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Per Stromberg

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Steven N. Kaplan & Berk A. Sensoy & Per Strömberg, 2009. "Should Investors Bet on the Jockey or the Horse? Evidence from the Evolution of Firms from Early Business Plans to Public Companies," Journal of Finance, American Finance Association, vol. 64(1), pages 75-115, February.

    Mentioned in:

    1. Why “Many-Model Thinkers” Make Better Decisions
      by Scott E. Page in HBR Blog Network on 2018-11-19 16:00:30

Working papers

  1. Böhm, Michael & Metzger, Daniel & Strömberg, Per, 2015. "Since you’re so rich, you must be really smart”: Talent and the Finance Wage Premium," Working Paper Series 313, Sveriges Riksbank (Central Bank of Sweden).

    Cited by:

    1. Caggese, Andrea & Cuñat, Vicente & Metzger, Daniel, 2018. "Firing the wrong workers: financing constraints and labor misallocation," LSE Research Online Documents on Economics 85645, London School of Economics and Political Science, LSE Library.
    2. Hans K. Hvide & Paul Oyer, 2018. "Dinner Table Human Capital and Entrepreneurship," NBER Working Papers 24198, National Bureau of Economic Research, Inc.
    3. Ariell Reshef & Hamid Boustanifar & Everett Grant, 2017. "Wages and Human Capital in Finance: International Evidence, 1970–2011," PSE-Ecole d'économie de Paris (Postprint) hal-01472400, HAL.

  2. Jenkinson, Tim & Weisbach, Michael & Strömberg, Per & Axelson, Ulf, 2012. "Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts," CEPR Discussion Papers 8914, C.E.P.R. Discussion Papers.

    Cited by:

