permit parties to enter into nonmodifiable contracts, which is not possible under current contract law. This paper … demonstrates that it may well be socially desirable not to enforce contractual terms that explicitly prevent renegotiation, even if … rational and symmetrically informed parties have deliberately signed such a contract. The impossibility to prevent …

effort. These contracts are optimal if the entrepreneur has the bargaining power in renegotiation. If the investor has the … bargaining power, the same is true unless debt induces excessive effort. In the latter case, a non-debt simple contract achieves …

addressed by choosing short-term maturities. Theories of debt renegotiation suggest that the credibility of the implicit …

We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand …-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure … milestone financing, pure round financing and mixes). Thereby, contract completeness reduces when going from pure milestone …

permit parties to enter into nonmodifiable contracts, which is not possible under current contract law. This paper … demonstrates that it may well be socially desirable not to enforce contractual terms that explicitly prevent renegotiation, even if … rational and symmetrically informed parties have deliberately signed such a contract. The impossibility to prevent …