Three Essays On Venture Capital Finance PDF Download
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Author | : Ibolya Schindele |
Publisher | : Rozenberg Publishers |
Total Pages | : 181 |
Release | : 2005 |
Genre | : Contracts |
ISBN | : 9051709471 |
Download Three essays on venture capital contracting Book in PDF, ePub and Kindle
Author | : Jeffrey Scott Kobayahsi Peter |
Publisher | : |
Total Pages | : |
Release | : 2011 |
Genre | : Business economists |
ISBN | : |
Download Three Essays on Venture Capital Finance Book in PDF, ePub and Kindle
Venture capital finances high-risk, high-return projects. In addition to financing, venture capitalists provide advice and expertise in management, commercialization, and development that enhance the value, success, and marketability of projects. Venture capitalists also have skills in selecting projects with potentially high returns. The first chapter investigates the contracting relationship between venture capitalists and entrepreneurs in a setting where the venture capitalist and entrepreneur contribute intangible assets (advice and effort) to a project that are non-contractible and non-verifiable. In general, in the private market equilibrium, advice provided by the venture capitalist and the number of projects funded are lower than the social optimum. Government tax and investment policies may alleviate these market failures. The impact of a capital gains tax, a tax on entrepreneur's revenue, an investment subsidy to venture capitalists, and government run project enhancing programs are evaluated. Finally, we analyze the effects of a government venture capital firm competing with private venture capital. The second chapter focuses on competition in venture capital markets. We model a three-stage game of fund raising, investment in innovative projects and input of advice and effort, where fund raising is used as an entry deterrence mechanism. We examine the impacts of taxes and subsidies on venture capital market structure. We find that a tax on venture capitalist revenue and a tax on entrepreneur revenue increase the likelihood of entry deterrence and reduce the number of projects funded in equilibrium. A subsidy on investment reduces the likelihood of entry deterrence and increases the number of projects funded. The third chapter examines the venture capitalist's choice of investment in project selection skills and investment in managerial advice. We model, separately, a private venture capitalist and a labour-sponsored venture capitalist (LSVCC) with different objectives. A LSVCC is a special type of venture capitalist fund that is sponsored by a labour union. The private venture capitalist maximizes its expected profits, while the LSVCC maximizes a weighted function of expected profits and returns to labour. Consistent with empirical evidence, the quality of projects, determined by project selection skills and managerial advice, is higher for the private venture capitalist.
Author | : Abdelhamid Riani |
Publisher | : |
Total Pages | : 200 |
Release | : 2019 |
Genre | : Finance |
ISBN | : |
Download Three Essays on Venture Capital Backed Firms and Peer to Peer Lending Book in PDF, ePub and Kindle
Author | : Georg Gebhardt |
Publisher | : |
Total Pages | : 103 |
Release | : 2002 |
Genre | : |
ISBN | : 9783898255325 |
Download Venture Capital, Takeovers and Time-varying Returns Book in PDF, ePub and Kindle
Author | : Michael M. Wenzel |
Publisher | : |
Total Pages | : 0 |
Release | : 2023 |
Genre | : |
ISBN | : |
Download Three Essays on Entrepreneurial Finance: Exploring Entrepreneurs and Venture Capitalists' Decision-making in Investment Processes Book in PDF, ePub and Kindle
Author | : Jeffrey Jacob Trester |
Publisher | : |
Total Pages | : |
Release | : 1995 |
Genre | : |
ISBN | : |
Download Three Essays in Venture Capital and Intermediation Book in PDF, ePub and Kindle
Author | : Fan Wang |
Publisher | : |
Total Pages | : |
Release | : 2015 |
Genre | : |
ISBN | : |
Download Three Essays in Venture Capital Book in PDF, ePub and Kindle
Author | : Nico Lehnertz |
Publisher | : |
Total Pages | : 0 |
Release | : 2023 |
Genre | : |
ISBN | : |
Download Three Essays on Venture Capital and Its Impact on Performance, Capital Structure, and the Exit Decision of New Ventures Book in PDF, ePub and Kindle
Author | : Chang Jie Hu |
Publisher | : |
Total Pages | : |
Release | : 2020 |
Genre | : |
ISBN | : |
Download Three Essays in Empirical Corporate Finance Book in PDF, ePub and Kindle
"The core of the thesis includes three essays in empirical corporate finance. The first essay examines the relation between mandatory disclosure behavior and legal accountability. In this study, we treat the enactment of the Sarbanes-Oxley Act (SOX) in 2002 as a regulatory event that increases the legal accountability of top executives and compute the filing tones for a large sample of Forms 10-Q and 10-K filings between 1994 and 2017 using textual analysis. We document that the changes in filing tones contain substantial information that is reflected promptly in the capital market. We also show that a structural break exists in the distribution of filing tones around SOX. Firms use a more negative tone in their quarterly mandatory disclosure after SOX. Interestingly, investors exhibit a stronger reaction to per unit change of filing tones during the post-SOX era and we show that changes in investors’ reactions are not merely driven by the systematic changes in tone distribution after SOX. We also document that filing tones are determined by common performance measures, but such relation is weakened after SOX. The second essay studies the impact of the exit of Venture Capitalists (VCs) on innovation by comparing VC backed IPO firms with the non-VC backed. VCs play a significant role in bringing new ventures public by providing financing and consistent monitoring. Prior literature has established mostly a positive correlation between VCs and firm innovation because VCs may preselect more innovative firms to begin with. This study hopes to provide evidence on causal inference with reasonable assumptions from a “reverse treatment” perspective by examining the change in innovation when VCs exit. We treat the initial public offering (IPO) as a proxy for VC’s exit since most VCs exit shortly after IPO due to their limited investment horizon. Using a difference-in-differences framework, we find that VC-backed firms experience a greater drop in Research and Development (R&D) intensity after IPO-exits when compared to those non-VC backed. The third essay revisits the long-debated relation between market competition and firm innovation. While traditionally competition is measured at the industry level with historical data, our study utilizes two new text-based measures of competitive threats developed by Hoberg et al. (2014) and Li et al. (2013) which are both firm-specific and forward-looking. We address the potential endogeneity concerns using instrumental variables along with the propensity score matching of firms that experience an exogenous shock from import competition with those that do not. Our results show that an increase in competition unambiguously promotes firm innovation"--
Author | : Tse-Chun Lin |
Publisher | : Rozenberg Publishers |
Total Pages | : 146 |
Release | : 2009 |
Genre | : |
ISBN | : 9036101514 |
Download Three essays on empirical finance Book in PDF, ePub and Kindle