    1. Franke, Benedikt & Müller, Sebastian & Müller, Sonja, 2017. "The q-factors and expected bond returns," Journal of Banking & Finance, Elsevier, vol. 83(C), pages 19-35.
    2. Martin Olsson & Joacim Tåg, 2017. "Private Equity, Layoffs, and Job Polarization," Journal of Labor Economics, University of Chicago Press, vol. 35(3), pages 697-754.
    3. Achleitner, Ann-Kristin & Braun, Reiner & Engel, Nico, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, Elsevier, vol. 20(4), pages 146-161.
    4. Sridhar Arcot & Zsuzsanna Fluck & José-Miguel Gaspar & Ulrich Hege, 2013. "Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts," Post-Print hal-01453173, HAL.
    5. Burkart, Mike & Dasgupta, Amil, 2015. "Activist funds, leverage, and procyclicality," LSE Research Online Documents on Economics 65095, London School of Economics and Political Science, LSE Library.
    6. Antonia Schickinger & Alexandra Bertschi-Michel & Max P. Leitterstorf & Nadine Kammerlander, 2022. "Same same, but different: capital structures in single family offices compared with private equity firms," Small Business Economics, Springer, vol. 58(3), pages 1407-1425, March.
    7. Tykvová, Tereza & Borell, Mariela, 2012. "Do private equity owners increase risk of financial distress and bankruptcy?," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 138-150.
    8. Sabrina T. Howell & Josh Lerner & Ramana Nanda & Richard R. Townsend, 2020. "How Resilient is Venture-Backed Innovation? Evidence from Four Decades of U.S. Patenting," NBER Working Papers 27150, National Bureau of Economic Research, Inc.
    9. Gabriel Jiménez & Steven Ongena & José-Luis Peydró & Jesús Saurina, 2017. "“In the Short Run Blasé, In the Long Run Risqué”," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 18(3), pages 181-226, August.
    10. Cao, Xiaping & Chan, Konan & Kahle, Kathleen, 2018. "Risk and performance of bonds sponsored by private equity firms," Journal of Banking & Finance, Elsevier, vol. 93(C), pages 41-53.
    11. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    12. Paul A. Gompers & Steven N. Kaplan & Vladimir Mukharlyamov, 2020. "Private Equity and COVID-19," Working Papers 2020-140, Becker Friedman Institute for Research In Economics.
    13. Shai Bernstein & Josh Lerner & Filippo Mezzanotti, 2019. "Private Equity and Financial Fragility during the Crisis," The Review of Financial Studies, Society for Financial Studies, vol. 32(4), pages 1309-1373.
    14. Victoria Ivashina & Boris Vallee, 2020. "Weak Credit Covenants," NBER Working Papers 27316, National Bureau of Economic Research, Inc.
    15. Ding Du & Mason Gerety, 2018. "Credit spreads and merger pricing," Journal of Asset Management, Palgrave Macmillan, vol. 19(3), pages 169-178, May.
    16. Gregory W. Brown & Oleg R. Gredil & Steven N. Kaplan, 2016. "Do Private Equity Funds Manipulate Reported Returns?," NBER Working Papers 22493, National Bureau of Economic Research, Inc.
    17. Buehlmaier, Matthias M. M. & Zechner, Josef, 2016. "Financial media, price discovery, and merger arbitrage," CFS Working Paper Series 551, Center for Financial Studies (CFS).
    18. Valentin Haddad & Erik Loualiche & Matthew Plosser, 2013. "Buyout activity: the impact of aggregate discount rates," Staff Reports 606, Federal Reserve Bank of New York.
    19. Fang, Lily & Ivashina, Victoria & Lerner, Josh, 2015. "The disintermediation of financial markets: Direct investing in private equity," Journal of Financial Economics, Elsevier, vol. 116(1), pages 160-178.
    20. Liang, Qing & Gan, Christopher & Li, Zhaohua, 2019. "Institutional environment and financing costs: Evidence from venture capital backed transactions," Finance Research Letters, Elsevier, vol. 31(C).
    21. Burkart, Mike & Dasgupta, Amil, 2014. "Activist funds, leverage, and procyclicality," LSE Research Online Documents on Economics 119029, London School of Economics and Political Science, LSE Library.
    22. Norbäck, Pehr-Johan & Persson, Lars & Tåg, Joacim, 2018. "Does the debt tax shield distort ownership efficiency?," International Review of Economics & Finance, Elsevier, vol. 54(C), pages 299-310.
    23. Nicolas P. B. Bollen & Berk A. Sensoy, 2022. "How much for a haircut? Illiquidity, secondary markets, and the value of private equity," Financial Management, Financial Management Association International, vol. 51(2), pages 501-538, June.
