| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP4149
|
| DP4149 Does Responsive Pricing Increase Efficiency? Evidence from Pricing Experiments in an Internet Café |
| Pascal Courty; Mario Pagliero
|
| 发表日期 | 2003-12-23
|
| 出版年 | 2003
|
| 语种 | 英语
|
| 摘要 | We analyse venture capital (VC) investments in 23 non-US countries and compare them to VC investments in the US. We describe how the contracts allocate cash flow, board, liquidation, and other control rights. In univariate analyses, contracts differ across legal regimes. At the same time, however, more experienced VCs implement US-style contracts regardless of legal regime. In most specifications, legal regime becomes insignificant controlling for VC sophistication. VCs who use US-style contracts fail significantly less often. Financial contracting theories in the presence of fixed costs of learning, therefore, appear to explain contracts along a wide range of legal regimes. |
| 主题 | Financial Economics
|
| 关键词 | Investment banking
Venture capital
Brokerage
Financing policy
Capital and owner ship structure
|
| URL | https://cepr.org/publications/dp4149
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533120
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推荐引用方式
GB/T 7714 |
Pascal Courty,Mario Pagliero. DP4149 Does Responsive Pricing Increase Efficiency? Evidence from Pricing Experiments in an Internet Café. 2003.
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