‘liquidation’ for about 6,000 venture backed firms. We model these exit times using competing risks models. Biotech and internet …

This paper addresses the choice between different exit routes of venture capitalists for a project yielding a quality … effects on the optimal exit strategy and on the financial contract. Going public can be more profitable than a trade sale (i … if the entrepreneur enjoys private benefits from staying an independent manager in the firm after the exit of the venture …

levels, and that when differences in opportunity costs exit, they can be conveniently represented by fixed costs. Opportunity … induce the exit of low and high cost firms. …

when downstream firms have "passive beliefs." We stress that in many situations, an equilibrium with passive beliefs may … not exist and passive beliefs appear less plausible than "wary beliefs", introduced by McAfee and Schwartz, that account … for multilateral deviations. We show that in a broad range of situations, equilibria with wary beliefs exist and reflect …