    24. Huang, Chong & Oehmke, Martin & Zhong, Hongda, 2019. "A theory of multiperiod debt structure," LSE Research Online Documents on Economics 90429, London School of Economics and Political Science, LSE Library.
    25. Malenko, Andrey & Malenko, Nadya, 2015. "A theory of LBO activity based on repeated debt-equity conflicts," Journal of Financial Economics, Elsevier, vol. 117(3), pages 607-627.
    26. Hege, Ulrich & Lovo, Stefano & Slovin, Myron B. & Sushka, Marie E., 2018. "Divisional buyouts by private equity and the market for divested assets," Journal of Corporate Finance, Elsevier, vol. 53(C), pages 21-37.
    27. Lopez-de-Silanes, Florencio & Phalippou, Ludovic & Gottschalg, Olivier, 2010. "Giants at the Gate: On the Cross-section of Private Equity Investment Returns," MPRA Paper 28487, University Library of Munich, Germany.
    28. Giot, Pierre & Hege, Ulrich & Schwienbacher, Armin, 2014. "Are novice private equity funds risk-takers? Evidence from a comparison with established funds," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 55-71.
    29. Paul Lavery & Marian-Eliza Spaliara, 2022. "Private equity buyouts & firm exporting during the global financial crisis," Working Papers 2022_09, Business School - Economics, University of Glasgow.
    30. Grupp, Marcel, 2015. "On the impact of leveraged buyouts on bank systemic risk," SAFE Working Paper Series 101, Leibniz Institute for Financial Research SAFE.
    31. Gao, Jingyi, 2022. "Global value chain and firms’ leverage: The mediator role of foreign ownership," Finance Research Letters, Elsevier, vol. 48(C).
    32. Hammer, Benjamin & Marcotty-Dehm, Nikolaus & Schweizer, Denis & Schwetzler, Bernhard, 2022. "Pricing and value creation in private equity-backed buy-and-build strategies," Journal of Corporate Finance, Elsevier, vol. 77(C).
    33. Matthias Huss & Heinz Zimmermann, 2018. "The Pricing of Liquidity Risk in Buyout Funds – A Public Market Perspective," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 70(3), pages 285-312, July.
    34. Do, Hung X. & Nguyen, Nhut H. & Nguyen, Quan M.P., 2022. "Financial leverage and stock return comovement," Journal of Financial Markets, Elsevier, vol. 60(C).
    35. Lily Fang & Victoria Ivashina & Josh Lerner, 2013. "Combining Banking with Private Equity Investing," The Review of Financial Studies, Society for Financial Studies, vol. 26(9), pages 2139-2173.
    36. Jia, Xiao & McCourt, Maurice, 2022. "Global leveraged buyout deal performance: A cross-border cross-cultural perspective," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
    37. David T. Robinson & Berk A. Sensoy, 2011. "Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity," NBER Working Papers 17428, National Bureau of Economic Research, Inc.
    38. Matthias Fleckenstein & Francis A. Longstaff, 2023. "Small Business Equity Returns: Empirical Evidence from the Business Credit Card Securitization Market," Journal of Finance, American Finance Association, vol. 78(1), pages 389-425, February.
    39. Seung Kwak & Charles Press, 2023. "Pre-LBO Credit Market Conditions and Post-LBO Target Behavior," Finance and Economics Discussion Series 2023-077, Board of Governors of the Federal Reserve System (U.S.).
    40. Nick Wilson & Mike Wright, 2013. "Private Equity, Buy-outs and Insolvency Risk," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 40(7-8), pages 949-990, September.
    41. Shai Bernstein & Josh Lerner & Filippo Mezzanotti, 2020. "Private Equity and Portfolio Companies: Lessons from the Global Financial Crisis," Journal of Applied Corporate Finance, Morgan Stanley, vol. 32(3), pages 21-42, September.
    42. Andrea Frazzini & Lasse H. Pedersen, 2012. "Embedded Leverage," NBER Working Papers 18558, National Bureau of Economic Research, Inc.
    43. Herrera-Echeverri Hernán & Salazar-Duque Juan Guillermo & Haar Jerry, 2017. "Private Equity and Devaluation in Emerging Countries," Global Economy Journal, De Gruyter, vol. 17(1), pages 1-26, March.
    44. Brian H. Boyer & Taylor D. Nadauld & Keith P. Vorkink & Michael S. Weisbach, 2023. "Discount‐Rate Risk in Private Equity: Evidence from Secondary Market Transactions," Journal of Finance, American Finance Association, vol. 78(2), pages 835-885, April.
    45. Grupp, Marcel, 2015. "Taking the lead: When non-banks arrange syndicated loans," SAFE Working Paper Series 100, Leibniz Institute for Financial Research SAFE.
