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Banks versus venture capital when the venture capitalist values private benefits of control
Inci, Eren; Barlo, Mehmet - Volkswirtschaftliche Fakultät, … - 2010
firms, but not for banks, which are passive loan providers. We incorporate this difference between banks and venture capital … who value private benefits more choose banks while the rest choose venture capital. Thus, bank-financed entrepreneurs …
Persistent link: https://www.econbiz.de/10008674267
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Patent collateral investor commitment and the market for venture lending
Hochberg, Yael V.; Serrano, Carlos J.; Ziedonis, … - Department of Economics and Business, Universitat … - 2014
The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems. Nonetheless, we document widespread lending to startups in three innovation-intensive sectors and in early stages of development. At odds with claims that the secondary patent...
Persistent link: https://www.econbiz.de/10010940078
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Patent Collateral, Investor Commitment, and the Market for Venture Lending
Hochberg, Yael V.; Serrano, Carlos J.; Ziedonis, … - Barcelona Graduate School of Economics (Barcelona GSE) - 2014
The use of debt to finance risky entrepreneurial-firm projects is rife with informational and contracting problems. Nonetheless, we document widespread lending to startups in three innovation-intensive sectors and in early stages of development. At odds with claims that the secondary patent...
Persistent link: https://www.econbiz.de/10010950598
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Banking and Trading
Boot, Arnoud W.A.; Ratnovski, Lev - Tinbergen Instituut - 2012
We study the effects of a bank’s engagement in trading. Traditional banking is relationship-based: not scalable, long … leads trading in banks to become increasingly risky, so that problems in managing and regulating trading in banks will …
Persistent link: https://www.econbiz.de/10011256147
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Informed capital in a hostile environment: the case of relational investors in Germany
Schäfer, Dorothea; Schilder, Dirk - Fakultät Wirtschaftswissenschaften, Technische … - 2006
significant differences between the investors which are linked to banks and those financiers which are not. Although, the bank …
Persistent link: https://www.econbiz.de/10009207058
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Smart capital in German start-ups - an empirical analysis
Schaefer, Dorothea; Schilder, Dirk - Wirtschaftswissenschaftliche Fakultät, … - 2007
It is still an open question what kind of smart capital relational investors actually supply. We divide smart capital into several components and conduct a survey among 85 German suppliers of start-up finance. The results show that the degree of "smartness" is determined by the financial product...
Persistent link: https://www.econbiz.de/10005051036
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Informed Capital in a Hostile Environment: The Case of Relational Investors in Germany
Schäfer, Dorothea; Schilder, Dirk - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
significant differences between the investors which are linked to banks and those financiers which are not. Although, the …
Persistent link: https://www.econbiz.de/10005068684
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Entrepreneurs' financing choice between independent and bank-affiliated venture capital firms
Andrieu, Guillaume; Groh, Alexander Peter - In: Journal of Corporate Finance 18 (2012) 5, pp. 1143-1167
This paper analyzes how the affiliation of a venture capital firm affects the deal terms for innovative entrepreneurial ventures. We develop a theory to explain the advantages of independent and bank-affiliated venture capital funds for entrepreneurs. We assume that independent venture capital...
Persistent link: https://www.econbiz.de/10010588374
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What is the Effect of the Current Financial Crisis on Venture Capital Financing? Empirical Evidence from US Internet Start-ups
Block, Joern; Sandner, Philipp - Volkswirtschaftliche Fakultät, … - 2009
Employing a large dataset regarding venture capital investments in US Internet firms, we analyze the effect of the current financial crisis on the venture capital market. Using regression analysis, we find that the financial crisis led to a 20% decrease in the average amount of funds raised per...
Persistent link: https://www.econbiz.de/10005836075
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Evolution of the venture capital financing for growing small and medium enterprises in Central and Eastern Europe countries: the case of Macedonia
Lazarevski, Dimche; Mrsik, Jadranka; Smokvarski, Edi - Volkswirtschaftliche Fakultät, … - 2012
The objective of this paper is to examine and analyze the differences between Venture Capital development in Macedonia and several Central and Eastern Europe countries, to determine the reasons, and hence extract certain conclusions that will serve as a guideline in Macedonia’s venture capital...
Persistent link: https://www.econbiz.de/10011260084