Joseph A. McCahery, Luc Renneboog's Venture Capital Contracting and the Valuation of PDF

By Joseph A. McCahery, Luc Renneboog

ISBN-10: 0195128575

ISBN-13: 9780195128574

This choice of cutting-edge essays explores the $64000 function a raffle capital finance used to take a position in most cases in small and medium dimension businesses with stable development customers. It exhibits that vital gains of agreement and organizational legislations have considerably contributed to the competitiveness of the U.S. enterprise capital undefined.

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Extra resources for Venture Capital Contracting and the Valuation of High-technology Firms

Sample text

For an Israeli firm, the process of going public requires fundamental changes in the internal organization of the company and the governance structure of the firm. In practice, Israeli firms relocate to the USA because it provides them with access to investors and product markets. As a consequence of the flow of IPOs on the NASDAQ in the 1990s, the Tel Aviv Stock Exchange has played a limited role in the development of the Israeli venture capital market. To the extent that Israel has become successful in the high-tech field, Rock concludes that this reflects the driving influence of US corporations and US venture capitalists in funding Israeli projects.

Until recently, angel investors provided a significant amount of the financing to entrepreneurial companies each year in the USA. However, institutional venture capital funds have become the main funding source for entrepreneurial firms. There are four main types of venture capital funds: small business investment companies (SBICs), financial venture capital funds, corporate venture capital funds, and venture capital limited partnerships. In the USA, the limited partnership organizational form is the most popular type of venture capital fund (Gompers and Lerner 1999; McCahery and Vermeulen, Chapter 8, this volume).

Contract law’s good faith duty can be used to protect venture capital preferred without a risk of unproductive judicial interference in corporate affairs. Drawing on the control transfer model of Aghion and Bolton (1992), Bratton shows that the interests of senior security holders are aligned in a larger set of cases than previously supposed. He concludes by arguing that when disputes between venture capitalists and entrepreneurs come to court, a presumption favouring the common stockholder is not defensible on efficiency grounds.

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Venture Capital Contracting and the Valuation of High-technology Firms by Joseph A. McCahery, Luc Renneboog


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