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| Tekijä: | Hartmann-Wendels, T. |
| Otsikko: | Adverse selection, investor experience and security choice in venture capital finance: evidence from Germany |
| Lehti: | European Financial Management
2011 : JUN, VOL.17:3, p. 464-499 |
| Asiasana: | financial markets venture capital securities capital structure of companies contracts experience adverse selection Germany |
| Vapaa asiasana: | security choices |
| Kieli: | eng |
| Tiivistelmä: | This author analyzes 336 German venture capital transactions from 1990 to 2005 and seeks to determine why selected financial securities differ across deals. Based on the chosen financial securities' upside potential and downside protection characteristics, They provide an explanation for the differing use of these securities. It is found that a broad array of financial instruments is used, covering straight equity, mezzanine and debt-like securities and suggests that investorsÂ’ deal experience, adverse selection risks and economic prospects in the public equity market influence the selection of financial securities. |
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