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Venture capital-backed firms, unavoidable value-destroying trade sales, and fair value protections
Nigro, Casimiro A.; Stahl, Jörg R. - 2020
This paper investigates the implications of the fair value protections contemplated by the standard corporate contract (i.e., the standard contract form for which corporate law provides) for the entrepreneur-venture capitalist relationship, focusing, in particular, on unavoidable...
Persistent link: https://www.econbiz.de/10012668090
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Can government intervention make firms more investment-ready? : a randomized experiment in the Western Balkans
Cusolito, Ana Paula; Dautovic, Ernest; McKenzie, David J. - 2020
Innovative firms with good ideas may still struggle to fine-tune them to the stage where they can attract outside funding. We conduct a five-country randomized experiment that tests the impact of an investment readiness program. Firms then pitched their ideas to independent judges. The program...
Persistent link: https://www.econbiz.de/10012200841
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Conflicting fiduciary duties and fire sales of VC-backed start-ups
Bian, Bo; Li, Yingxiang; Nigro, Casimiro A. - 2022
This paper studies the interactions between corporate law and VC exits by acquisitions, an increasingly common source of VC-related litigation. We find that transactions by VC funds under liquidity pressure are characterized by (i) a substantially lower sale price; (ii) a greater probability of...
Persistent link: https://www.econbiz.de/10013279443
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The New Exit in Venture Capital
Ibrahim, Darian M. - 2015
This Article examines a third exit option in venture capital to supplement IPOs and trade sales: secondary markets for the sale of individual ownership interests in start-ups and venture capital (VC) funds. While investors can readily buy shares in publicly-traded companies, until recently they...
Persistent link: https://www.econbiz.de/10013038538
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The Importance of Exit via Acquisition to Venture Capital, Entrepreneurship, and Innovation
Reilly, Devin; Sokol, D. Daniel; Toniatti, David - 2022
evaluating the effects of such proposed changes. First, it documents the links among VC, entrepreneurship, and innovation, and … providing incentives for venture capital (VC) investment and entrepreneurship. This article seeks to provide context for … how exit via acquisition can foster dynamic innovation, one of the stated goals of the CMA. Second, it identifies …
Persistent link: https://www.econbiz.de/10013311373
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Startups and Company Law : The Competitive Pressure of Delaware on Italy (and Europe?)
Giudici, Paolo - 2019
US corporate law and, in particular, Delaware law, which leaves ample room to freedom of contract, has been one of the reasons for the successful creation and financing of startups in Silicon Valley. We analyze the Italian attempt to modernize company law in order to promote startup creation...
Persistent link: https://www.econbiz.de/10012865104
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Funding dynamics in crowdinvesting
Hornuf, Lars; Schwienbacher, Armin - 2015 - This version: September 20, 2015
We use hand-collected data from four German crowdinvesting portals to analyze what determines individual investment decisions in crowdinvesting. In contrast with the crowdfunding campaigns on Kickstarter where the typical pattern of project support is U-shaped, we find crowdinvesting dynamics to...
Persistent link: https://www.econbiz.de/10011344435
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The emergence of crowdinvesting in Europe
Hornuf, Lars; Schwienbacher, Armin - 2014 - This Version: August 15, 2014
This paper first presents the development of the crowdinvesting market in Europe since its start in 2007. Then, using hand-collected data on the complete set of crowdinvesting campaigns run in Germany, the paper shows that successful campaigns tend to be launched by new startups and when the...
Persistent link: https://www.econbiz.de/10010439156
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Should Angel-Backed Start-Ups Reject Venture Capital?
Ibrahim, Darian M. - 2013
The conventional wisdom is that entrepreneurs seek financing for their high-growth, high-risk start-up companies in a particular order. They begin with friends, family, and bootstrapping. Next they turn to angel investors, or accredited investors (and usually ex-entrepreneurs) who invest their...
Persistent link: https://www.econbiz.de/10013092489
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Debt as Venture Capital
Ibrahim, Darian M. - 2010
Venture debt, or loans to rapid-growth start-ups, is a puzzle. How are start-ups with no track records, positive cash flows, tangible collateral, or personal guarantees from entrepreneurs able to attract billions of dollars in loans each year? And why do start-ups take on debt rather than rely...
Persistent link: https://www.econbiz.de/10013152530