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| Author: | Hellmann, T. |
| Title: | A theory of strategic venture investing |
| Journal: | Journal of Financial Economics
2002 : MAY, VOL. 64:2, p. 285-314 |
| Index terms: | Strategic planning Venture capital Financial theory |
| Language: | eng |
| Abstract: | The paper examines a model where a strategic investor can achieve synergies, but can also face a conflict of interest with the entrepreneur. If the start-up is a complement to the strategic partner, it is opitimal to obtain funding from the strategic investor. The expected returns for the entrepreneur are nonmonotonic, lowest for a mild substitute, and higher for s strong substitute as well as a compliment. |
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