Valuing early-stage high-technology growth-oriented companies is a challenge to current valuation methodologies. Efforts are redirected towards the design of investment contracts which materially skew the distribution of payoffs in favor of the venture investors. In effect, limitations in...

This article provides an overview and comparison of risk-based capital (RBC) requirements as they currently exist in the United States, the European Union, Switzerland, and New Zealand. These four systems are representative of different ways capital standards are implemented around the globe....

Academic entrepreneurship has become an increasingly important channel through whichuniversities contribute to economic development. This paper studies academic entrepreneursusing a comprehensive venture capital database...

Existing literature suggests that entrepreneurs with prior firm-founding experience have moreskills and social connections than novice entrepreneurs. Such skills and social connectionscould give experienced founders some advantage in the process of raising venture capital.This paper uses a large...

Der Vertreibungsgrad der betrieblichen Altersvorsorge unter westdeutschen Arbeitnehmern nimmt seit Jahren tendenziell ab. Dieser Abwärtstrend wird vor dem Hintergrund des tiefgreifenden Wandels im unternehmerischen Denken verständlich. Die Globalisierung der Finanzmärkte hat viele Unternehmen...

This paper examines the German venture capital (VC) syndicate networks and towhat extent certain characteristics of VC companies determine the investors’interconnectedness. The data used contains detailed information on 300 VCinvestments and their investors from the years 2004 and 2005. The...

Informed capital is a crucial ingredient to a well-functioning market for start-upfinance, especially in times of difficult market conditions. For bank-basedsystems, the question regarding which investors actually supply informed capitalhas not yet been answered. To fill this gap, we conduct a...

This paper deals with the question of whether public venture capital (VC) isperforming its task properly, taking a look at how public VC companies’ selectionprocess, investment behavior, and consulting services reflect goals that differ fromthose of private VC firms. The results present...

We investigate whether the supply of Venture Capital (VC) in Germany is driven by spatial influences. The study is based on information from more than 300 VC investments made in Germany between 2004 and 2005. We find evidence that the geographical distance between a VC company and the portfolio...