Bargaining with Venture Capitalists when Bank Financing is an Endogenous Option.
In this theoretical paper, I examine bargaining over the financial terms of a contract between an entrepreneur willing to realize a project and a supportive financier such as a venture capitalist. I study the impact of the endogenous opportunity to resort to non-supportive financiers such as banks as an alternative to the supportive financier on the outcome of the negotiation. I show that the entrepreneur's personal wealth, even when it is not dedicated to the project, is crucial in determining the outcome of the negotiation.
Authors: | Renucci, Antoine |
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Institutions: | Université Paris-Dauphine |
Subject: | Supporting Financing | Non-Supporting Financing | Competition | Bank | Venture Capital |
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