G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2132
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
URLhttps://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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