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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP2132 |
DP2132 Declining Employment Assimilation of Immigrants in Sweden: Observed or Unobserved Characteristics? | |
Pieter Bevelander | |
发表日期 | 1999-04-26 |
出版年 | 1999 |
语种 | 英语 |
摘要 | This paper provides a theory of venture capital financing based on the complementarity between the financing and advising roles of venture capitalists. We examine the interaction between the staging of investment that characterizes young firms with a high growth potential and the double-sided moral hazard problem that arises from the managerial contributions of entrepreneurs and venture capitalists. The optimal contract combines an incentive-related insurance motive that makes the initial financiers bear the start-up's downside risk and a financing motive that protects their claims against dilution. These motives can explain the widespread use of convertible preferred stock in venture capital financing. |
主题 | Financial Economics |
关键词 | Convertible preferred stock Incomplete contracts Stage financing Start-ups Venture capital Warrants |
URL | https://cepr.org/publications/dp2132 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531244 |
推荐引用方式 GB/T 7714 | Pieter Bevelander. DP2132 Declining Employment Assimilation of Immigrants in Sweden: Observed or Unobserved Characteristics?. 1999. |
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