Similar Search Results

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 funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 2003) and...

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

Dividend policy, corporate control and tax clienteles: The case of Germany

Andres, Christian; Betzer, André; Goergen, Marc - Center for Financial Studies - 2011

This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax … preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the … 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

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

Tykvová, Tereza - Center for Financial Studies - 2003

Using a unique, hand-collected database of all venture-backed firms listed on Germany´s Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and...

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

We analyze governance with a dataset on investments of venture capitalists in 3848 portfolio firms in 39 countries from North and South America, Europe and Asia spanning 1971-2003. We find that cross-country differences in Legality have a significant impact on the governance structure of...

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