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Bargaining with Venture Capitalists when Bank Financing is an Endogenous Option.
Renucci, Antoine - Université Paris-Dauphine
In this theoretical paper, I examine bargaining over the financial terms of a contract between an entrepreneur willing to realize a project and a supportive financier such as a venture capitalist. I study the impact of the endogenous opportunity to resort to non-supportive financiers such as...
Persistent link: https://www.econbiz.de/10008876088
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Bargaining with Venture Capitalists when Bank Financing is an Endogenous Option
Renucci, Antoine - Université Paris-Dauphine (Paris IX) - 2011
In this theoretical paper, I examine bargaining over the financial terms of a contract between an entrepreneur willing to realize a project and a supportive financier such as a venture capitalist. I study the impact of the endogenous opportunity to resort to non-supportive financiers such as...
Persistent link: https://www.econbiz.de/10010708911
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What's banking sector concentration got to do with private equity market?
Badunenko, Oleg; Deva, Saloni; Schäfer, Dorothea; … - 2009
The paper investigates the link between bank concentration and a country's buyout market. We perform a macro level … for the size of the buyout market. The elasticity ranges from 1 up to 3 percent depending on which bank concentration … measure is employed and what segment of buyout market we look at. We also find that bank concentration is irrelevant for the …
Persistent link: https://www.econbiz.de/10011387151
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Innovation and the financial guillotine
Nanda, Ramana; Matthew, Rhodes-Kropf, - 2012 - Draft: November 26, 2012
Past work has shown that failure tolerance by principals has the potential to stimulate innovation, but has not examined how this affects which projects principals will start. We demonstrate that failure tolerance has an equilibrium price ― in terms of an investor's required share of equity...
Persistent link: https://www.econbiz.de/10009772647
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Early-stage financing and firm growth in new industries
Inderst, Roman; Müller, Holger M. - 2009
This paper shows that active investors, such as venture capitalists, can affect the speed at which new ventures grow. In the absence of product market competition, new ventures financed by active investors grow faster initially, though in the long run those financed by passive investors are able...
Persistent link: https://www.econbiz.de/10010385487
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Competition in the Venture Capital Market and the Success of Startup Companies : Theory and Evidence
Hong, Suting - 2020
We examine the effect of a competitive supply of venture capital (VC) on the exits (IPO or M&A) of startups. We develop a matching model with double-sided moral hazard, and identify a novel differential effect of VC competition on the success of startups. Using VC data, we find evidence for this...
Persistent link: https://www.econbiz.de/10012852981
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Do Venture Capitalists Stifle Competition?
Li, Xuelin - 2020
We find that common ownership leads VCs to stifle competition among startups, but only in limited circumstances. Our evidence is from pharmaceutical startups, where common ownership is widespread. We examine how a startup responds after seeing a competitor make progress on a related drug...
Persistent link: https://www.econbiz.de/10012847024
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Innovation, Competition, and Investment Timing
Koskinen, Yrjo - 2016
In our model multiple innovators compete against each other by submitting investment proposals to an investor. The investor chooses the least expensive proposal and the timing of the investment. Innovators have to provide costly, but observable effort and they learn privately the cost of...
Persistent link: https://www.econbiz.de/10013007922
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Killers on the road of emerging start-ups : implications for market entry and venture capital financing
Koski, Heli; Kässi, Otto; Braesemann, Fabian - 2020
This paper empirically studies the effect of acquisitions made by the large US-based technology companies on the entry dynamics and venture capital financing in dif-ferent product markets. We use data from 742 prod-uct markets globally, distinguishing the US and Euro-pean markets, for the years...
Persistent link: https://www.econbiz.de/10012262661
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Competition, Syndication, and Entry in the Venture Capital Market
Hong, Suting - 2014
There are two ways for a venture capital (VC) firm to enter a new market: initiate a new deal or form a syndicate with an incumbent. Both types of entry are extensively observed in the data. In this paper, I examine (i) the causes of syndication between entrant and incumbent VC firms, (ii) the...
Persistent link: https://www.econbiz.de/10013060855