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Tennert, J. (2019). Venture Capital. The Impact of Asymmetric Information on Optimal Investments, Learning and Exit Outcomes. Verlag Wissenschaft & Praxis. https://doi.org/10.3790/978-3-89644-753-1
Tennert, Julius. Venture Capital: The Impact of Asymmetric Information on Optimal Investments, Learning and Exit Outcomes. Verlag Wissenschaft & Praxis, 2019. Book. https://doi.org/10.3790/978-3-89644-753-1
Tennert, J (2019): Venture Capital: The Impact of Asymmetric Information on Optimal Investments, Learning and Exit Outcomes, Verlag Wissenschaft & Praxis, [online] https://doi.org/10.3790/978-3-89644-753-1
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Venture Capital
The Impact of Asymmetric Information on Optimal Investments, Learning and Exit Outcomes
Studienreihe der Stiftung Kreditwirtschaft an der Universität Hohenheim, Vol. 57
(2019)
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Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Preface | 6 | ||
| Contents | 8 | ||
| List of Figures | 10 | ||
| List of Tables | 12 | ||
| List of Abbreviations | 14 | ||
| 1 Introduction | 16 | ||
| 2 Moral Hazard in VC Finance | 22 | ||
| 2.1 Introduction | 22 | ||
| 2.2 Formal Model | 25 | ||
| 2.2.1 The Entrepreneurial Project | 25 | ||
| 2.2.2 Maximization Function of the VC | 27 | ||
| 2.2.3 Participation Constraint of the Entrepreneur | 27 | ||
| 2.2.4 Solution without Relevance of Human Capital | 29 | ||
| 2.2.5 Solution with Relevance of Human Capital | 30 | ||
| 2.2.6 Opportunity Loss of the VC | 30 | ||
| 2.3 Empirical Approach | 35 | ||
| 2.3.1 Sample | 35 | ||
| 2.3.2 Econometric Method | 35 | ||
| 2.3.3 Measures | 37 | ||
| 2.3.4 Empirical Results | 40 | ||
| 2.3.5 Robustness Checks | 44 | ||
| 2.4 Conclusion | 50 | ||
| 3 Learning in Funding Relationships | 54 | ||
| 3.1 Introduction | 54 | ||
| 3.2 Learning and Comprehensiveness | 57 | ||
| 3.3 Frictions in the Learning Process | 59 | ||
| 3.4 Formal Hypotheses | 61 | ||
| 3.5 Data and Methodology | 64 | ||
| 3.5.1 Sample | 64 | ||
| 3.5.2 Measures | 65 | ||
| 3.5.3 Econometric Specification | 75 | ||
| 3.6 Results | 78 | ||
| 3.6.1 Summary Statistics and Selection Regressions | 78 | ||
| 3.7 Conclusion | 87 | ||
| 4 VCs as Intermediaries in Exits | 92 | ||
| 4.1 Introduction | 92 | ||
| 4.2 Agency Cost in IPO and Trade Sale Exits | 95 | ||
| 4.2.1 Adverse Selection Pre-Exit | 95 | ||
| 4.2.2 Moral Hazard Post-Exit | 96 | ||
| 4.3 Investor Characteristics | 98 | ||
| 4.4 Firm Characteristics | 101 | ||
| 4.5 Sample and Methodology | 102 | ||
| 4.5.1 Sample | 102 | ||
| 4.5.2 Methodology | 103 | ||
| 4.5.3 Control Variables | 104 | ||
| 4.6 Results | 106 | ||
| 4.6.1 Descriptive Statistics | 106 | ||
| 4.6.2 Multivariate Analysis | 112 | ||
| 4.6.3 Classification Tree Analysis | 117 | ||
| 4.7 Conclusion | 129 | ||
| 5 Conclusion | 132 | ||
| 5.1 Summary of the Main Results | 132 | ||
| 5.2 Outlook | 133 | ||
| Bibliography | 136 |