G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w24517
来源IDWorking Paper 24517
Coordination Frictions in Venture Capital Syndicates
Ramana Nanda; Matthew Rhodes-Kropf
发表日期2018-04-16
出版年2018
语种英语
摘要An extensive literature on venture capital has studied asymmetric information and agency problems between investors and entrepreneurs, examining how separating entrepreneurs from the investor can create frictions that might inhibit the funding of good projects. It has largely abstracted away from the fact that a startup typically does not have just one investor, but several VCs that come together in a syndicate to finance a venture. In this chapter, we therefore argue for an expansion of the standard perspective to also include frictions within VC syndicates. Put differently, what are the frictions that arise from the fact that there is not just one investor for each venture, but several investors with different incentives, objectives and cash flow rights, who nevertheless need to collaborate to help make the venture a success? We outline the ways in which these coordination frictions manifest themselves, describe the underlying drivers and document several contractual solutions used by VCs to mitigate their effects. We believe that this broader perspective provides several promising avenues for future research.
主题Microeconomics ; Economics of Information ; Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w24517
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/582190
推荐引用方式
GB/T 7714
Ramana Nanda,Matthew Rhodes-Kropf. Coordination Frictions in Venture Capital Syndicates. 2018.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w24517.pdf(435KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Ramana Nanda]的文章
[Matthew Rhodes-Kropf]的文章
百度学术
百度学术中相似的文章
[Ramana Nanda]的文章
[Matthew Rhodes-Kropf]的文章
必应学术
必应学术中相似的文章
[Ramana Nanda]的文章
[Matthew Rhodes-Kropf]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w24517.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。