    46. Mittoo, Usha & Ng, Dennis & Yan, Meng, 2020. "Managerial ownership, credit market conditions, undervaluation and offer premiums in management (MBOs) and leveraged buyouts (LBOs)," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 65(C).
    47. Ann†Kristin Achleitner & André Betzer & Marc Goergen & Bastian Hinterramskogler, 2013. "Private Equity Acquisitions of Continental European Firms: the Impact of Ownership and Control on the Likelihood of Being Taken Private," European Financial Management, European Financial Management Association, vol. 19(1), pages 72-107, January.
    48. Bienz, Carsten & Thorburn, Karin S. & Walz, Uwe, 2023. "Fund ownership, wealth, and risk-taking: Evidence on private equity managers," Journal of Financial Intermediation, Elsevier, vol. 54(C).
    49. Aleksandar Andonov & Roman Kräussl & Joshua Rauh & Stijn Van Nieuwerburgh, 2021. "Institutional Investors and Infrastructure Investing [Pension fund asset allocation and liability discount rates]," The Review of Financial Studies, Society for Financial Studies, vol. 34(8), pages 3880-3934.
    50. Mao, Y. & Renneboog, L.D.R., 2013. "Do Managers Manipulate Earnings Prior to Management Buyouts?," Other publications TiSEM 366e26db-8158-44ca-9ef0-a, Tilburg University, School of Economics and Management.
    51. Steven J. Davis & John C. Haltiwanger & Kyle Handley & Ben Lipsius & Josh Lerner & Javier Miranda, 2021. "The economic effects of private equity buyouts," Jena Economics Research Papers 2021-013, Friedrich-Schiller-University Jena.
    52. Dorra Najar, 2017. "Private equity managers’ fees: estimation and sensitivity analysis using Monte Carlo simulation," Review of Quantitative Finance and Accounting, Springer, vol. 48(1), pages 239-263, January.
    53. Bergbrant, Mikael C. & Hunter, Delroy M., 2018. "(How) do credit market conditions affect firms' post-hedging outcomes? Evidence from bank lending standards and firms' currency exposure," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 203-222.
    54. Massa, Massimo & Zhang, Lei, 2021. "Bank credit tightening, debt market frictions, and corporate yield spreads," Journal of Financial Markets, Elsevier, vol. 55(C).
    55. Erel, Isil & Jang, Yeejin & Minton, Bernadette A. & Weisbach, Michael S., 2017. "Corporate Liquidity, Acquisitions, and Macroeconomic Conditions," Working Paper Series 2017-13, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    56. Benjamin Hammer & Heiko Hinrichs & Bernhard Schwetzler, 2018. "Does culture affect the performance of private equity buyouts?," Journal of Business Economics, Springer, vol. 88(3), pages 393-469, May.
    57. Ioannidou, V. & Ongena, S. & Peydro, J.L., 2009. "Monetary Policy, Risk-Taking, and Pricing : Evidence from a Quasi-Natural Experiment," Discussion Paper 2009-31 S, Tilburg University, Center for Economic Research.
    58. Bo Liu & Yang Liu & Jinqiang Yang, 2018. "Optimal ownership structure in private equity," European Financial Management, European Financial Management Association, vol. 24(1), pages 113-135, January.
    59. Hammer, Benjamin & Knauer, Alexander & Pflücke, Magnus & Schwetzler, Bernhard, 2017. "Inorganic growth strategies and the evolution of the private equity business model," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 31-63.
    60. Phalippou, Ludovic & Rauch, Christian & Umber, Marc, 2018. "Private equity portfolio company fees," Journal of Financial Economics, Elsevier, vol. 129(3), pages 559-585.
    61. Cao, Jerry X. & Cumming, Douglas & Qian, Meijun & Wang, Xiaoming, 2015. "Cross-border LBOs," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 69-80.
    62. Jenkinson, Tim & Sousa, Miguel, 2015. "What determines the exit decision for leveraged buyouts?," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 399-408.
    63. Carolina Salva & Xiqian Zhang, 2022. "Financial versus strategic bidders and underpricing as an acquisition motive," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(9-10), pages 1830-1862, October.
    64. Giovannetti, Andrea & Pipic, Denis, 2023. "Shaking hands with common foes: Clique premium and information diffusion in private equity networks," International Review of Financial Analysis, Elsevier, vol. 86(C).
