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Contractual relations between European VC-funds and investors : the impact of reputation and bargaining power on contractual design

Schmidt, Daniel (contributor); Wahrenburg, Mark (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001919095

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

Initial public offerings and venture capital in Germany

Franzke, Stefanie A.; Grohs, Stefanie; Laux, Christian - Center for Financial Studies - 2003

We present a survey on the role of initial public offerings (IPOs) and venture capital (VC) in Germany after the Second World War. Between 1945 and 1983 IPOs hardly played a role at all and only a minor role thereafter. In addition, companies that chose an IPO were much older and larger than the...

Persistent link: https://www.econbiz.de/10010958532

Legality and venture governance around the world

Cumming, Douglas; Schmidt, Daniel; Walz, Uwe - Center for Financial Studies - 2004

deal origination, a higher probability of syndication and a lower probability of potentially harmful co-investment, and … periodic cash flows prior to exit, which is in conjunction with an increased probability of investment in high-tech companies. …

Persistent link: https://www.econbiz.de/10010958559

Underpricing of venture-backed and non venture-backed IPOs: Germany's Neuer Markt

Franzke, Stefanie A. - Center for Financial Studies - 2003

This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany's Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance...

Persistent link: https://www.econbiz.de/10010958567

Private equity-, stock- and mixed asset-portfolios: A bootstrap approach to determine performance characteristics, diversification benefits and optimal portfolio allocations

Schmidt, Daniel - Center for Financial Studies - 2003

and simultaneous investment simulation in stocks, as well as the construction of stock portfolios for benchmarking … outperforms stock investment. In earlier years private equity was underperforming its stock benchmarks. Within the overall class … of private equity, returns on earlier private equity investment categories, like venture capital, show on average higher …

Persistent link: https://www.econbiz.de/10010958618

Financing practices in the German venture capital industry: An empirical assessment

Bascha, Andreas; Walz, Uwe - Center for Financial Studies - 2002

This paper investigates the financial contracting behavior of German venture capitalists against the results of recent theoretical work on the design of venture capital contracts, especially with regard to the use of convertible securities. First, we identify a special feature of the German...

Persistent link: https://www.econbiz.de/10010958730

Public policy and venture capital financed innovation: A contract design approach

Hirsch, Julia - Center for Financial Studies - 2006

the first-best situation, whereas the success of guarantee programs, ex ante grants and some types of investment grants …

Persistent link: https://www.econbiz.de/10010958733

Venture capital exit rights

Bienz, Carsten; Walz, Uwe - Center for Financial Studies - 2008

Theorists argue that exit rights can mitigate hold-up problems in venture capital. Using a hand-collected data-set of venture capital contracts from Germany we show that exit rights are included more frequently in venture capital contracts when a hold-up problem associated with the venture...

Persistent link: https://www.econbiz.de/10010958744

Contractual relations between European VC-funds and investors: The impact of reputation and bargaining power on contractual design

Schmidt, Daniel; Wahrenburg, Mark - Center for Financial Studies - 2003

The paper explores factors that influence the design of financing contracts between venture capital investors and European venture capital funds. 122 Private Placement Memoranda and 46 Partnership Agreements are investigated in respect to the use of covenant restrictions and compensation...

Persistent link: https://www.econbiz.de/10010958770