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A multi-period game theoretic model of venture capitalists and entrepreneurs

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  • Elitzur, Ramy
  • Gavious, Arieh

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  • Elitzur, Ramy & Gavious, Arieh, 2003. "A multi-period game theoretic model of venture capitalists and entrepreneurs," European Journal of Operational Research, Elsevier, vol. 144(2), pages 440-453, January.
    • Handle: RePEc:eee:ejores:v:144:y:2003:i:2:p:440-453
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    References listed on IDEAS

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    1. Ravid, S. Abraham & Spiegel, Matthew, 1997. "Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 32(3), pages 269-286, September.
    2. Admati, Anat R & Pfleiderer, Paul, 1994. "Robust Financial Contracting and the Role of Venture Capitalists," Journal of Finance, American Finance Association, vol. 49(2), pages 371-402, June.
    3. Brav, Alon & Gompers, Paul A, 1997. "Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies," Journal of Finance, American Finance Association, vol. 52(5), pages 1791-1821, December.
    4. Chan, Yuk-Shee, 1983. "On the Positive Role of Financial Intermediation in Allocation of Venture Capital in a Market with Imperfect Information," Journal of Finance, American Finance Association, vol. 38(5), pages 1543-1568, December.
    5. Innes, Robert D., 1990. "Limited liability and incentive contracting with ex-ante action choices," Journal of Economic Theory, Elsevier, vol. 52(1), pages 45-67, October.
    6. Darwin V. Neher, 1999. "Staged Financing: An Agency Perspective," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(2), pages 255-274.
    7. Bergemann, Dirk & Hege, Ulrich, 1998. "Venture capital financing, moral hazard, and learning," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 703-735, August.
    8. Cooper, Ian A & Carleton, Willard T, 1979. "Dynamics of Borrower-Lender Interaction: Partitioning Final Payoff in Venture Capital Finance," Journal of Finance, American Finance Association, vol. 34(2), pages 517-529, May.
    9. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October.
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    Citations

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    Cited by:

    1. Dahiya, Sandeep & Ray, Korok, 2012. "Staged investments in entrepreneurial financing," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1193-1216.
    2. Thomas W. Archibald & Edgar Possani, 2021. "Investment and operational decisions for start-up companies: a game theory and Markov decision process approach," Annals of Operations Research, Springer, vol. 299(1), pages 317-330, April.
    3. Vergara, Marcos & Bonilla, Claudio A. & Sepulveda, Jean P., 2016. "The complementarity effect: Effort and sharing in the entrepreneur and venture capital contract," European Journal of Operational Research, Elsevier, vol. 254(3), pages 1017-1025.
    4. HEGE, Ulrich & BERGEMANN, Dirk, 2002. "The value of benchmarking," HEC Research Papers Series 752, HEC Paris.
    5. Arieh Gavious & Ramy Elitzur, 2009. "Venture Capital Contracting with Renegotiation," Economics Bulletin, AccessEcon, vol. 29(1), pages 67-78.
    6. Carayannis, Elias G. & Grigoroudis, Evangelos & Wurth, Bernd, 2022. "OR for entrepreneurial ecosystems: A problem-oriented review and agenda," European Journal of Operational Research, Elsevier, vol. 300(3), pages 791-808.
    7. Elitzur, Ramy & Gavious, Arieh, 2011. "Selection of entrepreneurs in the venture capital industry: An asymptotic analysis," European Journal of Operational Research, Elsevier, vol. 215(3), pages 705-712, December.
    8. Shamir, Noam & Zvilichovsky, David, 2022. "Dynamic reputation, project selection and market efficiency: The importance of small projects," International Journal of Production Economics, Elsevier, vol. 248(C).
    9. Elitzur, Ramy & Gavious, Arieh, 2003. "Contracting, signaling, and moral hazard: a model of entrepreneurs, 'angels,' and venture capitalists," Journal of Business Venturing, Elsevier, vol. 18(6), pages 709-725, November.
    10. HONJO Yuji & IKEUCHI Kenta & NAKAMURA Hiroki, 2022. "Does risk aversion affect individuals’ actions and interests in angel investing? Empirical evidence from Japan," Discussion papers 22040, Research Institute of Economy, Trade and Industry (RIETI).
    11. NAKAMURA Hiroki & HONJO Yuji & IKEUCHI Kenta, 2019. "Potentiality and Actuality: Characteristics and Linkage of Entrepreneurs and Angel Investors in Japan," Discussion papers 19089, Research Institute of Economy, Trade and Industry (RIETI).
    12. Liwei Zhong & Yanqin Bai, 2019. "Three-sided stable matching problem with two of them as cooperative partners," Journal of Combinatorial Optimization, Springer, vol. 37(1), pages 286-292, January.

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