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Evolution of decision and control rights in venture capital contracts: an empirical analysis
Bienz, Carsten; Walz, Uwe - London School of Economics (LSE) - 2006
We analyze the structure and evolution of the allocation of decision and control rights in venture capital contracts by using a sample of 464 contracts between venture capitalists (VC) and portfolio firms from Germany. We focus on the evolution of control and decisions rights along three time...
Persistent link: https://www.econbiz.de/10010745436
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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
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The 'network economy' and models of the employment contract: psychological, economic and legal
Marsden, David - London School of Economics (LSE) - 2004
to established methods of regulating the employment relationship. There appears to be an unsatisfied demand for its …, such as those that have underpinned the established open-ended employment relationship. Project-based work seeks to retain … some of the open-ended flexibility of the standard employment relationship in relation to its task content but not its …
Persistent link: https://www.econbiz.de/10010746457
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Worktime regulations and spousal labor supply
Goux, Dominique; Maurin, Eric; Petrongolo, Barbara - London School of Economics (LSE) - 2014
We study interdependencies in spousal labor supply by exploiting the design of the French workweek reduction, which introduced exogenous variation in one's spouse's labor supply, at constant earnings. Treated employees work on average two hours less per week. Husbands of treated women respond by...
Persistent link: https://www.econbiz.de/10011126429
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Child labor and the labor supply of other household members: evidence from 1920 America
Manacorda, Marco - London School of Economics (LSE) - 2003
This paper analyses the effect of child labor on household labor supply using 1920 US Census micro data. The aim of the analysis is to understand who in the household benefits from child labor. In order to identify a source of exogenous variation in child labor I use State-specific child labor...
Persistent link: https://www.econbiz.de/10011071157
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New survey evidence on recent changes in UK union recognition
Blanden, Jo; Machin, Stephen; Van Reenen, John - London School of Economics (LSE) - 2005
This paper reports results from a recent survey we conducted on the union status of over 650 firms in the private sector of the UK. Compared to earlier periods, the survey shows that since 1997 there has been a slight fall in derecognition, but a relatively large increase in union recognition....
Persistent link: https://www.econbiz.de/10010884653
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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
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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
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Eurobond underwriter spreads
Esho, Neil; Kollo, Michael G.; Sharpe, Ian G. - London School of Economics (LSE) - 2004
We examine the determinants of underwriter spreads on straight/fixed rate Eurobonds issued by U.S. firms between 1990 and 1998. We find that underwriter spreads are influenced by: (i) the governing law as it influences the timely and orderly renegotiation of contract terms, with bonds governed...
Persistent link: https://www.econbiz.de/10010745703
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Do reputational concerns lead to reliable ratings?
Mariano, Beatriz - London School of Economics (LSE) - 2008
This paper examines to what extent reputational concerns give rating agencies incentives to reveal information. It demonstrates that, in a simple model in which a rating agency has public and private information about a project, it may ignore private information and even contradict public...
Persistent link: https://www.econbiz.de/10010745887