The optimal portfolio of start-up firms in venture capital finance

Journal of Corporate Finance

Volumn 9, Issue 5, 2003, Pages 521-534

  Kanniainen, Vesa ^a   Keuschnigg, Christian ^b  

^a UNIVERSITY OF HELSINKI   (Finland)

^b UNIVERSITY OF ST GALLEN   (Switzerland)

Author keywords

Company portfolio; Double moral hazard; Venture capital finance

Indexed keywords

EID: 0037507344     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0929-1199(02)00021-4     Document Type: Article

References (22)

1. Amit R. Glosten L. Muller E. Entrepreneurial ability, venture investments, and risk sharing Management Science 36 1990 1232-1245.
2. Bascha A. Walz U. Convertible securities and optimal exit decisions in venture capital finance Journal of Corporate Finance 7 2001 285-306.
3. Bascha, A. Walz, U., 2001b. Financing practices in the German venture capital industry. An Empirical Assessment, University of Tuebingen, mimeo.
4. Bottazzi L. Da Rin M. Venture capital in Europe and the financing of innovative companies Economic Policy 34 2002 231-269.
5. Casamatta, C., 1999. Financing and advising: optimal financial contracts with venture capitalists. University of Toulouse, mimeo.
6. Cumming, D.J., 2001. The determinants of venture capital portfolio size: empirical evidence. University of Alberta, mimeo.
7. European Venture Capital Association, 1996. The economic impact of venture capital in Europe, a study by Coopers and Lybrand for EVCA (http://www.bvca.org).
8. Gompers P.A. Lerner J. The Venture Capital Cycle 1999 MIT Press Cambridge.
9. Gompers P.A. Lerner J. The venture capital revolution Journal of Economic Perspectives 15 2001 145-168.
10. Gorman M. Sahlman W.A. What do venture capitalists do? Journal of Business Venturing 4 1989 231-248.
11. Hellmann T. Puri M. The interaction between product market and financing strategy: the role of venture capital Review of Financial Studies 13 2000 959-984.
12. Hellmann T. Puri M. Venture capital and the professionalization of start-ups: empirical evidence Journal of Finance 57 2002 169-197.
13. Kanniainen, V., Keuschnigg, C., 2001. Start-up investment with scarce venture capital support. CESifo DP 439, revised.
14. Kaplan, S.N., Strömberg, P., 2000. Financial contracting theory meets the real world: an empirical analysis of venture capital contracts, NBER WP 7660.
15. Kaplan S.N. Strömberg P. Venture capitalists as principals: contracting, screening, and monitoring American Economic Review (Papers and Proceedings) 91 2001 426-430.
16. Keuschnigg, C., 2002. Venture capital backed growth. CESifo DP 664 (5).
17. Norton E. Tenenbaum B.H. Specialization versus diversification as a venture capital investment strategy Journal of Business Venturing 8 1993 431-442.
18. Reid G.C. Terry N.G. Smith J.A. Risk management in venture capital investor-investee relations European Journal of Finance 3 1997 27-47.
19. Repullo, R., Suarez, J., 1999. Venture capital finance: a security design approach. CEPR DP No. 2097.
20. Sahlman W.A. The structure and governance of venture-capital organizations Journal of Financial Economics 27 1990 473-521.
21. Schmidt, K.M., 1999. Convertible securities and venture capital finance, Munich. CESifo WP No. 217.
22. Strobel, P., 2001. Marktsegmentierung zwischen venture capital und Banken. Saarbrücken: University of Saarland, unpublished PhD thesis.