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Venture Capital.

The Impact of Asymmetric Information on Optimal Investments, Learning and Exit Outcomes.

(Autor)

Buch | Softcover
152 Seiten
2019
Verlag Wissenschaft & Praxis
978-3-89673-753-3 (ISBN)
CHF 83,85 inkl. MwSt
This book analyzes the VC's role as a monitoring agent and a certifying agent in the relationship with the entrepreneur. It is focused on the impact of asymmetric information on optimal investments, learning, and exit outcomes in this context.The research results show that agency costs of the VC are time-variant, the information rent earned by the VC in a funding relationship is biased under asymmetric Information and certification by the VC in the exit phase is most important if new investors face high search and screening costs.

1 Introduction

2 Moral Hazard in VC Finance

Introduction – Formal Model – Empirical Approach – Conclusion

3 Learning in Funding Relationships

Introduction – Learning and Comprehensiveness – Frictions in the Learning Process – Formal Hypotheses – Data and Methodology – Results – Conclusion

4 VCs as Intermediaries in Exits

Introduction – Agency Cost in IPO and Trade Sale Exits – Investor Characteristics – Firm Characteristics – Sample and Methodology – Results – Conclusion

5 Conclusion

Summary of the Main Results – Outlook

Bibliography

Erscheinungsdatum
Reihe/Serie Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim ; 57
Zusatzinfo 21 Tab., 12 Abb. (darunter 2 farbige); S. 152, 10 schw.-w. Abb., 2 farb. Abb., 21 schw.-w. Tab.
Verlagsort Berlin
Sprache englisch
Maße 148 x 210 mm
Gewicht 239 g
Themenwelt Betriebswirtschaft / Management Spezielle Betriebswirtschaftslehre Bankbetriebslehre
Schlagworte Agency Cost • Exit Outcome • Funding Relationships • Human Capital • IPO • learning • Moral Hazard • Trade Sale Exit
ISBN-10 3-89673-753-8 / 3896737538
ISBN-13 978-3-89673-753-3 / 9783896737533
Zustand Neuware
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