Financing practices in the German venture capital industry: An empirical study

Venture Capital in Europe

Volumn , Issue , 2007, Pages 217-231

  Bascha, Andreas ^a   Walz, Uwe ^b  

^a German Central Bank Regional Office   (Germany)

^b GOETHE UNIVERSITY   (Germany)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84882533376     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1016/B978-075068259-6.50019-1     Document Type: Chapter

References (37)

1. Ameniya T. Advanced Econometrics 1985, Blackwell, Oxford.
2. Audretsch D.B., Lehmann E. Debt or Equity? The Role of Venture Capital in Financing the New Economy in Germany. CEPR Discussion Paper Series, No. 3656 2002, Centre for Economic Policy Research, London.
3. Bascha A. Hybride Beteiligungsformen bei Venture Capital: Finanzierung und Corproate Governance in jungen Unternebmen 2001, DUV, Wiesbaden.
4. Bascha A., Walz U. Convertible Securities and Optimal Exit Decisions in Venture Capital Finance. Journal of Corporate Finance 2001, 7(3):285-306.
5. Bergemann D., Hege U. Dynamic Venture Capital Financing, Learning and Moral Hazard. Journal of Banking and Finance 1998, 22(6-8):703-735.
6. Berglöf E. A Control Theory of Venture Capital Finance. Journal of Law, Economics and Organisation 1994, 10(2):247-267.
7. Black B.S., Gilson R.J. Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets. Journal of Financial Economics 1999, 47(3):243-277.
8. Casamatta C. Financing and Advising: Optimal Financial Contracts with Venture Capitalists. Journal of Finance 2003, 58(5):2059-2085.
9. Chan Y. On the Positive Role of Financial Intermediation in Allocation of Venture Capital in a Market with Imperfect Information. Journal of Finance 1983, 38(5):1543-1568.
10. Chan Y., Siegel D.R., Thakor A.V. Learning, Corporate Control and Performance Requirements in Venture Capital Contracts. International Economic Review 1990, 31(2):365-381.
11. Cornelli F., Oved Y. Stage Financing and the Role of Convertible Debt. CEPR Discussion Paper Series No. 1735 1997, Centre for Economic Policy Research, London.
12. Cumming D.J. Capital Structure in Venture Finance. Journal of Corporate Finance 2005, 11(3):550-585.
13. Feinendegen S., Schmidt D., Wahrenburg M. Die Vertragsbeziehungen zwischen Investoren und europäischen Venture Capital Fonds: Eine empirische Untersuchung und Klassifizierung unterschiedlicher Vertragsmuster. Zeitschrift für Betriebswirtschaft 2003, 73(11):1167-1195.
14. Glen J. The European Venture Capital Market. Handbook of Financial Planning and Control 2002, 325-336. Gower, Aldershot. R.P. Greenwood (Ed.).
15. Gompers P.A., Lerner J. The Venture Capital Cycle 1999, MIT Press, Cambridge MA.
16. Greene W.H. Econometric Analysis 1993, Prentice Hall, New York.
17. Greenwald B.C., Stiglitz J.E., Weiss A. Information Imperfections in the Capital Market and Macroeconomic Fluctuations. American Economic Review, Papers and Proceedings 1984, 74:194-199.
18. Grossman S., Hart O.D. The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy 1986, 94(4):691-719.
19. Harris M., Raviv A. Optimal Incentive Contracts with Imperfect Information. Journal of Economic Theory 1979, 20(2):231-259.
20. Hart O.D., Moore J. Property Rights and the Nature of the Firm. Journal of Political Economy 1990, 98(6):1119-1158.
21. Hart O.D., Moore J. Default and Renegotiation: A Dynamic Model of Debt. Quarterly Journal of Economic 1998, 113(1):1-41.
22. Hellmann T.F. The Allocation of Control Rights in Venture Capital Contracts. RAND Journal of Economics 1998, 29(1):57-76.
23. Hellmann T.F. IPOs, Acquisitions and the Use of Convertible Securities in Venture Capital. The Journal of Financial Economics 2006, Forthcoming.
24. Kaplan S.N., Stromberg P. Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts. Review of Economic Studies 2003, 70(2):281-316.
25. Kaplan S., Stromberg P. Characteristics, Contracts, and Actions: Evidence from Venture Capital Analyses. The Journal of Finance 2004, 59(5):2177-2210.
26. Kortum S., Lerner J. Assessing the Contribution of Venture Capital to Innovation. RAND Journal of Economics 2000, 31(4):674-692.
27. Kuemmerle W. Comparing Catalysts of Change. Evolution and Institutional Differences in the Venture Capital Industries in the U.S., Japan and Germany. Research on Technological Innovation, Management and Policy 2001, Vol. 7:227-261. Elsevier, Amsterdam. R.A. Burgelman, H. Chesbrough (Eds.).
28. Lerner J., Schoar A. Transaction Structures in the Developing World: Evidence from Private Equity. Journal of Finance Forthcoming 2006.
29. Lessat V. Beteiligungskapital und technologierorientierte Unternebmensgründungen: Markt-Finanzierungen-Rabmenbedingungen 1999, Gabler, Wiesbaden.
30. Mayer C., Schoors K., Yafeh Y. Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the United Kingdom. Journal of Corporate Finance 2005, 11(3):586-608.
31. Myers S.C., Majluf N.S. Corporate Finacing and Investment Decisions when Firms Have Information That Investors Do Not Have. Journal of Financial Economics 1984, 13(2):187-221.
32. Modigliani F., Miller M. The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review 1958, 48(3):261-297.
33. Repullo R., Suarez J. Venture Capital Finance: A Security Design Approach. Review of Finance 2004, 8(1):75-108.
34. Sahlman W.A. The Structure and Governance of Venture Capital Organizations. Journal of Financial Economics 1990, 27(2):473-521.
35. Schefczyk M. Erfolgsstrategien Deutscher Venture Capital Gesellschaften 2004, Schäfer-Pöschel, Stuttgart.
36. Spotorno L. The Venture Capital Industry in Europe: Trends and Figures. Venture Capital: A Euro-System Approach 2004, 285-315. Springer, Heidelberg. S. Caselli, S. Gatti (Eds.).
37. Trester J.J. Venture Capital Contracting Under Asymmetric Information. Journal of Banking and Finance 1998, 22(6-8):675-699.