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Financing practices in the German venture capital industry : an empirical assessment
- 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. Klassifikation: C24; G24; G32
| Verfasserangaben: | Andreas Bascha, Uwe WalzORCiDGND |
|---|---|
| URN: | urn:nbn:de:hebis:30-9982 |
| URL: | https://www.ifk-cfs.de/2273.html |
| Titel des übergeordneten Werkes (Deutsch): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2002,08 |
| Schriftenreihe (Bandnummer): | CFS working paper series (2002, 08) |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Jahr der Fertigstellung: | 2002 |
| Jahr der Erstveröffentlichung: | 2002 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 13.06.2005 |
| Freies Schlagwort / Tag: | Agency Theory; Convertible Securities; Underpricing; Venture Capital |
| GND-Schlagwort: | Deutschland; Risikokapital; Public Private Partnership |
| Ausgabe / Heft: | Version July 2002 |
| Seitenzahl: | 42 |
| HeBIS-PPN: | 202713776 |
| Institute: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
