Venture capital finance and control:
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
2005
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Frankfurt am Main, Univ., Diss., 2005. - Enth.: Bienz, C.: The dynamics of venture capital contracts. - Bienz, C.: Evolution of decision and control rights in venture capital contracts [u.a.] |
| Physical Description: | VII, 134 S. |
Staff View
MARC
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| 500 | |a Frankfurt am Main, Univ., Diss., 2005. - Enth.: Bienz, C.: The dynamics of venture capital contracts. - Bienz, C.: Evolution of decision and control rights in venture capital contracts [u.a.] | ||
| 502 | |a Frankfurt (Main), Univ., Diss. | ||
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Record in the Search Index
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| adam_text | Contents
List of Original Working Papers II
List of Tables VII
Acknowledgement 1
Preface 3
1 The Dynamics of Venture Capital Contracts 10
1.1 Introduction 10
1.2 What does theory tell us? 12
1.2.1 Why do we use staging? 12
1.2.2 When do we observe what form of staging? 15
1.3 The Data Set 17
1.3.1 Sample and Sample Selection Issues 17
1.3.2 Variable Descriptions 19
1.3.2.1 Firm characteristics 19
1.3.2.2 VC, entrepreneur and investment characteristics 21
1.3.2.3 Staging: Definition and Measurement 22
1.3.3 Descriptive Statistics 23
1.3.4 The determinants for staging 25
III
Contents IV
1.3.4.1 Instrumentalization of the hypothesis 25
1.3.4.2 Descriptive results 26
1.3.4.3 Regression results 27
1.3.4.4 Discussion 29
1.3.5 How does milestone financing work? 30
1.3.6 The determinants of the different forms of staging 32
1.3.6.1 Instrumentalization of the hypothesis 32
1.3.6.2 Descriptive results 35
1.3.6.3 Regression results 36
1.3.6.4 Summary 38
1.4 Conclusion 39
1.5 Tables 41
References 53
2 Evolution of Decision and Control Rights 55
2.1 Introduction 55
2.2 General discussion 58
2.2.1 General Theoretical Framework 58
2.2.2 Different types of decision and control rights 60
2.3 The Data Set 60
2.3.1 Sample and Sample Selection Issues 62
2.3.2 Variable Descriptions 63
2.3.2.1 Firm Characteristics 63
2.3.2.2 Investment Conditions 64
2.3.2.3 Control Rights 65
2.3.2.4 Other Variables 66
Contents V
2.4 Empirical Evidence 67
2.4.1 Operational Rights 67
2.4.1.1 Theory 67
2.4.1.2 Descriptive Statistics 70
2.4.1.3 Regression Results 73
2.4.2 Liquidation Rights 75
2.4.2.1 Theory 75
2.4.2.2 Descriptive Statistics 78
2.4.2.3 Regression Results 79
2.4.3 Exit Rights 80
2.4.3.1 Theoretical considerations 81
2.4.3.2 Descriptive Statistics 83
2.4.3.3 Regression Analysis 84
2.4.4 Summary 86
2.5 Conclusion 87
2.6 Tables 89
References 103
3 A Pecking Order of Venture Capital Exits 106
3.1 Introduction 106
3.2 Empirical Evidence 108
3.3 Literature 110
3.4 The model Ill
3.5 Solution of the model 114
3.5.1 The buyer s program 114
3.5.2 Optimal Control Wage Scheme 115
Contents VI
3.6 A Pecking Order 117
3.6.1 Exit choice 117
3.6.2 Optimal Exit Channels 118
3.6.3 A lower bound for xh 121
3.7 Comparative Statics 122
3.8 Discussion Extensions 124
3.8.1 Discussion 124
3.8.2 Extensions 127
3.9 Conclusion 128
References 129
List of Tables
1.1 Sample selection 41
1.2 Summary statistics I: security choice 42
1.3 Summary Statistics II: staging behavior 42
1.4 Summary statistics for staging 43
1.5 Correlations 44
1.6 The determinants of the decision for staging (1) 45
1.7 The determinants of the decision for staging (2) 46
1.8 Summary statistics for the use of the different signal types 47
1.9 The determinants of Milestones I 48
1.10 The determinants of Milestones II 49