    65. Achleitner, Ann-Kristin & Braun, Reiner & Tappeiner, Florian, 2009. "Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights," CEFS Working Paper Series 2009-15, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    66. Nadauld, Taylor D. & Weisbach, Michael S., 2010. "Did Securitization Affect the Cost of Corporate Debt?," Working Paper Series 2010-16, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    67. Ann-Kristin Achleitner & Reiner Braun & Eva Lutz & Florian Tappeiner, 2018. "Private equity group reputation and financing structures in German leveraged buyouts," Journal of Business Economics, Springer, vol. 88(3), pages 363-392, May.
    68. James Mills & Raven S. Molloy & Rebecca Zarutskie, 2015. "Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class?," Finance and Economics Discussion Series 2015-84, Board of Governors of the Federal Reserve System (U.S.).
    69. Iioka, Yasutake & Yamada, Yuji, 2023. "The evolution of capital structure and debt governance: Evidence from private equity-backed companies in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    70. Golubov, Andrey & Xiong, Nan, 2020. "Post-acquisition performance of private acquirers," Journal of Corporate Finance, Elsevier, vol. 60(C).
    71. Michael Ewens & Arpit Gupta & Sabrina T. Howell, 2022. "Local Journalism under Private Equity Ownership," NBER Working Papers 29743, National Bureau of Economic Research, Inc.
    72. Ann†Kristin Achleitner & Christian Figge, 2014. "Private Equity Lemons?Evidence on Value Creation in Secondary Buyouts," European Financial Management, European Financial Management Association, vol. 20(2), pages 406-433, March.
    73. Paul Gompers & Steven N. Kaplan & Vladimir Mukharlyamov, 2015. "What Do Private Equity Firms Say They Do?," NBER Working Papers 21133, National Bureau of Economic Research, Inc.
    74. Antonio Salvi & Emanuele Teti & Anastasia Giakoumelou, 2021. "The Relationship between LBOs, IPOs and Market Risk Premium: An Empirical Analysis of the European Market," International Journal of Business and Management, Canadian Center of Science and Education, vol. 14(7), pages 160-160, July.
    75. Thorsten Knauer & Friedrich Sommer, 2012. "Interest barrier rules as a response to highly leveraged transactions," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 11(2), pages 206-232, May.
    76. Steven J. Davis & John C. Haltiwanger & Kyle Handley & Ben Lipsius & Josh Lerner & Javier Miranda, 2019. "The (Heterogenous) Economic Effects of Private Equity Buyouts," NBER Working Papers 26371, National Bureau of Economic Research, Inc.
    77. Jimmy Shek & Ilhyock Shim & Hyun Song Shin, 2018. "Investor Redemptions and Fund Manager Sales of Emerging Market Bonds: How Are They Related? [Borrow cheap, buy high? The determinants of leverage and pricing in buyouts]," Review of Finance, European Finance Association, vol. 22(1), pages 207-241.
    78. Borja Larrain & Francisco Urzúa I., 2016. "Do Business Groups Change With Market Development?," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 25(3), pages 750-784, September.
    79. Martin Oehmke & Hongda Zhong & Chong Huang, 2017. "A Theory of Multi-Period Debt Structure," 2017 Meeting Papers 1645, Society for Economic Dynamics.
    80. Dyaran Bansraj & Han Smit & Vadym Volosovych, 2020. "Can Private Equity Funds Act as Strategic Buyers? Evidence from Buy-and-Build Strategies," Tinbergen Institute Discussion Papers 20-041/IV, Tinbergen Institute.
    81. Massa, Massimo & Zhang, Lei, 2015. "Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads," CEPR Discussion Papers 10537, C.E.P.R. Discussion Papers.
    82. Grupp, Marcel & Rauch, Christian & Umber, Marc P. & Walz, Uwe, 2015. "The influence of leveraged buyouts on target firms' competitors," SAFE Working Paper Series 99, Leibniz Institute for Financial Research SAFE.
    83. Mao, Yaping & Renneboog, Luc, 2015. "Do managers manipulate earnings prior to management buyouts?," Other publications TiSEM a149f02c-c03f-438d-b71a-b, Tilburg University, School of Economics and Management.
    84. Matanova, Natalia & Steigner, Tanja & Sutton, Ninon & Thompson, Linh, 2022. "The influence of private equity and venture capital on the post-IPO performance of newly-public acquirers," The North American Journal of Economics and Finance, Elsevier, vol. 59(C).
    85. Acheson, Graeme G. & Coyle, Christopher & Turner, John D., 2015. "Happy hour followed by hangover: Financing the UK brewery industry, 1880-1913," QUCEH Working Paper Series 15-01, Queen's University Belfast, Queen's University Centre for Economic History.
    86. Lai, Shaojie & Pu, Xiaoling, 2020. "Mispricing or growth? an empirical analysis of acquisition premium," Finance Research Letters, Elsevier, vol. 37(C).
