| 文献信息 |
| Financing Practices in the German Venture Capital Industry An Empirical Assessment | | 文献摘要：
This paper investigates the financial contracting behavior of German venture capitalists
against the results of recent theoretical work on the design of venture capital contracts,
especially with regard to the use of convertible securities. First, we identify a special
feature of the German market, namely that public-private partnership agencies require
significantly lower returns than private and young venture capitalists. The latter are
most likely to follow their North-American counterpart by refinancing themselves with
closed-end funds. Second, with regard to financing practices it is shown that the use of
convertibles, relative to other instruments, is influenced by the anticipated severity of
agency problems. |
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| 详细介绍 |
This paper investigates the financial contracting behavior of German venture capitalists
against the results of recent theoretical work on the design of venture capital contracts,
especially with regard to the use of convertible securities. First, we identify a special
feature of the German market, namely that public-private partnership agencies require
significantly lower returns than private and young venture capitalists. The latter are
most likely to follow their North-American counterpart by refinancing themselves with
closed-end funds. Second, with regard to financing practices it is shown that the use of
convertibles, relative to other instruments, is influenced by the anticipated severity of
agency problems. |
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管理学 
风险投资