Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-,...

Using linked employer-employee data from Sweden, a difference-in-difference approach, and 201 private equity buyouts undertaken between 1998 and 2004, we show that unemployment risk declines and labor income increases for employees in the wake of a private equity buyout. Unemployment risk...

We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i)...

We provide new evidence on the importance of venture capital firm skill as a factor in fund performance. By combining data from two sources, we are able to examine how fund performance, measured as fund IRR or total value to paid-in capital, is related to fund outcomes (IPO and acquisition...

Are private equity investors able to reduce the overall costs of going public? This hypothesis was tested, for the Italian market, on a sample of 155 Ipos (54 Vb and 101 Nvb) during the period 1999-2007. For each company we estimated the direct and indirect costs of listing. The main results are...

This paper examines local bias in the context of venture capital (VC) investments. Based on a sample of US VC investments between 1980 and June 2009, we find more reputable VCs (older, larger, more experienced, and with stronger IPO track record) and VCs with broader networks exhibit less local...

We examine firms' corporate venture capital (CVC) investing activities from a disclosure and financial reporting perspective. The CVC industry has matured to become a driving force for innovation in today's corporate landscape, yet there is very little research from accounting scholars. We...

The main strategic objective of bank-affiliated venture capital funds (BVCs) is to enhance demand of debt capital from portfolio companies. This paper investigates the channels through which banks pursue such a strategy. Using detailed data from seven Western European countries in the period...

Based on the analyses of the relevant Chinese laws and regulations governing the corporate governance structure of VC-invested firms, as well as the discussions over the feasibilities of employing a set of different alternatives to make direct and indirect VC investments in Chinese portfolio...