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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

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

Screening and advising by a venture capitalist with a time constraint

Dietz, Martin D. - Center for Financial Studies - 2003

This paper proposes an intertemporal model of venture capital investment with screening and advising where the venture …

Persistent link: https://www.econbiz.de/10010986375

Is venture capital a local business? A test of the proximity and local network hypotheses

Wuebker, Robert; Schulze, William; Kräussl, Roman - Center for Financial Studies - 2012

Venture capital (VC) investment has long been conceptualized as a local business, in which the VC's ability to source … differently. Curiously, emerging research on VC investment practice within the United States finds that distant investments, as …, we contrast the deal structure of cross-border VC investment with domestic VC investment, and contrast the deal structure …

Persistent link: https://www.econbiz.de/10010986390

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

Has Europe been catching up? An industry level analysis of venture capital success over 1985 - 2009

Kräussl, Roman; Krause, Stefan - Center for Financial Studies - 2012

After nearly two decades of US leadership during the 1980s and 1990s, are Europe's venture capital (VC) markets in the 2000s finally catching up regarding the provision of financing and successful exits, or is the performance gap as wide as ever? Are we amid an overall VC performance slump with...

Persistent link: https://www.econbiz.de/10010986399

Die Vertragsbeziehungen zwischen Investoren und Venture Capital-Fonds: Eine empirische Untersuchung des europäischen Venture Capital-Marktes

Feinendegen, Stefan; Schmidt, Daniel; Wahrenburg, Mark - Center for Financial Studies - 2002

Die vorliegende empirische Studie analysiert die Vertragsgestaltung zwischen Investoren und europäischen Venture Capital-Fonds. Im Zentrum steht die Analyse der Vergütung des Fondsmanagements sowie der zum Einsatz kommenden Vertragsklauseln. Deren Ausgestaltung ist entscheidend für die...

Persistent link: https://www.econbiz.de/10010986400

Exit timing of venture capitalists in the course of an initial public offering

Neus, Werner; Walz, Uwe - Center for Financial Studies - 2002

We analyze the desinvestment decision of venture capitalists in the course of an IPO of their portfolio firms. The capital market learns of the project quality only in the period following the IPO. Venture capitalists with high-quality firms face a trade-off between immediately selling their...

Persistent link: https://www.econbiz.de/10010986431

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