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
| Author: | Andreas Bascha, Uwe WalzORCiDGND |
|---|---|
| URN: | urn:nbn:de:hebis:30-9982 |
| URL: | https://www.ifk-cfs.de/2273.html |
| Parent Title (German): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2002,08 |
| Series (Serial Number): | CFS working paper series (2002, 08) |
| Document Type: | Working Paper |
| Language: | English |
| Year of Completion: | 2002 |
| Year of first Publication: | 2002 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2005/06/13 |
| Tag: | Agency Theory; Convertible Securities; Underpricing; Venture Capital |
| GND Keyword: | Deutschland; Risikokapital; Public Private Partnership |
| Issue: | Version July 2002 |
| Page Number: | 42 |
| HeBIS-PPN: | 202713776 |
| Institutes: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Licence (German): |  Deutsches Urheberrecht |
