals responsible for valorizing venture capital, that they were primarily financiers and experienced government bureaucrats located on the East Coast, and that they were invested in the mechanisms and promotion of deregulation and financialization as policy projects with identifiably neoliberal aims, rather than the development of the high technology sector itself.

ISBN: 9798708708748Subjects--Topical Terms:

566987
Investments.
Subjects--Index Terms:

Business risk

A Businessman's Risk: the Construction of Venture Capital at the Center of U.S. High Technology.
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520 $a A Businessman's Risk: The Construction of Venture Capital at the Center of U.S. High Technology is a micro-history of a key, but forgotten, moment in the development of the high technology/finance nexus in the United States. In this dissertation I argue that the Small Business Administration's Task Force on Venture and Equity Capital for Small Business, established in 1976 and headed by experienced financial attorney and future CIA director William J. Casey, had an outsized impact on the development of modern venture capital and its close associations with the high technology sector.This project examines several sets of policy recommendations made by the Task Force in 1977. These reforms were central in the establishment of the venture capital industry as we know it today. They include reforms to the prudent man rule as applied to pension funds by the 1974 ERISA statute, and SEC Rules 144 and 146 which governed how equity investments could be made. This project also examines the role of the Task Force's published report in establishing the figure of the venture capitalist as a central player in high technology and normalizing his financial activities in the minds of policymakers, businessmen, and the general public. I argue that the Task Force was a prime mover in establishing this figure and his attendant business narrative as the dominant understanding of how high technology firms developed over time and how the venture capitalist fit into the history of American business. This was achieved through widespread citation of the Report and its conclusion in newspapers, professional publications, and in government hearings on various topics, and through the development of a novel business model that included the venture capitalist and his practices as essential to a firm's success.The aim of this project is to contribute an empirical, historical account to scholarly attempts to de-naturalize or de-center the venture capital funding model and its attendant ideologies of explosive growth, "disruptive" market dominance and financialized success from the high technology sector. Through this historical account, I argue that there were identifiable events, actions, and individuals responsible for valorizing venture capital, that they were primarily financiers and experienced government bureaucrats located on the East Coast, and that they were invested in the mechanisms and promotion of deregulation and financialization as policy projects with identifiably neoliberal aims, rather than the development of the high technology sector itself.
520 $a A Businessman's Risk: The Construction of Venture Capital at the Center of U.S. High Technology (« Le risque de l'homme d'affaires: La construction du capital de risque au centre du secteur de la haute technologie aux Etats-Unis ») etudie un moment cle qui a ete neglige dans l'historiographie du developpement des liens entre le secteur de la haute technologie et celui de la finance aux Etats-Unis. En 1976, la Small Business Administration (l'administration des petites entreprises) a mis en place un groupe de travail charge de se pencher sur le capital de risque et les capitaux propres pour les petites entreprises (le Task Force on Venture and Equity Capital for Small Business). Dirige par William J. Casey - avocat en droit des affaires experimente et futur directeur de la CIA - ce comite a exerce une influence enorme sur l'evolution du capital de risque moderne et son association avec le secteur de la haute technologie. Cette these constitue une micro-histoire de cette influence.Il s'agit d'une etude des orientations recommandees par le groupe de travail dans son rapport, publie en 1977. Ces reformes ont ete au centre de l'etablissement du secteur du capital de risque contemporain. Parmi elles, on trouve des modifications du principe de gestion prudente tel que l'appliquait aux caisses de retraite l'acte ERISA (Employee Retirement Income Security Act, 1974). En plus, le groupe a suggere des changements aux regles 144 et 146 de la Securities and Exchange Commission, qui regissaient l'investissement dans le capital-actions. La these examine egalement le role que le rapport du groupe de travail a joue dans l'elaboration de la figure du capital-risqueur. Ce rapport en faisait un acteur cle dans le secteur de la haute technologie, ainsi normalisant ses activites financieres aux yeux des decideurs politiques, des hommes d'affaires et du grand public. Le groupe de travail a donc ete un element moteur dans la promotion du discours d'affaires associe au capital-risqueur. Ce discours s'est impose comme le recit dominant de l'evolution des firmes de haute technologie et du role du capital-risqueur dans l'histoire des affaires aux Etats-Unis. La predominance de ce discours s'est consolidee par deux voies: la citation generalisee - dans les journaux et les publications professionnelles ainsi que lors d'audiences gouvernementales relatives a divers enjeux - des conclusions du rapport du groupe de travail; et le developpement d'un modele d'affaires qui placait le capital-risqueur et ses pratiques au centre de la reussite d'une firme.Cette these offre une explication empirique et historique du developpement du modele de financement par capital de risque afin de denaturaliser celui-ci et l'ideologie qui y est associee et qui prone la croissance explosive, la domination du marche par « disruption » et la reussite financiarisee. Une telle explication historique nous permet de formuler trois conclusions. Premierement, la valorisation du capital de risque s'est faite au moyen d'evenements, d'actions et d'individus reperables. Deuxiemement, la plupart de ces acteurs etait des financiers ou des bureaucrates experimentes qui se trouvaient sur la cote est des Etats-Unis. Troisiemement, plutot qu'au developpement du secteur de la haute technologie en lui-meme, ceux-ci s'interessaient d'abord a la mecanique et a la promotion de la dereglementation et de la financiarisation comme des projets de politique ayant des fins neoliberales reconnaissables.
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