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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

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

Portfolio Optimization for Hedge Funds through Time-Varying Coefficients

Dewaele, Benoît - Centre Emile Bernheim, Solvay Brussels School of … - 2013

selection. We argue that the alpha of hedge funds is dynamic and that the time-varying alpha captures this dynamic behavior …. Therefore, forming portfolios based on their time-varying alpha should lead to outperforming portfolios. Using a persistence … analysis, we check this conjecture and show that contrary to top performers in terms of OLS alpha, the top performers in terms …

Persistent link: https://www.econbiz.de/10010692150

What do internal capital markets do?: redistribution vs. incentives

Gautier, Axel; Heider, Florian - London School of Economics (LSE) - 2001

In this paper we explain the apparent diversification discount of conglomerates without assuming inefficent-cross subsidisation through internal capital markets. Instead we assume that an internal capital market efficiently redistributes scare resources across a conglomerates divisions between...

Persistent link: https://www.econbiz.de/10010745870

Do small family businesses have a peculiar attitude toward growth? Evidence from French SMEs.

Hamelin, Anaïs - Centre Emile Bernheim, Solvay Brussels School of … - 2009

This paper uses a very large sample of French SMEs to study growth of family owned firms. Firms range from total-family to minority control. The estimated relationship accounts for firm characteristics of size and, age, sector, and financial solvency. The results show that firms with greater...

Persistent link: https://www.econbiz.de/10004969792

A general formula for the WACC

Farber, André; Szafarz, Ariane; Gillet, Roland - Centre Emile Bernheim, Solvay Brussels School of … - 2005

Recent controversies testify that the tax shield valuation remains a hot topic in the financial literature. Basically, two methods have been proposed to incorporate the tax benefit of debt in the present value computation: The adjusted present value(APV), and the classical weighted average cost...

Persistent link: https://www.econbiz.de/10005558853

Bank Cash Holdings and Investor Uncertainty

D'Udekem, Benoît - Centre Emile Bernheim, Solvay Brussels School of … - 2014

Cash holdings have often been presumed to help resolve the inherent uncertainty of assessing banks. Nonetheless, extant empirical evidence is inconclusive. The present paper adopts a novel approach to assessing the level of stockholder uncertainty associated with the cash holdings reported by...

Persistent link: https://www.econbiz.de/10010751984

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

Borrow cheap, buy high?: the determinants of leverage and pricing in buyouts

Axelson, Ulf; Jenkinson, Tim; Strömberg, Per; … - London School of Economics (LSE) - 2012

Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining capital structure theories. Using a large, detailed, international sample of buyouts from 1980-2008, we find that buyout leverage is unrelated to the...

Persistent link: https://www.econbiz.de/10011071252

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