Contracts and Exits in Venture Capital Finance

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Contracts and Exits in Venture Capital Finance

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dc.contributor.author Cumming, Douglas J. en_US
dc.date.accessioned 2009-02-04T10:24:55Z
dc.date.available 2009-02-04T10:24:55Z
dc.date.issued 2004-06-15T00:00:00Z en_US
dc.identifier.uri http://hdl.handle.net/10398/6825
dc.description.abstract Contracts and exits from a sample of 179 investment rounds in 132 entrepreneurial firms by 17 European venture capital (VC) funds are analyzed. The data indicate the financial contracts are quite heterogeneous in terms of both the cash flow and control rights. The use of different securities by European VC funds does not depend on the definition of venture capital, and the securities used are not functional equivalents. A normative empirical analysis of exit shows the likelihood of different types of exit vehicles (IPO, acquisition, and liquidation) and the returns to venture capital depend on not only firm specific characteristics but also the allocation of cash flow and control rights. Keywords: Venture Capital, Financial Contracting, Exit, IPO, Acquisition JEL Classification: G24, G28, G31, G32, G35 en_US
dc.format.extent 49 s. en_US
dc.language eng en_US
dc.relation.ispartofseries LEFIC Working paper;2002-14 en_US
dc.subject.other kep en_US
dc.title Contracts and Exits in Venture Capital Finance en_US
dc.type wp en_US
dc.accessionstatus modt04jun15 mielmo en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Center for Law, Economics & Financial Institutions
dc.contributor.departmentshort LEFIC en_US
dc.contributor.departmentuk Center for Law, Economics & Financial Institutions
dc.contributor.departmentukshort LEFIC
dc.idnumber x656409338 en_US
dc.publisher.city København en_US
dc.publisher.year 2002 en_US


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