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Bank as a venture capitalist
Rishabh, Kumar - 2021
entrepreneurs, and the uninformed bank needs an additional screening device. VC fulfils that role. …
Persistent link: https://www.econbiz.de/10012614100
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Private equity, corporate governance and out-performance of high-growth firms
Badunenko, Oleg; Karber, Moritz Fabien; Schäfer, Dorothea - 2010
it differs from the effect of two other important types of financial investors: banks and non-bank financial firms. We … conclusions. The shareholding by PE and bank has influence on out-performance but only if either the PE investor or the bank hold … between 75 to 100 percent of firm's shares. The direction of the effect is opposite. PE has a positive, while bank has a …
Persistent link: https://www.econbiz.de/10011389270
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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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Informed capital in a hostile environment : the case of relational investors in Germany
Schäfer, Dorothea (contributor); Schilder, Dirk (contributor) - 2006
difficult market conditions. For bank-based systems, the question regarding which investors actually supply informed capital has … significant differences between the investors which are linked to banks and those financiers which are not. Although, the bank …
Persistent link: https://www.econbiz.de/10003314893
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The impact of public subsidies on venture capital investments in start-up enterprises
Schertler, Andrea - 2000
The relationship between a venture capitalist and an entrepreneur is modeled to investigate the impact of public subsidies on venture capital investments in start-up enterprises. In this model, the venture capitalist only finances start-up enterprises if he has sufficient expertise to make...
Persistent link: https://www.econbiz.de/10011473820
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The dynamics of entrepreneurial careers in high-tech ventures : experience, education, and exit
Cumming, Douglas J.; Walz, Uwe; Werth, Jochen - 2015
We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to found another firm, to become dependently employed, or to act as a business angel. Our detailed data resting on the CrunchBase online database indicate that founders stick with...
Persistent link: https://www.econbiz.de/10011436054
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Financing high-potential entrepreneurship : government should create an enabling environment-for entrepreneurs and investors-rather than try to pick "winners"
Nanda, Ramana - 2016
Entrepreneurship is essential to job creation and to productivity growth and therefore is an important matter for government policy. However, policymakers face a difficult challenge because successful growth for a few firms-which cannot easily be identified in advance-is accompanied by...
Persistent link: https://www.econbiz.de/10011456185
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Governance in entrepreneurial ecosystems : venture capitalists vs. technology parks
Cumming, Douglas J.; Werth, Jochen; Zhang, Yelin - 2016
We argue two alternative routes that lead entrepreneurial start-ups to acquisition outcomes instead of liquidation. On one hand, acquisitions can come about through the control route with external financers such as venture capitalists (VCs). VCs take control through their board seats along with...
Persistent link: https://www.econbiz.de/10011473538
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Venture capital contracts : a survey of the recent literature
Schertler, Andrea - 2000
This paper surveys empirical and theoretical studies of various control mechanisms embedded in venture capital contracts. These mechanisms mitigate incentive problems and opportunistic behavior arising in the uncertain environment of financing young hightechnology enterprises that predominantly...
Persistent link: https://www.econbiz.de/10011473815
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New venture opportunity cost of capital and financial contracting
Kerins, Frank; Smith, Janet Kiholm; Smith, Richard Lester - 2003
Investments in new ventures involve financial contracts between an entrepreneur and outside investors. Investors, such as venture capital firms, represent well-diversified investors. In contrast, the entrepreneur must commit a substantial fraction of human and financial capital to the venture....
Persistent link: https://www.econbiz.de/10011569475