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Characteristics, Contracts and Actions: Evidence from Venture Capitalist Analyses

Kaplan, Steven; Strömberg, Per Johan - C.E.P.R. Discussion Papers - 2002

We study the investment analyses of 67 portfolio investments by 11 venture capital (VC) firms. VCs consider the attractiveness and risks of the business, management, and deal terms as well as expected post-investment monitoring. We then consider the relation of the analyses to the contractual...

Persistent link: https://www.econbiz.de/10005124437

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

Private versus Public Schools in Post-Apartheid South African Cities: Theory and Policy Implications

Selod, Harris; Zenou, Yves - C.E.P.R. Discussion Papers - 2002

city and which school (private or public) to send their children. We show that, in equilibrium, despite the tuition fees …

Persistent link: https://www.econbiz.de/10005136774

Per un Pugno di Dollari: A first Look at the Price Elasticity of Patents

de Rassenfosse, Gaétan; van Pottelsberghe de la … - C.E.P.R. Discussion Papers - 2007

This paper analyzes the role of patent filing fees requested by the member states of the European Patent Convention … negative and significant. Given the strong variation in absolute fees and in fees per capita across countries, this result … witnesses a suboptimal treatment of inventors across European countries and suggests that fees should be considered as an …

Persistent link: https://www.econbiz.de/10005504614

Quantifying private benefits of control from a structural model of block trades

Albuquerque, Rui; Schroth, Enrique - C.E.P.R. Discussion Papers - 2009

We study the determinants of private benefits of control in negotiated block transactions. We estimate the block pricing model in Burkart, Gromb, and Panunzi (2000) explicitly accounting for both block premia and block discounts in the data. The evidence suggests that the occurrence of a block...

Persistent link: https://www.econbiz.de/10004969131

Understanding the Aggregate Effects of Anticipated and Unanticipated Tax Policy Shocks

Mertens, Karel; Ravn, Morten O - C.E.P.R. Discussion Papers - 2009

We evaluate the extent to which a dynamic stochastic general equilibrium model can account for the impact of "surprise" and "anticipated" tax shocks estimated from U.S. time-series data. In U.S. data, surprise tax cuts have expansionary and persistent effects on output, consumption, investment...

Persistent link: https://www.econbiz.de/10008477183

Price and Brand Competition between Differentiated Retailers: A Structural Econometric Model

Dubois, Pierre; Jodar Rosell, Sandra - C.E.P.R. Discussion Papers - 2010

We develop a model of competition between retailer chains with a structural estimation of the demand and supply in the supermarket industry in France. In the model, supermarkets compete in price and brand offer over all food products to attract consumers, in particular through the share of...

Persistent link: https://www.econbiz.de/10008530346

Structural Estimation of Search Intensity: Do Non-Employed Workers Search Enough?

Gautier, Pieter A; Moraga-González, José-Luis; … - C.E.P.R. Discussion Papers - 2007

We present a structural framework for the evaluation of public policies intended to increase job search intensity. Most of the literature defines search intensity as a scalar that influences the arrival rate of job offers; here we treat it as the number of job applications that workers send out....

Persistent link: https://www.econbiz.de/10005123595

Determinants of the Block Premium and of Private Benefits of Control

Albuquerque, Rui; Schroth, Enrique - C.E.P.R. Discussion Papers - 2008

Note: A substantially revised version of this paper has been published as CEPR DP7358, "Quantifying private benefits of control from a structural model of block trades." Please refer to DP7358 for the most up-to-date version. We study the determinants of private benefits of control in negotiated...

Persistent link: https://www.econbiz.de/10005136458

The Return to Knowledge Hierarchies

Garicano, Luis; Hubbard, Thomas - C.E.P.R. Discussion Papers - 2007

Hierarchies allow individuals to leverage their knowledge through others' time. This mechanism increases productivity and amplifies the impact of skill heterogeneity on earnings inequality. To quantify this effect, we analyze the earnings and organization of U.S. lawyers and use the equilibrium...

Persistent link: https://www.econbiz.de/10005136470