In a highly competitive global economy, improved access to financing by innovative small and medium-sized enterprises has become essential for enhancing competitiveness and meeting the objectives of the Lisbon Partnership for Growth and Jobs. Although venture capital is a small part of the...

Our paper starts from the relationship, apparently contradictory, between the better informed economic agents (managers, bankers) and the agents less informed than the first to be mentioned (the investors: shareholders and creditors). The asymmetric information concerns the company’s...