    87. Bienz, Carsten & Thorburn, Karin & Walz, Uwe, 2019. "Ownership, Wealth, and Risk Taking: Evidence on Private Equity Fund Managers," SAFE Working Paper Series 126, Leibniz Institute for Financial Research SAFE, revised 2019.
    88. Benjamin Hammer & Nils Janssen & Bernhard Schwetzler, 2021. "Cross-border buyout pricing," Journal of Business Economics, Springer, vol. 91(5), pages 705-731, July.
    89. Ayash, Brian, 2020. "The origin, ownership and use of cash flows in leveraged buyouts," The Quarterly Review of Economics and Finance, Elsevier, vol. 77(C), pages 286-295.
    90. Sharjil M. Haque, 2023. "Does Private Equity Over-Lever Portfolio Companies?," Finance and Economics Discussion Series 2023-009, Board of Governors of the Federal Reserve System (U.S.).
    91. Gregory, David, 2013. "Private equity and financial stability," Bank of England Quarterly Bulletin, Bank of England, vol. 53(1), pages 38-47.
    92. David C. Ling & Andy Naranjo & Benjamin Scheick, 2016. "Credit Availability and Asset Pricing Dynamics in Illiquid Markets: Evidence from Commercial Real Estate Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(7), pages 1321-1362, October.
    93. Chiarella, Carlo & Ostinelli, Diego, 2020. "Financial or strategic buyers: Who is at the gate?," International Review of Economics & Finance, Elsevier, vol. 67(C), pages 393-407.
    94. Yu-En Lin & Hsiang-Hsuan Chih & Chia-Hsin Cheng & Yan-Qing Ku, 2016. "Market Competition, Arbitrage Risk, And Capital Structure: Evidence From Taiwan," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 11(01), pages 1-11, March.
    95. Dasgupta, Amil & Burkart, Mike, 2020. "Competition for flow and and short-termism in activism," LSE Research Online Documents on Economics 106516, London School of Economics and Political Science, LSE Library.
    96. Buchner, Axel & Wagner, Niklas F., 2017. "Rewarding risk-taking or skill? The case of private equity fund managers," Journal of Banking & Finance, Elsevier, vol. 80(C), pages 14-32.
    97. Cohn, Jonathan B. & Mills, Lillian F. & Towery, Erin M., 2014. "The evolution of capital structure and operating performance after leveraged buyouts: Evidence from U.S. corporate tax returns," Journal of Financial Economics, Elsevier, vol. 111(2), pages 469-494.
    98. Ljungqvist, Alexander & Bircan, Cagatay & Biesinger, Markus, 2020. "Value Creation in Private Equity," CEPR Discussion Papers 14676, C.E.P.R. Discussion Papers.
    99. Colla, Paolo & Ippolito, Filippo & Wagner, Hannes F., 2012. "Leverage and pricing of debt in LBOs," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 124-137.
    100. Ann‐Kristin Achleitner & Reiner Braun & Nico Engel, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, John Wiley & Sons, vol. 20(4), pages 146-161, November.
    101. Sabrina Howell & Josh Lerner & Ramana Nanda & Richard Townsend, 2020. "Financial Distancing: How Venture Capital Follows the Economy Down and Curtails Innovation," Harvard Business School Working Papers 20-115, Harvard Business School.
    102. Burkart, Mike & Lee, Samuel & Petri, Henrik, 2020. "The Social Value of Debt in the Market for Corporate Control," CEPR Discussion Papers 15249, C.E.P.R. Discussion Papers.
    103. Lloyd Blenman & Nischala Reddy, 2014. "Leveraged Buyout Activity: A Tale of Developed and Developing Economies," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 2, pages 157-184, December.
    104. Cao, Xiaping & Cumming, Douglas & Goh, Jeremy & Wang, Xiaoming, 2019. "The impact of investor protection law on global takeovers: LBO vs. non-LBO transactions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 59(C), pages 1-18.
    105. Chen Liu & Lynnette Purda & Hui Zhu, 2021. "Institutional influence on syndicate structure and cross‐border leveraged buyouts," Financial Management, Financial Management Association International, vol. 50(1), pages 169-202, March.
    106. Sirio Aramonte & Fernando Avalos, 2021. "The rise of private markets," BIS Quarterly Review, Bank for International Settlements, December.
    107. Wright, Nataliya Langburd & Nagle, Frank & Greenstein, Shane, 2023. "Open source software and global entrepreneurship," Research Policy, Elsevier, vol. 52(9).
    108. Tereza Tykvová, 2018. "Venture capital and private equity financing: an overview of recent literature and an agenda for future research," Journal of Business Economics, Springer, vol. 88(3), pages 325-362, May.

