| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5750 |
| DP5750 Racial Segregation and Public School Expenditure | |
| Eliana La Ferrara; Angelo Mele | |
| 发表日期 | 2006-07-17 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | When a young entrepreneurial firm matures, it is often necessary to replace the founding entrepreneur by a professional manager. This replacement decision can be affected by the private benefits of control enjoyed by the entrepreneur which gives rise to a conflict of interest between the entrepreneur and the venture capitalist. We show that a combination of convertible securities and contingent control rights can be used to resolve this conflict efficiently. This contractual arrangement is frequently observed in venture capital finance. |
| 主题 | Industrial Organization |
| 关键词 | Corporate finance Venture capital Control rights Convertible securities |
| URL | https://cepr.org/publications/dp5750 |
| 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/534599 |
| 推荐引用方式 GB/T 7714 | Eliana La Ferrara,Angelo Mele. DP5750 Racial Segregation and Public School Expenditure. 2006. |
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