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A Control Theory of Venture Capital Finance
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| Abstract |
This article analyzes how an entrepreneur and an external investor allocate revenues and control among themselves in a venture capital relationship, given that they want to liquidate their holdings in the future. Within an incomplete contracting framework we generate contractual arrangements that closely resemble those observed in venture capital markets. In particular, we explain the predominance of preferred stock and convertible instruments. Copyright 1994 by Oxford University Press.
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| Publisher Info |
Volume (Year): 10 (1994)
Issue (Month): 2 (October)
Pages: 247-67
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:oup:jleorg:v:10:y:1994:i:2:p:247-67
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Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
Fax: 01865 267 985
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Web page: http://jleo.oupjournals.org/
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For technical questions regarding this item, or to correct its listing, contact: academic.rights@oup.com (Oxford University Press) or baum@bc.edu (Christopher F. Baum).
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(explanations, RSS feed, Please report citation or reference errors to Jose.Barrueco@uv.es, or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
- Ouidad Yousfi, 2009. "Leveraged Buy Out: Dynamic agency model with write-off option," EconomiX Working Papers 2009-13, University of Paris West - Nanterre la Défense, EconomiX.[Downloadable!]
- Ambec, S., 2004. "On the governance of start-ups," Working Papers 200406, Grenoble Applied Economics Laboratory (GAEL). [Downloadable!]
- Chemla, Gilles & de Bettignies, Jean-Etienne, 2003. "Corporate Venture Capital: The Upside of Failure and Competition for Talent," CEPR Discussion Papers 4139, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:- J.E. de Bettignies & Gilles Chemla, 2003. "Corporate Venture Capital: The Upside of Failure and Competition for Talent," THEMA Working Papers 2003-45, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
- Andrea Schertler, 2000. "Venture Capital Contracts: A survey of the recent literature," Kiel Working Papers 1017, Kiel Institute for the World Economy. [Downloadable!]
- Pia Weiss, 2002. "A Note on Firms' Strategic Behaviour During an IPO," Microeconomics 0201003, EconWPA. [Downloadable!]
Other versions:- Pia Weiß & Stefan Mai, 2002. "A Note on Firms' Strategic Behaviour During an IPO," IWP Discussion Paper Series 01/2002, Institute for Economic Policy, Cologne, Germany.[Downloadable!]
- Christian Keuschnigg, 2003. "Optimal Public Policy For Venture Capital Backed Innovation," University of St. Gallen Department of Economics working paper series 2003 2003-09, Department of Economics, University of St. Gallen. [Downloadable!]
Other versions:- Keuschnigg, Christian, 2003. "Optimal Public Policy for Venture Capital Backed Innovation," CEPR Discussion Papers 3850, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Bronwyn H. Hall & Josh Lerner, 2009. "The Financing of R&D and Innovation," NBER Working Papers 15325, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:- Hall, Bronwyn H. & Lerner, Josh, 2010. "The Financing of R&D and Innovation," UNU-MERIT Working Paper Series 012, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology. [Downloadable!]
- Gary Gorton & Bruce D. Grundy, 1996. "Executive Compensation and the Optimality of Managerial Entrenchment," NBER Working Papers 5779, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
- Hellmann, Thomas F., 2002. "IPOs, Acquisitions and the Use of Convertible Securities in Venture Capital," Research Papers 1702r, Stanford University, Graduate School of Business.[Downloadable!]
Other versions:- Hellmann, Thomas, 2006. "IPOs, acquisitions, and the use of convertible securities in venture capital," Journal of Financial Economics, Elsevier, vol. 81(3), pages 649-679, September. [Downloadable!] (restricted)
- Mathias Dewatripont & Patrick Legros & Steven A. Matthews, 2003. "Moral Hazard and Capital Structure Dynamics," PIER Working Paper Archive 03-006, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania. [Downloadable!]
Other versions:- Dewatripont, Mathias & Legros, Patrick & Matthews, Steven A, 2002. "Moral Hazard and Capital Structure Dynamics," CEPR Discussion Papers 3487, C.E.P.R. Discussion Papers.[Downloadable!] (restricted)
- Mathias Dewatripont & Patrick Legros & Steven Matthews, 2003. "Moral hazard and capital structure dynamics," ULB Institutional Repository 2013/9629, ULB -- Universite Libre de Bruxelles.
- Mathias Dewatripont & Patrick Legros & Steven A. Matthews, 2002. "Moral Hazard and Capital Structure Dynamics," Penn CARESS Working Papers dfdfbbfe0a5b0e04217a58a93, Penn Economics Department. [Downloadable!]
- Mathias Dewatripont & Patrick Legros & Steven A. Matthews, 2003. "Moral Hazard and Capital Structure Dynamics," Journal of the European Economic Association, MIT Press, vol. 1(4), pages 890-930, 06. [Downloadable!] (restricted)
- Schmidt, Klaus M., 1999. "Convertible Securities and Venture Capital Finance," CEPR Discussion Papers 2317, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:- Schmidt, Klaus M., 1999. "Convertible Securities and Venture Capital Finance," CESifo Working Paper Series 217, CESifo Group Munich. [Downloadable!]
- Klaus M. Schmidt, 2003. "Convertible Securities and Venture Capital Finance," Journal of Finance, American Finance Association, vol. 58(3), pages 1139-1166, 06. [Downloadable!] (restricted)
- Gebhardt, Georg & Schmidt, Klaus M., 2006. "Conditional Allocation of Control Rights in Venture Capital Firms," CEPR Discussion Papers 5758, C.E.P.R. Discussion Papers.[Downloadable!] (restricted)
- Bergemann, D. & Hege, U., 1997. "Venture Capital Financing, Moral Hazard and Learning," Discussion Paper 1997-108, Tilburg University, Center for Economic Research.[Downloadable!]
Other versions:- Bergemann, Dirk & Hege, Ulrich, 1997. "Venture Capital Financing, Moral Hazard and Learning," CEPR Discussion Papers 1738, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Bergemann, Dirk & Hege, Ulrich, 1998. "Venture capital financing, moral hazard, and learning," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 703-735, August.[Downloadable!] (restricted)
- Yochanan Shachmurove, . "An Empirical Investigation of IPO's Annualized Returns in the Last Three Decades," Penn CARESS Working Papers 823ad5f6b6eb3583cc703364e, Penn Economics Department. [Downloadable!]
- Dessi, Roberta, 2004. "Start-up Finance, Monitoring and Collusion," IDEI Working Papers 264, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
- David J. Brophy & Wassim Mourtada, 1999. "Equity finance and the economic transition of rural America : a new framework for private-sector initiatives and positive economic public policy," Proceedings – Rural Conferences, Federal Reserve Bank of Kansas City, issue Aug, pages 107-164. [Downloadable!]
- Tereza Tykvová, 2003. "The Role of the Value Added by the Venture Capitalists in Timing and Extent of IPOs," CFS Working Paper Series 2003/25, Center for Financial Studies.[Downloadable!]
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This page was last updated on 2010-9-1.
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