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Geographic location of a new venture and the likelihood of a venture capital investment

Achleitner, Ann-Kristin; Bender, Marko; Kaserer, Christoph - 2010

Based on 1182 dyads of German new ventures and venture capitalists involved in a financing round between 2002 and 2007, we examine the impact of spatial proximity on the likelihood of an investment. We find that with each triplication of journey time the relative likelihood of an investment...

Persistent link: https://www.econbiz.de/10010305691

Angels or demons? Evidence on the impact of private equity firms on employment

Nathusius, Eva; Achleitner, Ann-Kristin - 2009

The impact of private equity firms on employment in their portfolio companies is a controversial topic widely discussed in academia and in practice in recent years. A large body of research has resulted from this debate. The studies are focused on different aspects of employment and are based on...

Persistent link: https://www.econbiz.de/10010305732

Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights

Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009

We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...

Persistent link: https://www.econbiz.de/10010305733

Employment contribution of private equity and venture capital in Europe

Achleitner, Ann-Kristin; Klöckner, Oliver - 2005

Over the past ten years, private equity and venture capital have played an increasingly important role in the European economy. In parallel to the increase in investments, contribution of the private equity and venture capital industry to employment in Europe has grown. Against this background,...

Persistent link: https://www.econbiz.de/10010305718

The capital gains tax: A curse but also a blessing for venture capital investment

Achleitner, Ann-Kristin; Bock, Carolin; Watzinger, Martin - 2011

This article documents a statistical association between the number and success of venture capital investments and the capital gains tax rate. To do this, we analyze investment data and taxes of 32 countries from 2000 to 2010. In our data, higher capital gains tax rates are associated with fewer...

Persistent link: https://www.econbiz.de/10010306865

Loss of control vs. risk reduction: decision factors for hiring non-family CFOs in family firms

Lutz, Eva; Schraml, Stephanie; Achleitner, Ann-Kristin - 2010

Objectives: We examine decision factors of family firm owners for hiring a non-family Chief Financial Officer (CFO). We explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company-specific goals relate to the employment of a...

Persistent link: https://www.econbiz.de/10010305711

Influence of internal factors on the use of equity- and mezzanine-based financing in family firms

Achleitner, Ann-Kristin; Lutz, Eva; Schraml, Stephanie - 2009

The paper analyzes internal factors which influence the use of equity - and mezzanine-based financing instruments in German privately held family firms. Based on a sample of 195 surveys of family firms, we investigate the impact of family specific goals and corporate governance structures on the...

Persistent link: https://www.econbiz.de/10010305699

Nonbanks, banks, and monetary policy: U.S. loan-level evidence since the 1990s

Elliott, David; Meisenzahl, Ralf R.; Peydró, José-Luis; … - 2022

We show that nonbanks (funds, shadow banks, fintech) affect the transmission of monetary policy to output, prices and …, borrowerlender relationships and Gertler-Karadi monetary policy shocks. Higher policy rates shift credit supply from banks to …

Persistent link: https://www.econbiz.de/10013479450

Nonbank lenders as global shock absorbers: Evidence from US Monetary Policy spillovers

Elliott, David; Meisenzahl, Ralf R.; Peydró, José-Luis - 2023

dollar credit supply to non-US firms (relative to banks), mitigating the dollar credit reduction. This increase is stronger … funding, relative to banks. In sum, despite increased risk-taking by less regulated and more fragile nonbanks (relative to … banks), access to nonbank credit reduces the volatility in capital flows-and associated economic activity-stemming from US …

Persistent link: https://www.econbiz.de/10014480720

Goal structures in family firms: empirical evidence on the relationship between firm and family goals

Achleitner, Ann-Kristin; Braun, Reiner; Schraml, Stephanie - 2009

Goal structures in family firms seems of particular interest to the field as the overall orientation and the objectives of family firms are determined in an area of potential conflict between the two subsystems of firm and family. We asked shareholders of German family firms to rate the...

Persistent link: https://www.econbiz.de/10010305727