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The dynamics of venture capital contracts

Bienz, Carsten; Hirsch, Julia - London School of Economics (LSE) - 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/10010746202

Intra-firm trade and product contractibility (Long Version)

Bernard, Andrew B.; Redding, Stephen - London School of Economics (LSE) - 2010

This paper examines the determinants of intra-firm trade in U.S. imports using detailed countryproductdata. We create a new measure of product contractibility based on the degree ofintermediation in international trade for the product. We find important roles for the interaction ofcountry and...

Persistent link: https://www.econbiz.de/10010746596

Enforcement-proof contracts with moral hazard in precaution: ensuring ‘permanence’ in carbon sequestration

MacKenzie, Ian A.; Ohndorf, Markus; Palmer, Charles - London School of Economics (LSE) - 2010

. Buyer liability for loss of a carbon sink is shown to yield an inefficiently low level of sequestration. Yet it remains … higher than the case where liability is neither allocated to the buyer nor the seller. Indexing contract prices to the seller …’s opportunity costs potentially boosts the upfront investment as does shifting liability to the seller but not beyond first …

Persistent link: https://www.econbiz.de/10010745900

Transnational compensation for oil pollution damage: examining changing spatialities of environmental liability

Mason, Michael - London School of Economics (LSE) - 2002

The civil liability regime for ship-source oil pollution stands at the forefront of rule development for transnational … for transboundary environmental harm. I examine the evolving – and contested – parameters of environmental liability set … by the international oil pollution liability conventions, focusing on the admissibility of reinstatement costs and the …

Persistent link: https://www.econbiz.de/10010745916

Land distribution, incentives and the choice of production techniques in Nicaragua

Bandiera, Oriana - London School of Economics (LSE) - 2002

theoretical arguments that illustrate why property rights might matter. In the first the farmer is subject to limited liability …

Persistent link: https://www.econbiz.de/10010928686

Anti-evasion auditing policy in the presence of common income shocks

Sanchez-Villalba, Miguel - London School of Economics (LSE) - 2006

When fairly homogeneous taxpayers are affected by common income shocks, a tax agency’s optimal auditing strategy consists of auditing a low-income declarer with a probability that (weakly) increases with the other taxpayers’ declarations. Such policy generates a coordination game among...

Persistent link: https://www.econbiz.de/10010928739

Block-booking and IPO share allocation: the importance of being ignorant

Gondat-Larralde, Celine; James, Kevin R. - London School of Economics (LSE) - 2004

Given the opportunity to buy IPO shares of uncertain value at a fixed price, potentially informed investors have an incentive to refuse to participate in offerings the underwriter happens to overprice. We show that an underwriter can efficiently resolve this problem by entering into a repeat...

Persistent link: https://www.econbiz.de/10010745055

IPO underpricing during the boom: a block-booking explanation

James, Kevin R. - London School of Economics (LSE) - 2004

A bank can efficiently underwrite individually difficult to value IPOs by offering them as a package deal to a stable coalition of investors (block-booking). Block-booking banks set offer prices to equalize downside risk across their offerings, not expected returns. Examining US IPOs over the...

Persistent link: https://www.econbiz.de/10010745328

Efficiency properties of rational expectations equilibria with asymmetric information

Rahi, Rohit; Gottardi, Piero - London School of Economics (LSE) - 2001

In this paper we provide a characterization of the welfare properties of rational expectations equilibria of economies in which, prior to trading, agents have some information over the realization of uncertainity. We study a model with asymmetrically informed agents, treating symmetric...

Persistent link: https://www.econbiz.de/10010745753

Labor market reforms, job instability, and the flexibility of the employment relationship

Matouschek, Niko; Ramezzana, Paolo; Robert-Nicoud, … - London School of Economics (LSE) - 2008

We endogenize separation in a search model of the labor market and allow for bargaining over the continuation of employment relationships following productivity shocks to take place under asymmetric information. In such a setting separation may occur even if continuation of the employment...

Persistent link: https://www.econbiz.de/10010746228