TY  - UNPD
A1  - Bascha, Andreas
A1  - Walz, Uwe
T1  - Financing practices in the German venture capital industry : an empirical assessment
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2002,08
N2  - 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
T3  - CFS working paper series - 2002, 08 
KW  - Venture Capital
KW  - Convertible Securities
KW  - Agency Theory
KW  - Underpricing
KW  - Deutschland
KW  - Risikokapital
KW  - Public Private Partnership
Y1  - 2002
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4496
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-9982
UR  - https://www.ifk-cfs.de/2273.html
IS  - Version July 2002
ER  -