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Private equity returns and disclosure around the world

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

We study the returns the venture capital and private equity investment from 221 venture capital and private equity … the characteristics and structure of the investment. We show Heckman sample selection issues in regards to both unrealized … further compare the actual unrealized returns, as reported to investment managers, to the predicted unrealized returns based …

Persistent link: https://www.econbiz.de/10010986361

Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Mark

Tykvová, Tereza - Center for Financial Studies - 2003

discrepancy in the investment and divestment strategies may be explained by the grandstanding phenomenon, the value … usually finance firms in a later stage, carry through fewer investment rounds and take their portfolio firms public earlier …

Persistent link: https://www.econbiz.de/10010986397

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

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

The role of the value added by the venture capitalists in timing and extent of IPOs

Tykvová, Tereza - Center for Financial Studies - 2003

We analyze the venture capitalist's decision on the timing of the IPO, the offer price and the fraction of shares he sells in the course of the IPO. A venture capitalist may decide to take a company public or to liquidate it after one or two financing periods. A longer venture capitalist's...

Persistent link: https://www.econbiz.de/10010986467

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

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

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