Bienz, Carsten; Hirsch, Julia - Center for Financial Studies - 2006
Classification: G24, G32, D86, D80, G34
Keywords: Venture Capital, Corporate Governance, Moral Hazard, Renegotiation, Contract … required because otherwise the moral hazard problem becomes
irrelevant.
6He interprets his result by stating that the loss can … difficulties in obtaining capital. Reasons are the
high risk, the severe asymmetric information issues as well as the various moral …