This paper offers a quantitative description of European private equity markets and compares the recent development in these markets with the development of the US venture capital market. Moreover, the paper addresses the differences between private equity investors acting in a single national...

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...

The paper offers a new explanation for the widely observed use of redeemable and convertible preferred stock in venture capital finance. Redeemable and convertible preferred stocks can be used to endogenously allocate cash flow and control rights as a function of the state of nature, the...

Die krisenbedingten Schwierigkeiten deutscher Unternehmen, Bankkredite zu bekommen, haben die Finanzierung via Eigenkapital wieder stärker in den Blick gerückt. Diese IW-Position lotet den Markt für Wagnis- und Beteiligungskapital in Deutschland aus. Klaus-Heiner Röhl, Mittelstandsexperte...