Personal Insolvency Law and the Demand for Venture Capital

European Business Organization Law Review

Volumn 5, Issue 1, 2004, Pages 87-118

  Armour, John ^a  

^a UNIVERSITY OF CAMBRIDGE   (United Kingdom)

Author keywords

bankruptcy; law and finance; venture capital

Indexed keywords

EID: 33749610750     PISSN: 15667529     EISSN: 17416205     Source Type: Journal    
DOI: 10.1017/S1566752904000874     Document Type: Review

References (68)

1. Aghion, Phillipe, and Patrick Bolton. 1992. 'An Incomplete Contracts Approach to Financial Contracting', 59 Review of Economic Studies 473-494.
2. American Bankruptcy Institute. 2002. 'Major Effects of the Consumer Bankruptcy Provisions of the 2002 Bankruptcy Legislation', available at: 〈http://www.abiworld.org/table.pdf〉.
3. Armour, John. 2003. 'Law, Finance and Innovation: A Review', in J.A. McCahery and L. Renneboog (eds.) Venture Capital Contracting and the Valuation of Hi-Tech Firms (Oxford: Oxford University Press), 133-161.
4. Armour, John and Cumming, Douglas C. 2004. 'The Legal Road to Replicating Silicon Valley' CBR Working Paper No. 284 (March 2004), available at: 〈www.cbr.cam.ac.uk/publications/index.htm〉.
5. Baird, Douglas G., and Picker, Randal C. 1991. 'A Simple Noncooperative Bargaining Model of Corporate Reorganizations', 20 Journal of Legal Studies 311.
6. Baygan, Günseli and Michael Freudenberg. 2000. 'The Internationalisation of Venture Capital Activity in OECD Countries: Implications for Measurement and Policy', OECD STI Working Paper 2000/7.
7. Bebchuk, Lucian Ayre, and Chang, Howard. 1992. 'Bargaining and the Division of Value in Corporate Reorganization', 8 Journal of Law, Economics, and Organization 253-279.
8. Bell, J., Boyron, S. and Whittaker, S. 1998. Principles of French Law (Oxford: OUP).
9. Berger, Allen N. and Gregory F. Udell. 1998. 'The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycles', 22 Journal of Banking & Finance 613-673.
10. Black, Bernard S. 2001. 'Does Corporate Governance Matter? A Crude Test Using Russian Data' 149 University of Pennsylvania Law Review 2131-2150.
11. Black, Bernard S., and Ronald J. Gilson. 1998. 'Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets' 47 Journal of Financial Economics 243-277.
12. Bratton, William W. 2002. 'Venture Capital on the Downside: Preferred Stock and Corporate Control', 100 Michigan Law Review 891-945.
13. Cappiello, S. 2002. 'Bankruptcy Procedures in Italy' 13 International Company and Commercial Law Review 260-265.
14. Carpenter, R.E. and B.C. Petersen. 2002. 'Capital Market Imperfections, High-Tech Investment, and New Equity Financing' 112 Economic Journal F54-F72.
15. Cherubini, G. 2000. 'Bankruptcy Reform in Italy', Eurofenix October 2000, 13.
16. Corcoran, Elizabeth. 2002. 'Digital Diaspora; From the Internet wreckage, the Spirit of Silicon Valley Emerges', 169(4) Forbes.
17. nd edn. (London, Butterworths).
18. Cumming, Douglas J. and Jeffrey G. MacIntosh. 2002. 'Crowding Out Private Equity: Canadian Evidence' working paper, University of Toronto Law School/ University of Alberta Business School, available at: 〈www.ssrn.com〉.
19. Czarnetzky, John M. 2000. 'The Individual and Failure: A Theory of the Bankruptcy Discharge' 32 Arizona State Law Journal 393-464.
20. Dalloz. 1955-. Dalloz Encyclopédie Juridique: Répertoire de Procédure Civile et Commerciale (Paris: Dalloz).
