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FINANCIAL DEPENDENCE AND FIRM SURVIVAL IN INTERWARBRITAIN
Chambers, David - 2007
Was the London Stock Exchange (LSE) little more than a Dickensian den of speculation, or did itmake a contribution to industrial development in interwar Britain? The interwar stock marketlaboured under problems of weak disclosure, inadequate investor protection and ineffectiveunderwriting. New...
Persistent link: https://www.econbiz.de/10005870133
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Venture Capital, Double-sided Adverse Selection, and Double-sided Moral Hazard
Houben, Eike - 2002
The paper offers a new explanation for the widely observed use of redeemable and convertible preferred stock in venture capital finance. Redeemable and convertible preferred stocks can be used to endogenously allocate cash flow and control rights as a function of the state of nature, the...
Persistent link: https://www.econbiz.de/10005840141
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To Be Financed or Not … -The Role of Patents for Venture Capital Financing
Häussler, Carolin; Harhoff, Dietmar; Müller, Elisabeth - Universität <München> / Fakultät für Betriebswirtschaft - 2009
This paper investigates how patent applications and grants held by new ventures improve their abilityto attract venture capital (VC) financing. We argue that investors are faced with considerable uncertaintyand therefore rely on patents as signals when trying to assess the prospects of potential...
Persistent link: https://www.econbiz.de/10009418811
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Community Development Venture Capital: Concept and Status Quo in Germany
Achleitner, Ann-Kristin; Braun, Reiner; Bender, Marko; … - Center for Entrepreneurial and Financial Studies <München> - 2008
As most other countries, Germany also faces dramatic regional differences in terms of socioeconomic development. One … the general questions, whether there are regional gaps in the supply of VC in Germany? Whether these regional gaps do … geographically correspond to the most deprived areas in Germany, and which kind of VC companies are currently in place in order to …
Persistent link: https://www.econbiz.de/10005870394
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Employment Contribution of Private Equity and Venture Capital in Europe
Achleitner, Ann-Kristin; Klöckner, Oliver - Center for Entrepreneurial and Financial Studies <München> - 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/10005870401
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Private matters
Helwege, Jean; Packer, Frank - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
Why do private firms stay private? Empirical evidence on this issue is sparse, as most private firms in the US do not report their financial results. We investigate why private status matters by taking advantage of a unique dataset of large, leveraged private firms with SEC filings. Unlike a...
Persistent link: https://www.econbiz.de/10009248820
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Venture Capital Financing in Germany : The Role of Contractual Arrangements in Mitigating Incentive Conflicts
Breuer, Wolfgang; Brettel, Malte; Ron C. Antonczyk - RWTH <Aachen> / Lehrstuhl für … - 2007
pronounced for Ger-many than for the US. …
Persistent link: https://www.econbiz.de/10005858713
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The Role of Venture Capital Firms’ Experience, Ownership Structure,and of Direct Measures of Incentive Problems for Venture Capital Contracting in Germany
Breuer, Wolfgang; Antonczyk, Ron C.; Brettel, Malte - RWTH <Aachen> / Lehrstuhl für … - 2007
Using a hand-collected sample of contracts and investment proposals from German venturecapital (VC) financing relationships, we find that experienced and or private law/independentVC firms rely to a lesser degree on debt financing and more on certain covenants in VC con-tracting even when we...
Persistent link: https://www.econbiz.de/10005858858
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Understanding the Economic Value of Legal Covenants in Investment Contracts : A Real-Options Approach to Venture Equity Contracts
Cossin, Didier; Leleux, Benoit; Saliasi, Entela - Institut für Schweizerisches Bankwesen <Zürich>; … - 2002
Valuing early-stage high-technology growth-oriented companies is a challenge to current valuation methodologies. Efforts are redirected towards the design of investment contracts which materially skew the distribution of payoffs in favor of the venture investors. In effect, limitations in...
Persistent link: https://www.econbiz.de/10005859127
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The Advantage of Experienced Start-Up Foundersin Venture Capital Acquisition:Evidence from Serial Entrepreneurs
Zhang, Junfu - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
Existing literature suggests that entrepreneurs with prior firm-founding experience have moreskills and social connections than novice entrepreneurs. Such skills and social connectionscould give experienced founders some advantage in the process of raising venture capital.This paper uses a large...
Persistent link: https://www.econbiz.de/10005862321