We analyze whether firms that receive Venture Capital (VC) at a later date face more financial constraints than a one-by-one matched sample of firms that did not receive VC funding (control group). The aim is to check whether their financial flexibility explains why they decide to seek external...

This paper analyses the factors that determine the reputation of private equity managers in their relationship with investors in developing markets. Our sample comprises almost all private equity managers of Spain. These markets lack information on the track record of managers, so other kind of...

This paper investigates whether firm managers time debt issuances according to market liquidity conditions. Using transactions data in the U.S. market from July 2002 to December 2009, our results show that both the moment and volume of debt issuance are significantly associated with periods of...

This paper analyzes changes in capital structure behavior in a sample of Spanish venture capital (VC) backed companies that may occur after a VC investment due to the certification effect provided by VC investors. Our results show significant changes in determinants such as tangibility, size and...

This paper focuses on the capital structure determinants of VC-backed firms prior to the VC investment event. The analyses are carried out on a matched sample of Spanish VC-backed firms at the expansion stage and similar firms that did not receive venture funding. In the former, we find that the...