21. Department of Trade and Industry (UK). 2001. Productivity and Enterprise: Insolvency - A Second Chance (London, TSO).
22. Dirix, E. 2001. 'Bankruptcy Arrangements: The Belgian Case', in Vriesendorp, R.D., McCahery, J.A. and Verstijlen, F.M.J. (eds.), Comparative and International Perspectives on Bankruptcy Law Reform in the Netherlands (The Hague: Boom Juridische Uitgevers), 171-182.
23. European Commission. 1998. Risk Capital: A Key to Job Creation in the European Union, Brussels 31 March 1998, SEC (1998)552 final.
24. European Commission. 2000. Progress Report on the Risk Capital Action Plan, Brussels 18 Oct 2000, COM (2000) 658 final.
25. European Commission (DG Enterprise) Expert Group. 2003. Best Project on Restructuring, Bankruptcy and a Fresh Start: Final Report (Brussels).
26. EVCA (European Private Equity and Venture Capital Association). 1998-. EVCA Yearbooks (Bruges: EVCA).
27. Fan, Wei and Michelle J. White. 2000. 'Personal Bankruptcy and the Level of Entrepreneurial Activity', working paper, University of Michigan.
28. rd edn. (London: Sweet & Maxwell).
29. Freedman, Judith, and Michael Godwin. 1994. 'Incorporating the Micro Business: Perceptions and Misperceptions', in Alan Hughes and Donald J. Storey, Finance and the Small Firm (London: Routledge. 232.
30. Gangopadhyay, Shubhashis, and Wihlborg, Clas. 2001. 'The Impact of Bankruptcy Rules on Risky Project Choice and Skill Formation under Credit Rationing', working paper available on SSRN.
31. Gebhard, Robert S. 2000. 'Dot-com Bankruptcies: A Preview from Silicon Valley?', 19 American Bankruptcy Institute Journal 6.
32. Georgellis, Y., and Wall, H.J. 2002. 'Entrepreneurship and the policy environment' Federal Reserve Bank of St. Louis Working Paper 2002-019A. 〈http://reseach.stlouisfed.org/wp/2002/2002-019.pdf〉.
33. Georgokopoulos, Nicholas L. 2002. 'Bankruptcy Law for Productivity' 37 Wake Forest Law Review 51-95.
34. Gilson, Ronald J., and David M. Schizer. 2003. 'Understanding Venture Capital Structure: A Tax Explanation for Convertible Preferred Stock' 116 Harvard law Review 874-916.
35. Gompers, Paul A. and Josh Lerner. 1999. The Venture Capital Cycle (Cambridge, MA: MIT Press).
36. Gompers, Paul A. and Josh Lerner. 2000. 'What Drives Venture Capital Fundraising?' NBER Working Paper 6906.
37. Gompers, Paul A. and Josh Lerner. 2001. 'The Venture Capital Revolution', 15(2) Journal of Economic Perspectives 145-168.
38. Gonzalez, Ignacio Guillen. undated. 'Spanish Insolvency Law', available at: 〈www.multilaw.com〉.
39. Hagg, M. 1997. 'Sweden: Insolvency Procedures' 8 International Company and Commercial Law Review C20-C21.
40. Hallinan, Charles G. 1986. 'The 'Fresh Start' Policy in Consumer Bankruptcy: A Historical Inventory and an Interpretative Theory' 21 University of Richmond Law Review 49-160.
41. Hart, Oliver. 1995. Firms, Contracts and Financial Structure (Oxford: Clarendon Press).
42. Hicks, Andrew, Robert Drury and Janet Smallcombe. 1995. Alternative Company Structures for the Small Business, ACCA Research Report (London: Certified Accountants Educational Trust).
43. INSOL Europe (eds.). undated. Technical Releases: Insolvency Systems in Europe 〈http://www.insol-europe.org/member-forum.htm〉.
44. Jackson, Thomas H. 1985. 'The Fresh-Start Policy in Bankruptcy Law' 98 Harvard law Review 1393-1448.
