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Dividend policy, corporate control and tax clienteles: The case of Germany
Andres, Christian; Betzer, André; Goergen, Marc - Center for Financial Studies - 2011
This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax … concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling …
Persistent link: https://www.econbiz.de/10010958493
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Why do contracts differ between VC types? Market segmentation versus corporate governance varieties
Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2006
The main objective of the present paper is to disentangle observed differences in the design of contracts across VC types into firm selection effects and corporate governance differences between VC types (different contracts). Based on a theoretical approach developed in the first part of the...
Persistent link: https://www.econbiz.de/10010958526
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Legality and venture governance around the world
Cumming, Douglas; Schmidt, Daniel; Walz, Uwe - Center for Financial Studies - 2004
We analyze governance with a dataset on investments of venture capitalists in 3848 portfolio firms in 39 countries from North and South America, Europe and Asia spanning 1971-2003. We find that cross-country differences in Legality have a significant impact on the governance structure of...
Persistent link: https://www.econbiz.de/10010958559
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Strategic trading and trade reporting by corporate insiders
Betzer, André; Gider, Jasmin; Metzger, Daniel; … - Center for Financial Studies - 2011
Regulations in the pre-Sarbanes-Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, for example, by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements...
Persistent link: https://www.econbiz.de/10010958758
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Governance und Vertragsstrukturen in der deutschen VC Industrie: Eine empirische Einschätzung
Bienz, Carsten; Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2008
Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-,...
Persistent link: https://www.econbiz.de/10010986442
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The dynamics of venture capital contracts
Bienz, Carsten; Hirsch, Julia - Center for Financial Studies - 2005
We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure milestone financing, pure round financing and...
Persistent link: https://www.econbiz.de/10010986443
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Universal Banks and Relationships with Firms
Elsas, Ralf; Krahnen, Jan Pieter - Center for Financial Studies - 2003
entrenchment of firms against efficient transfers of firm control. In this paper, we review recent empirical evidence regarding the … unanimously support a special role of banks for large firms. Only one study finds that banks control of management goes beyond … management control. Most of the recent evidence regarding small firms suggests that a Hausbank relationship can indeed be …
Persistent link: https://www.econbiz.de/10010986500
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Universal Banks and Relationships with Firms
Elsas, Ralf; Krahnen, Jan Pieter - Center for Financial Studies - 2003
entrenchment of firms against efficient transfers of firm control. In this paper, we review recent empirical evidence regarding the … not unanimously support a special role of banks for large firms. Only one study finds that banks’ control of management … to exert management control. Most of the recent evidence regarding small firms suggests that a Hausbank relationship can …
Persistent link: https://www.econbiz.de/10005600439
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Why Do Contracts Differ between VC Types? Market Segmentation versus Corporate Governance Varieties
Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2006
The main objective of the present paper is to disentangle observed differences in the design of contracts across VC types into firm selection effects and corporate governance differences between VC types (different contracts). Based on a theoretical approach developed in the first part of the...
Persistent link: https://www.econbiz.de/10005120763
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Legality and Venture Governance Around the World
Cumming, Douglas; Schmidt, Daniel; Walz, Uwe - Center for Financial Studies - 2004
We analyze governance with a dataset on investments of venture capitalists in 3848 portfolio firms in 39 countries from North and South America, Europe and Asia spanning 1971-2003. We find that cross-country differences in Legality have a significant impact on the governance structure of...
Persistent link: https://www.econbiz.de/10005120767