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Convertible securities and venture capital finance

Schmidt, Klaus M. - 1999

This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...

Persistent link: https://www.econbiz.de/10009781712

Synergizing ventures

Akcigit, Ufuk; Dinlersoz, Emin Murat; Greenwood, Jeremy; … - 2019

matching between startups and financiers, and the taxation of VC-backed startups matter significantly for growth. …

Persistent link: https://www.econbiz.de/10012104061

Public policy for start-up entrepreneurship with venture capital and bank finance

Keuschnigg, Christian; Nielsen, Søren Bo - 2003

inexperienced and can benefit from venture capital support. Only part of them succeed in matching with a venture capitalist while …

Persistent link: https://www.econbiz.de/10011514147

Fintech startups in Germany : firm failure, funding success, and innovation capacity

Hornuf, Lars; Mattusch, Matthias - 2024 - This version: August 18, 2024

Fintech startups have set out to revolutionize the financial world. However, little is known about how successful and innovative these firms actually are. This paper investigates firm failure, funding success, and innovation capacity using a hand-collected dataset of 892 German fintechs founded...

Persistent link: https://www.econbiz.de/10015051740

Financing entrepreneurial firms in Europe : facts, issues, and research agenda

Bottazzi, Laura; Da Rin, Marco - 2003

During the latter part of the 1990s the introduction of the euro, the dramatic increase in the supply of venture capital in most EU countries, and the creation of several new equity markets targeted at innovative firms have dramatically transformed the financing prospects of European...

Persistent link: https://www.econbiz.de/10011507965

Marketplace lending of SMEs

Cumming, Douglas J.; Hornuf, Lars - 2020

-sized enterprises (SMEs). We conjecture that easy-to-understand risk ratings conveyed by the platform play a pronounced role in … influencing the borrowing success of SMEs and that more sophisticated financial information and adverse selection are largely … absent in these markets. We introduce a dataset of 414 SME marketplace loans and 8,236 online loan days to test these …

Persistent link: https://www.econbiz.de/10012166027

Are equity crowdfunding investors active investors?

Hornuf, Lars; Schilling, Tobias; Schwienbacher, Armin - 2019 - This Version: September 29, 2019

It is often assumed that entrepreneurs retain more control of their venture when they opt for equity crowdfunding as compared to venture capital, notably because crowd investors are passive. We study whether crowd investors are indeed passive by analysing the cash flow and control rights crowd...

Persistent link: https://www.econbiz.de/10012119946

Investor tax breaks and financing for start-ups : evidence from China

Güçeri, İrem; Hou, Xipei; Xing, Jing - 2024

We examine how investor-level tax incentives affect financing for start-ups using the introduction of a generous tax deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases funding for eligible start-ups, with stronger...

Persistent link: https://www.econbiz.de/10014564279

Advantageous smallness in contests

Amegashie, J. Atsu - 2021

A standard result in contests is that a higher-ability player has a higher probability of winning the prize than a lower-ability player. Put differently, a stronger player has an advantage over a weaker player in a contest. There are very few exceptions to this standard result. I consider a...

Persistent link: https://www.econbiz.de/10012669006

Bankruptcy : is it enough to forgive or must we also forget?

Elul, Ronel (contributor); Gottardi, Piero (contributor) - 2008

Persistent link: https://www.econbiz.de/10003712514

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