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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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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
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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/10005120780
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Incentive schemes, private information and the double-edged role of competition for agents
Bannier, Christina E.; Feess, Eberhard; Packham, Natalie - Center for Financial Studies - 2014
This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a setting with moral hazard, private information and risk-averse agents. Two vertically differentiated firms compete for agents by offering contracts with fixed and variable...
Persistent link: https://www.econbiz.de/10010958515
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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
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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
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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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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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
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Multiple-bank lending: Diversification and free-riding in monitoring
Cerasi, Vittoria; Daltung, Sonja - Center for Financial Studies - 2004
. The model predicts a greater use of multiple-bank lending when banks are small relative to investment projects, firms are …
Persistent link: https://www.econbiz.de/10010986458
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Multiple-bank lending: diversification and free-riding in monitoring
Carletti, Elena; Cerasi, Vittoria; Daltung, Sonja - Center for Financial Studies - 2004
. The model predicts a greater use of multiple-bank lending when banks are small relative to investment projects, firms are …
Persistent link: https://www.econbiz.de/10005138839