This paper presents novel evidence that a geographically based style matters for the design of financial contracts, in addition to more traditional ingredients. We analyze cash flow contingencies included in 1,804 private equity contracts between U.S. venture capitalists (VCs) and U.S. startup...

I study the causes and consequences of staging in the setting of private investments in public equities (PIPEs). I find that similar to venture capital staging, in the PIPE investments, staging is used by investors as a monitoring mechanism to mitigate the information and agency problem....