1.11 Summary statistics for the different forms of staging 50
1.12 The determinants between pure milestones, pure rounds and mixes (1) . . 51
1.13 The determinants between pure milestones, pure rounds and mixes (2) . . 52
2.1 Sample selection 89
2.2 Summary statistics I: security choice 89
2.3 Summary Statistics I 90
2.4 Descriptive Variables: Rounds 91
2.5 Descriptive Variables: Periods 92
2.6 Descriptive Variables: Expected Contract Duration 93
VII
Preface VIII
2.7 The structure of Veto Rights: 94
2.8 Correlations Part I 95
2.9 Correlations Part II 96
2.10 The use of veto rights 97
2.11 Liquidation Rights: Substitutes or Complements? 98
2.12 Liquidation Rights: Substitutes or Complements II? 98
2.13 Relation of Exit Covenants and IPO Rights 98
2.14 The use of liquidation rights 99
2.15 The determinants of the use of Drag Along Clauses (1) 100
2.16 The determinants of the use of Drag Along Clauses (2) 100
2.17 The determinants of the use of Take Along Clauses (1) 101
2.18 The determinants of the use of Take Along Clauses (2) 101
2.19 The determinants of the use of Trade Sale Clauses (1) 102
2.20 The determinants of the use of Trade Sale Clauses (2) 102
3.1 Internal rates of return for IPOs and trade sales 109
|
| adam_txt |
Contents
List of Original Working Papers II
List of Tables VII
Acknowledgement 1
Preface 3
1 The Dynamics of Venture Capital Contracts 10
1.1 Introduction 10
1.2 What does theory tell us? 12
1.2.1 Why do we use staging? 12
1.2.2 When do we observe what form of staging? 15
1.3 The Data Set 17
1.3.1 Sample and Sample Selection Issues 17
1.3.2 Variable Descriptions 19
1.3.2.1 Firm characteristics 19
1.3.2.2 VC, entrepreneur and investment characteristics 21
1.3.2.3 Staging: Definition and Measurement 22
1.3.3 Descriptive Statistics 23
1.3.4 The determinants for staging 25
III
Contents IV
1.3.4.1 Instrumentalization of the hypothesis 25
1.3.4.2 Descriptive results 26
1.3.4.3 Regression results 27
1.3.4.4 Discussion 29
1.3.5 How does milestone financing work? 30
1.3.6 The determinants of the different forms of staging 32
1.3.6.1 Instrumentalization of the hypothesis 32
1.3.6.2 Descriptive results 35
1.3.6.3 Regression results 36
1.3.6.4 Summary 38
1.4 Conclusion 39
1.5 Tables 41
References 53
2 Evolution of Decision and Control Rights 55
2.1 Introduction 55
2.2 General discussion 58
2.2.1 General Theoretical Framework 58
2.2.2 Different types of decision and control rights 60
2.3 The Data Set 60
2.3.1 Sample and Sample Selection Issues 62
2.3.2 Variable Descriptions 63
2.3.2.1 Firm Characteristics 63
2.3.2.2 Investment Conditions 64
2.3.2.3 Control Rights 65
2.3.2.4 Other Variables 66
Contents V
2.4 Empirical Evidence 67
2.4.1 Operational Rights 67
2.4.1.1 Theory 67
2.4.1.2 Descriptive Statistics 70
2.4.1.3 Regression Results 73
2.4.2 Liquidation Rights 75
2.4.2.1 Theory 75
2.4.2.2 Descriptive Statistics 78
2.4.2.3 Regression Results 79
2.4.3 Exit Rights 80
2.4.3.1 Theoretical considerations 81
2.4.3.2 Descriptive Statistics 83
2.4.3.3 Regression Analysis 84
2.4.4 Summary 86
2.5 Conclusion 87
2.6 Tables 89
References 103
3 A Pecking Order of Venture Capital Exits 106
3.1 Introduction 106
3.2 Empirical Evidence 108
3.3 Literature 110
3.4 The model Ill
3.5 Solution of the model 114
3.5.1 The buyer's program 114
3.5.2 Optimal Control Wage Scheme 115
Contents VI
3.6 A Pecking Order 117
3.6.1 Exit choice 117
3.6.2 Optimal Exit Channels 118
3.6.3 A lower bound for xh 121
3.7 Comparative Statics 122
3.8 Discussion Extensions 124
3.8.1 Discussion 124
3.8.2 Extensions 127
3.9 Conclusion 128
References 129
List of Tables
1.1 Sample selection 41
1.2 Summary statistics I: security choice 42
