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| Tekijä: | Black, B. S. Gilson, R. J. |
| Otsikko: | Venture capital and the structure of capital markets: banks versus stock markets. |
| Lehti: | Journal of Financial Economics
1998 : MAR, VOL. 47:3, p. 243-277 |
| Asiasana: | VENTURE CAPITAL STRATEGIC MANAGEMENT COMPANY CONTROL STOCK MARKETS INITIAL PUBLIC OFFERINGS USA |
| Kieli: | eng |
| Tiivistelmä: | USA has many banks that are small relative to large corporations and play a limited role in corporate governance, and a well developed stock market with an associated market for corporate control. Japanese and German banks are fewer in number but larger in relative size and are said to play a central governance role. Neither country has an active market for corporate control. The authors extend the debate on the relative efficiency of bank- and stock market-centered capital markets by developing a further systematic difference between the two systems: the greater vitality of venture capital in stock market-centered systems. Understanding the link between the stock market and the venture capital market requires understanding the contractual arrangements between entrepreneurs and venture capital providers; especially, the importance of the opportunity to enter into an implicit contract over control, which gives a succesful entrepreneur the option to require control from the venture capitalist by using an initial public offerings as the means by which the venture capitalist exits from a portfolio investment. |
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