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| Tekijä: | Repullo, R. Suarez, J. |
| Otsikko: | Venture capital finance: a security design approach |
| Lehti: | Review of finance
2004 : VOL, 8:1, p. 75-108 |
| Asiasana: | Finance Securities Venture capital |
| Kieli: | eng |
| Tiivistelmä: | This article determines the optimal securities for venture capital finance in an environment containing several investment stages and double-sided moral hazard in the relationship between entrepreneurs and venture capitalists. The authors show that the optimal security gives the venture capitalist a constant share in the success return of the project over a predetermined set of continuation states. |
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