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Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

Mayer, Colin; Schoors, Koen; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2002

Using a newly constructed data set, we compare sources of funds and investment activities of venture capital (VC) funds … particularly important in Germany, corporations in Israel, insurance companies in Japan and pension funds in the UK. VC investment …. We find that these differences in investment patterns are related to the variations in funding sources – for example …

Persistent link: https://www.econbiz.de/10005504226

Taxation and Venture Capital-Backed Entrepreneurship

Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2003

In recent years, venture capital has increasingly become a factor in the financing of new firms. We examine how the value of mature firms determines the incentives of entrepreneurs to start up new firms and of venture capitalists to finance and advise them. We examine how capital gains taxes as...

Persistent link: https://www.econbiz.de/10005504248

Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany

Audretsch, David B; Lehmann, Erik - C.E.P.R. Discussion Papers - 2002

Using a dataset of the firms listed on the Neuer Markt in Germany, this Paper demonstrates that venture backed firms differ from firms with other financial resources, especially debt. Thus, the results of this study provide evidence for the hypothesis that small and innovative firms are more...

Persistent link: https://www.econbiz.de/10005504258

Optimal Public Policy for Venture Capital Backed Innovation

Keuschnigg, Christian - C.E.P.R. Discussion Papers - 2003

: supply of entrepreneurs due to career choice, entry of venture capital funds and search for investment opportunities …

Persistent link: https://www.econbiz.de/10005497714

Contractual Execution, Strategic Incompleteness and Venture Capital

Dessí, Roberta - C.E.P.R. Discussion Papers - 2009

Contractual execution generates hard information, available to the contracting parties, even when contracts are secretly executed. Building on this simple observation, the paper shows that incomplete contracts can be preferred to complete contracts. This is because (i) execution of incomplete...

Persistent link: https://www.econbiz.de/10004976792

Venture Capital and Knowledge Transfer

Dessí, Roberta; Yin, Nina - C.E.P.R. Discussion Papers - 2015

transfer, and their implications for investment, innovation, and product market competition. The model also sheds light on the …

Persistent link: https://www.econbiz.de/10011168896

Innovation, Spillovers and Venture Capital Contracts

Dessí, Roberta - C.E.P.R. Discussion Papers - 2012

Innovative start-ups and venture capitalists are highly clustered, benefiting from localized spillovers: Silicon Valley is perhaps the best example. There is also substantial geographical variation in venture capital contracts: California contracts are more 'incomplete'. This paper explores the...

Persistent link: https://www.econbiz.de/10011084393

Risk-Adjusting the Returns to Venture Capital

Korteweg, Arthur; Nagel, Stefan - C.E.P.R. Discussion Papers - 2013

Performance evaluation of venture-capital (VC) payoffs is challenging because payoffs are infrequent, skewed, realized over endogenously varying time horizons, and cross- sectionally dependent. We show that standard stochastic discount factor (SDF) methods can be adapted to handle these issues....

Persistent link: https://www.econbiz.de/10011084553

Venture Capital Financing: The Role of Bargaining Power and the Evolution of Informational Asymmetry

Koskinen, Yrjö; Rebello, Michael; Wang, Jun - C.E.P.R. Discussion Papers - 2006

We model a situation where the entrepreneur has an informational advantage during the early stages of an investment … informational asymmetry affects venture investment and the nature of financing contracts under two different scenarios with regard …

Persistent link: https://www.econbiz.de/10005067345

How Do Legal Differences and Learning Affect Financial Contracts?

Kaplan, Steven; Martel, Frederic; Strömberg, Per Johan - C.E.P.R. Discussion Papers - 2003

We analyse venture capital (VC) investments in 23 non-US countries and compare them to VC investments in the US. We describe how the contracts allocate cash flow, board, liquidation, and other control rights. In univariate analyses, contracts differ across legal regimes. At the same time,...

Persistent link: https://www.econbiz.de/10005067448