Adverse Selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany

被引：7

作者：

Hartmann-Wendels, Thomas ^{[2
]}

Keienburg, Georg ^{[2
,3
]}

Sievers, Soenke ^{[1
]}

机构：

[1] Univ N Carolina, Kenan Flagler Business Sch, Chapel Hill, NC 27599 USA

[2] Univ Cologne, Dept Banking, D-50923 Cologne, Germany

[3] Univ Cologne, Grad Sch Risk Management, D-50923 Cologne, Germany

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2011年 / 17卷 / 03期

关键词：

venture capital; capital structure; contract theory; deal experience; G24; G32; CONVERTIBLE SECURITIES; CONTRACTS; FIRMS;

D O I：

10.1111/j.1468-036X.2010.00568.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This article analyses 336 German venture capital transactions from 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used, covering straight equity, mezzanine and debt-like securities. Based on the chosen financial securities' upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors' deal experience, adverse selection risks and economic prospects in the public equity market influence the selection of financial securities.

引用

页码：464 / 499

页数：36

共 45 条

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