Self-Selection and Advice in Venture Capital Finance

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Self-Selection and Advice in Venture Capital Finance

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dc.contributor.author Keuschnigg, Christian en_US
dc.contributor.author Nielsen, Søren Bo en_US
dc.date.accessioned 2009-02-04T10:28:18Z
dc.date.available 2009-02-04T10:28:18Z
dc.date.issued 2007-12-04T00:00:00Z en_US
dc.identifier.uri http://hdl.handle.net/10398/7707
dc.description.abstract In financing start-up firms, venture capitalists carefully select among alternative projects, design incentive compatible financial contracts and support portfolio companies with value enhancing managerial advice. This paper considers how venture capitalists can induce self-selection among entrepreneurial firms with different qualities by designing appropriate contracts and offering commercial support. We study the efficiency of the competitive market equilibrium with respect to the level and quality of entrepreneurship and the level of effort by entrepreneurs and venture capitalists. We also provide comparative statics results with respect to basic preference and technology parameters. Venture capital, entrepreneurship, self-selection, moral hazard. en_US
dc.format.extent 28 s. en_US
dc.language eng en_US
dc.relation.ispartofseries Discussion paper;2007-7 en_US
dc.title Self-Selection and Advice in Venture Capital Finance en_US
dc.type wp en_US
dc.accessionstatus modt07dec04 nijemo en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Centre for Economic and Business Research en_US
dc.contributor.departmentshort CEBR en_US
dc.contributor.departmentuk Centre for Economic and Business Research en_US
dc.contributor.departmentukshort CEBR en_US
dc.idnumber x656555466 en_US
dc.publisher.city København en_US
dc.publisher.year 2007 en_US


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