Die vorliegende Arbei behandelt auf der Basis gängiger Annahmen in der Literatur zur Wagniskapitalfinanzierung ein neoklassisches Modell der Preisbildung. Im Gegensatz zu den bestehenden vertragstheoretisch motivierten Modellen werden variierende Wettbewerbsverhältnisseberücksichtigt.

This paper considers the effects of strategic substitutabilities on performanceand incentives in venture capital financing. The analysis points to a subtlelink between two pivotal roles of venture capitalists: (i) monitoring venturesand setting performance incentives...

Based on 1182 dyads of venture capitalists and German portfolio companies involved ina financing round between 2002 and 2007, we examine the importance of spatialproximity between investors and investees in a dense economy. We find that theprobability of a financing relationship decreases by 8%...

We investigate whether the supply of Venture Capital (VC) in Germany is driven by spatial influences. The study is based on information from more than 300 VC investments made in Germany between 2004 and 2005. We find evidence that the geographical distance between a VC company and the portfolio...

SMEs play a crucial role for European economies. The numbers show the high importance ofSMEs for national economies. Accordingly, it is no surprise that the regulatory frameworkSMEs are imbedded in is the subject of an important political discussion. In the discussion itis frequently mentioned...

A lot of studies show that business angels have got increased importance for the finance of small and medium-sized enterprises, especially in the English speaking world. But business angels usually offer more than only a financial service in the narrow sense. Business angels can contribute added...

Wagniskapitalfinanzierungen sind ein wichtiges Konstrukt im Gefüge einer Volkswirt-schaft. Sie stellen den Teil der Frühphasenfinanzierung des Sektors der Eigenkapitalbetei-ligungen dar. Geplante Unternehmensneugründungen sind gerade bei kapitalintensiven Tä-tigkeiten verstärkt auf...