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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.
SCIMA tietueen numero: 274076
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