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Can Venture Capital Funds Pick Winners? Evidence from Pre-IPO Survival Rates and Post-IPO Performance
Ber, Hedva; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2004
probability of survival until the IPO stage is higher for venture-backed companies. (2) According to several different measures …, conditional on making an IPO, the post-listing performance of venture-backed companies is not statistically different from that of …
Persistent link: https://www.econbiz.de/10005662160
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Venture Capital and Knowledge Transfer
Dessí, Roberta; Yin, Nina - C.E.P.R. Discussion Papers - 2015
This paper explores a new role for venture capitalists, as knowledge intermediaries. A venture capital investor can communicate valuable knowledge to an entrepreneur, facilitating innovation. The venture capitalist can also communicate the entrepreneur's innovative knowledge to other portfolio...
Persistent link: https://www.econbiz.de/10011168896
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To Be Financed or Not… - The Role of Patents for Venture Capital Financing
Haeussler, Carolin; Harhoff, Dietmar; Mueller, Elisabeth - C.E.P.R. Discussion Papers - 2009
venture capital (VC) financing. We argue that investors are faced with considerable uncertainty and therefore rely on patents … British biotechnology companies we have identified all patents filed at the European Patent Office (EPO). Applying hazard rate … attention to patent quality, financing those ventures faster which later turn out to have high-quality patents. Patent …
Persistent link: https://www.econbiz.de/10005662179
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Venture Capital, Patenting, and Usefulness of Innovations
Fabrizi, Simona; Lippert, Steffen; Norbäck, Pehr-Johan; … - C.E.P.R. Discussion Papers - 2011
acquire valuable ideas, develop them beyond the level incumbents would have chosen, and use patents to signal their companies …
Persistent link: https://www.econbiz.de/10009643508
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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
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Financial Contracting Theory Meets The Real World: An Empirical Analysis Of Venture Capital Contracts
Kaplan, Steven; Strömberg, Per Johan - C.E.P.R. Discussion Papers - 2000
We compare the characteristics of real world financial contracts to their counterparts in financial contracting theory, by studying actual contracts between venture capitalists (VCs) and entrepreneurs. (1) The distinguishing characteristic of VC financing is that they allow VCs to separately...
Persistent link: https://www.econbiz.de/10005123862
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Start-ups, Venture Capitalists and the Capital Gains Tax
Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2002
A model of start-up finance with double moral hazard is proposed. Entrepreneurs have ideas but lack their own resources as well as commercial experience. Venture capitalists provide start-up finance and managerial support. Both types of agents thus jointly contribute to the firm's success, but...
Persistent link: https://www.econbiz.de/10005124109
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Conditional Allocation of Control Rights in Venture Capital Firms
Gebhardt, Georg; Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 2006
When a young entrepreneurial firm matures, it is often necessary to replace the founding entrepreneur by a professional manager. This replacement decision can be affected by the private benefits of control enjoyed by the entrepreneur which gives rise to a conflict of interest between the...
Persistent link: https://www.econbiz.de/10005124147
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Stage Financing and the Role of Convertible Debt
Cornelli, Francesca; Yosha, Oved - C.E.P.R. Discussion Papers - 1997
Venture capital financing is characterized by extensive use of convertible debt and stage financing. The paper shows why convertible debt is better than a simple mixture of debt and equity in stage financing situations. When the venture capitalist retains the option to abandon the project, the...
Persistent link: https://www.econbiz.de/10005124200
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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
attractiveness and risks of the business, management, and deal terms as well as expected post-investment monitoring. We then consider …
Persistent link: https://www.econbiz.de/10005124437