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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

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

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

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

The Aggregate Effects of Anticipated and Unanticipated U.S. Tax Policy Shocks: Theory and Empirical Evidence

Mertens, Karel; Ravn, Morten O - C.E.P.R. Discussion Papers - 2008

We provide empirical evidence on the effects of tax liability changes in the United States. We make a distinction between "surprise" and "anticipated" tax shocks. Surprise tax cuts give rise to a large boom in the economy. Anticipated tax liability tax cuts are instead associated with a...

Persistent link: https://www.econbiz.de/10005497768

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

Bridging DSGE Models and the raw data

Canova, Fabio - C.E.P.R. Discussion Papers - 2013

A method to estimate DSGE models using the raw data is proposed. The approach links the observables to the model counterparts via a flexible specification which does not require the model-based component to be solely located at business cycle frequencies, allows the non model-based component to...

Persistent link: https://www.econbiz.de/10011083486

Trade Preferences and Bilateral Trade in Goods and Services: A Structural Approach

Egger, Peter; Larch, Mario; Staub, Kevin E - C.E.P.R. Discussion Papers - 2012

The large reduction in tariff rates worldwide under several rounds of the GATT is commonly credited with being one of the most notable economic policy accomplishments since World War II. However, the remarkable progress towards free trade of goods is unparalleled in trade with services where...

Persistent link: https://www.econbiz.de/10011083534

Comparing Charitable Fundraising Schemes: Evidence from a Natural Field Experiment and a Structural Model

Huck, Steffen; Rasul, Imran; Shephard, Andrew - C.E.P.R. Discussion Papers - 2013

We present evidence from a natural field experiment and structural model designed to shed light on the efficacy of alternative fundraising schemes. In conjunction with the Bavarian State Opera, we mailed 25,000 opera attendees a letter describing a charitable fundraising project organized by the...

Persistent link: https://www.econbiz.de/10011084280

Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation

Paserman, M. Daniele - C.E.P.R. Discussion Papers - 2004

This Paper estimates the structural parameters of a job search model with hyperbolic discounting and endogenous search effort. It estimates quantitatively the degree of hyperbolic discounting, and assesses its implications for the impact of various policy interventions aimed at reducing...

Persistent link: https://www.econbiz.de/10005067361