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The Importance of Trust for Investment : Evidence From Venture Capital (Revision of DP 2009-43)
Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2010
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment...
Persistent link: https://www.econbiz.de/10011090711
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What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence
Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008
We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical...
Persistent link: https://www.econbiz.de/10011090634
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Royal Ahold : A Failure of Corporate Governance and an Accounting Scandal
de Jong, A.; DeJong, D.V.; Mertens, G.M.H.; Roosenboom, … - Tilburg University, Center for Economic Research - 2005
Royal Ahold (Koninklijke Ahold NV) was one of the major success stories in the 1990s and is one of the major failures, suffering a complete meltdown, in 2003.We investigate the strategy, accounting transparency and corporate governance of Ahold; elements which jointly drive the firm s performance...
Persistent link: https://www.econbiz.de/10011091014
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The Role of Self-Regulation in Corporate Governance : Evidence from the Netherlands
de Jong, A.; DeJong, D.V.; Mertens, G.M.H.; Wasley, C. - Tilburg University, Center for Economic Research - 2000
The purpose of this paper is to gather evidence on the success of market forces in promoting investor interests through self-regulation.Corporate governance is a complex mechanism design problem that is both economic and legal/political based.As such there is great interest in whether (and when)...
Persistent link: https://www.econbiz.de/10011091306
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Entrepreneurial Roles Along a Cycle of Discovery
Nooteboom, B. - Tilburg University, Center for Economic Research - 2005
The literature on entrepreneurship recognizes a variety of entrepreneurial roles, and the question arises what roles … are played when and by whom.In this article, roles are attributed to different stages of innovation and organizational … development.A central theme is the relation between discontinuity, in radical innovation (exploration), and continuity, in …
Persistent link: https://www.econbiz.de/10011092115
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Entrepreneurial Innovation
Rigotti, L.; Ryan, M.; Vaithianathan, R. - Tilburg University, Center for Economic Research - 2001
This paper constructs an equilibrium model of entrepreneurial innovation where individuals differ in their attitude … toward uncertainty.Unlike previous models of innovation, the firm-formation process is endogenous.An entrepreneur, who owns …'s willingness to work with the uncertain technology.The general equilibrium setting allows us to explore the impact of innovation on …
Persistent link: https://www.econbiz.de/10011092399
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How Does Personal Bankruptcy Law Affect Start-ups?
Penas, María Fabiana; Cerqueiro, G.M. - Tilburg University, Center for Economic Research - 2011
We analyze the effect of changes in U.S. state personal exemptions on the financing structure and performance of a representative sample of start-ups. An increase in the amount of borrower’s personal wealth protected in bankruptcy reduces the availability of bank credit to all start-ups....
Persistent link: https://www.econbiz.de/10011090786
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Tranching in the Syndicated Loan Market
Cumming, D.; McCahery, J.A.; Schwienbacher, A. - Tilburg University, Center for Economic Research - 2011
We use data comprising over 100,000 loans from 115 countries during 1995-2009 to examine factors that affect the extent of loan tranching, and the range of tranche spreads. The data show five factors that drive them: asymmetric information, borrower risk, transaction costs, the presence of...
Persistent link: https://www.econbiz.de/10011092615
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Beyond Penrose : A Cognitive Theory of the Firm
Nooteboom, B. - Tilburg University, Center for Economic Research - 2006
This paper uses a cognitive theory of firms and organizations, with a focus on learning and innovation.Here, cognition … collaboration between firms, for learning and innovation, in the combination of capabilities between rather than within the firm …
Persistent link: https://www.econbiz.de/10011090370
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Corporate Governance Convergence : Evidence from Takeover Regulation Reforms in Europe
Renneboog, Luc; Goergen, M.; Martynova, M. - Tilburg University, Center for Economic Research - 2005
This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation.In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations.With the help of 150...
Persistent link: https://www.econbiz.de/10011092169