| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2466 |
| DP2466 Human Capital In Growth Regressions: How Much Difference Does Data Quality Make? | |
| Angel de la Fuente; Rafael Domenech | |
| 发表日期 | 2000-05-30 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | We compare the characteristics of real world financial contracts to their counterparts in financial contracting theory, by studying actual contracts between venture capitalists (VCs) and entrepreneurs. (1) The distinguishing characteristic of VC financing is that they allow VCs to separately allocate cash flow rights, voting rights, board rights, liquidation rights, and other control rights. We explicitly measure and report the allocation of these rights. (2) While convertible securities are used most frequently, VCs also implement a similar allocation of rights using combinations of multiple classes of common stock and straight preferred stock. (3) Cash flow rights, voting rights, control rights, and future financing are frequently contingent on observable measures of financial and non-financial performance. (4) If the company performs poorly, the VCs obtain full control. As performance improves, the entrepreneur retains more control rights. If the company performs very well, the VCs retain their cash flow rights, but relinquish most of their control and liquidation rights.(5) It is common for VCs to include non-compete and vesting provisions, mitigating the potential hold-up problem between the entrepreneur and the investor. The contracts seem most consistent with the theoretical work of Aghion and Bolton (1992) and Dewatripont and Tirole (1994). |
| 主题 | Financial Economics |
| 关键词 | Contract theory Security design Venture capital |
| URL | https://cepr.org/publications/dp2466 |
| 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/531544 |
| 推荐引用方式 GB/T 7714 | Angel de la Fuente,Rafael Domenech. DP2466 Human Capital In Growth Regressions: How Much Difference Does Data Quality Make?. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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