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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

Credit information in universal banking: A clinical study

Burghof, Hans-Peter; Henschel, Claudia - Center for Financial Studies - 1998

We studied information and interaction processes in six lending relationships between a universal bank and medium sized firms. The study is based on the credit files of the respective firms. If no problems occur in these lending relationships, bank monitoring is based mainly on cheap,...

Persistent link: https://www.econbiz.de/10010958602

The Dynamics of Venture Capital Contracts

Bienz, Carsten; Hirsch, Julia - Center for Financial Studies - 2006

Persistent link: https://www.econbiz.de/10005120787

Central counterparties

Koeppl, Thorsten V.; Monnet, Cyril - Center for Financial Studies - 2008

novating trades implements efficient trading behaviour. It is optimal for the CCP to face default losses to achieve the … efficient level of trade. To cover these losses, the CCP optimally uses margin calls, and, as the default problem becomes more … severe, also requires default funds and then imposes position limits. …

Persistent link: https://www.econbiz.de/10010958500

Mutual versus stock insurers: Fair premium, capital, and solvency

Laux, Christian; Muermann, Alexander - Center for Financial Studies - 2006

Mutual insurance companies and stock insurance companies are different forms of organized risk sharing: policyholders and owners are two distinct groups in a stock insurer, while they are one and the same in a mutual. This distinction is relevant to raising capital, selling policies, and sharing...

Persistent link: https://www.econbiz.de/10010958690

Mutual versus Stock Insurers: Fair Premium, Capital, and Solvency

Laux, Christian; Muermann, Alexander - Center for Financial Studies - 2006

Persistent link: https://www.econbiz.de/10005120775

Granularity of corporate debt

Choi, Jaewon; Hackbarth, Dirk; Zechner, Josef - Center for Financial Studies - 2013

We study to what extent firms spread out their debt maturity dates across time, which we call granularity of corporate debt. We consider the role of debt granularity using a simple model in which a firm's inability to roll over expiring debt causes inefficiencies, such as costly asset sales or...

Persistent link: https://www.econbiz.de/10010958706