Articles liés à Equity Financing and Covenants in Venture Capital:...

Equity Financing and Covenants in Venture Capital: An Augmented Contracting Approach to Optimal German Contract Design - Couverture souple

Jung-Senssfelder, Karoline

 
9783835003354: Equity Financing and Covenants in Venture Capital: An Augmented Contracting Approach to Optimal German Contract Design
Couverture souple
ISBN 10 : 3835003356 ISBN 13 : 9783835003354
Editeur : Deutscher Universitätsverlag, 2006

Synopsis

Contract design is currently at the center of interest in venture capital research. The existing literature points out that German venture capital contracts differ significantly from Anglo-Saxon contracting practices in their choice of financial instruments and covenants. Contract comparisons have, however, so far neglected the complementary role covenants play in the allocation of entrepreneurial cash flow rights to the contracting parties. Against this background of diverse contract designs, this dissertation provides a first comprehensive analysis of cash flow Incentives implemented through financial instruments in combination with covenants in German venture capital contracts. The author begins with a contract-theoretical analysis of the cash flow effects Implemented by common contract designs. This is followed by an empirical study that presents new evidence on the contracting patterns used in the German venture capital market. Integrating theoretical and empirical findings, the author derives implications for an improved incentive-driven contract design In Germany. With its state-of-the-art analyses, the dissertation contributes extensively to the existing international theoretical and empirical literature on venture capital contracting. Furthermore, it provides significant value added for venture capitalists and portfolio companies operating in the German market. This dissertation makes a significant contribution to current venture capital research and will, without doubt, become widely accepted by and give impetus to venture capital researchers and practitioners alike. Professor Ulrich Hommel, Ph.D.

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À propos de l'auteur

Dr. Karoline Jung-Senssfelder promovierte am Stiftungslehrstuhl Unternehmensfinanzierung und Kapitalmärkte der European Business School, Oestrich-Winkel.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
Deutscher Universitätsverlag
Date d'édition
2006
Langue
anglais
ISBN 10 
3835003356
ISBN 13 
9783835003354
Reliure
Broché
Nombre de pages
308
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