1.3 Summary Statistics II: staging behavior 42
1.4 Summary statistics for staging 43
1.5 Correlations 44
1.6 The determinants of the decision for staging (1) 45
1.7 The determinants of the decision for staging (2) 46
1.8 Summary statistics for the use of the different signal types 47
1.9 The determinants of Milestones I 48
1.10 The determinants of Milestones II 49
1.11 Summary statistics for the different forms of staging 50
1.12 The determinants between pure milestones, pure rounds and mixes (1) . . 51
1.13 The determinants between pure milestones, pure rounds and mixes (2) . . 52
2.1 Sample selection 89
2.2 Summary statistics I: security choice 89
2.3 Summary Statistics I 90
2.4 Descriptive Variables: Rounds 91
2.5 Descriptive Variables: Periods 92
2.6 Descriptive Variables: Expected Contract Duration 93
VII
Preface VIII
2.7 The structure of Veto Rights: 94
2.8 Correlations Part I 95
2.9 Correlations Part II 96
2.10 The use of veto rights 97
2.11 Liquidation Rights: Substitutes or Complements? 98
2.12 Liquidation Rights: Substitutes or Complements II? 98
2.13 Relation of Exit Covenants and IPO Rights 98
2.14 The use of liquidation rights 99
2.15 The determinants of the use of Drag Along Clauses (1) 100
2.16 The determinants of the use of Drag Along Clauses (2) 100
2.17 The determinants of the use of Take Along Clauses (1) 101
2.18 The determinants of the use of Take Along Clauses (2) 101
2.19 The determinants of the use of Trade Sale Clauses (1) 102
2.20 The determinants of the use of Trade Sale Clauses (2) 102
3.1 Internal rates of return for IPOs and trade sales 109 |
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| index_date | 2024-07-02T16:02:13Z |
| indexdate | 2024-07-09T20:45:59Z |
| institution | BVB |
| language | English |
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| physical | VII, 134 S. |
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| spelling | Bienz, Carsten 1975- Verfasser (DE-588)132027631 aut Venture capital finance and control vorgelegt von Carsten Bienz 2005 VII, 134 S. txt rdacontent n rdamedia nc rdacarrier Frankfurt am Main, Univ., Diss., 2005. - Enth.: Bienz, C.: The dynamics of venture capital contracts. - Bienz, C.: Evolution of decision and control rights in venture capital contracts [u.a.] Frankfurt (Main), Univ., Diss. Finanzierung (DE-588)4017182-6 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Risikokapital (DE-588)4124067-4 s Finanzierung (DE-588)4017182-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015058158&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bienz, Carsten 1975- Venture capital finance and control Finanzierung (DE-588)4017182-6 gnd Risikokapital (DE-588)4124067-4 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4124067-4 (DE-588)4113937-9 |
| title | Venture capital finance and control |
| title_auth | Venture capital finance and control |
| title_exact_search | Venture capital finance and control |
| title_exact_search_txtP | Venture capital finance and control |
| title_full | Venture capital finance and control vorgelegt von Carsten Bienz |
| title_fullStr | Venture capital finance and control vorgelegt von Carsten Bienz |
| title_full_unstemmed | Venture capital finance and control vorgelegt von Carsten Bienz |
| title_short | Venture capital finance and control |
| title_sort | venture capital finance and control |
| topic | Finanzierung (DE-588)4017182-6 gnd Risikokapital (DE-588)4124067-4 gnd |
| topic_facet | Finanzierung Risikokapital Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015058158&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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