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来源类型Working Paper
规范类型报告
DOI10.3386/w10097
来源IDWorking Paper 10097
How Do Legal Differences and Learning Affect Financial Contracts?
Steven N. Kaplan; Frederic Martel; Per Stromberg
发表日期2003-11-17
出版年2003
语种英语
摘要We analyze venture capital (VC) investments in twenty-three non-U.S. countries and compare them to VC investments in the U.S. 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 U.S.-style contracts regardless of legal regime. In most specifications, legal regime becomes insignificant controlling for VC sophistication. VCs who use U.S.-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 ; Financial Institutions ; Corporate Finance
URLhttps://www.nber.org/papers/w10097
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/567725
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Steven N. Kaplan,Frederic Martel,Per Stromberg. How Do Legal Differences and Learning Affect Financial Contracts?. 2003.
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