45. Jeng, Leslie A. and Wells, Philippe C. 2000. 'The Determinants of Venture Capital Funding: Evidence Across Countries' 6 Journal of Corporate Finance 241-289.
46. Jensen, Michael C., and William H. Meckling. 1976. 'Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure', 3 Journal of Financial Economics 305-360.
47. Klausner, Michael and Kate Litvak. 2001. 'What Economists Have Taught US About Venture Capital Contracting', in Michael J. Whincop (ed.), Bridging the Entrepreneurial Finance Gap: Linking Governance with Regulatory Policy (Aldershot: Ashgate), 54-74.
48. Koral, R.L. and Sordino, M.-C. 1996. 'The New Bankruptcy Reorganization Law in France: Ten Years Later' 70 American bankruptcy Law Journal 437-458.
49. Kortum, S., and J. Lerner. 2000. 'Assessing the contribution of venture capital to innovation' 31 RAND Journal of Economics 647-692.
50. La Porta, Rafael, Lopes-de-Silanes, Florencio, Shleifer, Andrei and Vishny, Robert W., 1997. 'Law and Finance', 52 Journal of Finance 1131-1150.
51. Mayer, Colin. 2001. 'Institutional Investment and Private Equity in the UK', Oxford University Saïd Business School Working Paper 2001-FE-10.
52. Myers, Stewart C., and Nicholas S. Majluf. 1984. 'Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have', 13 Journal of Financial Economics 187-221.
53. Paulus, C.G. 2001. 'Germany: Lessons to Learn from the Implementation of a New Insolvency Code', 17 Connecticut Journal of International Law 89-98.
54. Philippe & Partners. 2002. Bankruptcy and a Fresh Start: Stigma on Failure and Legal Consequences of Bankruptcy, Study Prepared for European Commission (Brussels).
55. Raaijmakers, Theo. 2001. 'Towards a Further Revision of Dutch Insolvency Law', in R.D. Vriesendorp, J.A. McCahery and F.M.J. Verstijlen (eds.), Comparative and International Perspectives on Bankruptcy Law Reform in the Netherlands (The Hague: Boom Juridische uitgevers), 3-12.
56. Sanfey, Mark and Holohan, Bill. 1991), Bankruptcy Law and Practice in Ireland (Dublin: Round Hall Press).
57. Schiller, C. 2002. 'Three Years of Insolvency Plans in Germany', Eurofenix March 2002, 4-5.
58. SJ Berwin (eds.). 2002. Bankruptcy and Insolvency: EVCA Tax & Legal Committee Special Paper (Zaventum: EVCA).
59. Small Business Service (SBS). 2001. Think Small First (London: SBS).
60. Sorenson, A. and Omar, P.J. 1996. Corporate Rescue Procedures in France (London, Kluwer Law International).
61. Tabb, Charles Jordan. 1997. The Law of Bankruptcy (Westbury, NY: Foundation Press).
62. Tykvová, T. 2000. Venture capital in Germany and its impact on innovation. Working paper, Centre for European Economic Research (ZEW), University of Mannheim (available from SSRN).
63. Triantis, G.G. 2001. 'Financial Contract Design in the World of Venture Capital', 68 University of Chicago Law Review 305-323.
64. Vermeulen, Erik. 2001. 'Towards a New 'Company' Structure for High-Tech Start-Ups in Europe', working paper, Tilburg University Centre for Company Law (available from SSRN).
65. Wessels, Bob. 1999. Business and Bankruptcy Law in the Netherlands (The Hague: Kluwer Law International).
66. Wood, Phillip. 1995. Principles of International Insolvency (London: Sweet & Maxwell).
67. Wood, P. and Totty, P.G. (eds.). 1994. Butterworths International Insolvency Laws (London: Butterworths).
68. Ziechmann, P. 1997. 'Business Bankruptcy in Germany' American Bankruptcy Institute Journal 16 February 1997, 10.