  3. Shai Bernstein & Josh Lerner & Morten Sørensen & Per Strömberg, 2010. "Private Equity and Industry Performance," Harvard Business School Working Papers 10-045, Harvard Business School.

    Cited by:

    1. Tåg, Joacim, 2010. "The Real Effects of Private Equity Buyouts," Working Paper Series 851, Research Institute of Industrial Economics.
    2. Axelson, Ulf & Jenkinson, Tim & Strömberg, Per & Weisbach, Michael, 2012. "Borrow cheap, buy high? The determinants of leverage and pricing in buyouts," LSE Research Online Documents on Economics 119054, London School of Economics and Political Science, LSE Library.
    3. Muhammad Farhan Basheer* & Salman Khan & Saira Ghulam Hassan & Muzafar Hussain Shah, 2018. "The Corporate Governance and Interdependence of Investment and Financing Decisions of Non-Financial Firms in Pakistan," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 316-323:5.
    4. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    5. Truong, Huynh Sang & Walz, Uwe, 2022. "Spillovers of PE Investments," SAFE Working Paper Series 357, Leibniz Institute for Financial Research SAFE.
    6. Lopez-de-Silanes, Florencio & Phalippou, Ludovic & Gottschalg, Olivier, 2010. "Giants at the Gate: On the Cross-section of Private Equity Investment Returns," MPRA Paper 28487, University Library of Munich, Germany.
    7. Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
    8. Jia, Xiao & McCourt, Maurice, 2022. "Global leveraged buyout deal performance: A cross-border cross-cultural perspective," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
    9. Sakshi Sharma & Kunjana Malik & Manmeet Kaur & Neha Saini, 2023. "Mapping research in the field of private equity: a bibliometric analysis," Management Review Quarterly, Springer, vol. 73(1), pages 61-89, February.
    10. Seung Kwak & Charles Press, 2023. "Pre-LBO Credit Market Conditions and Post-LBO Target Behavior," Finance and Economics Discussion Series 2023-077, Board of Governors of the Federal Reserve System (U.S.).
    11. Feng, Hongrui & Rao, Ramesh P., 2022. "The positive externalities of leveraged buyouts," Journal of Banking & Finance, Elsevier, vol. 135(C).
    12. Chen, Jun & Ewens, Michael, 2021. "Venture Capitalists' Access to Finance and Its Impact on Startups," SocArXiv 8tpux, Center for Open Science.
    13. Braun, Reiner & Engel, Nico & Hieber, Peter & Zagst, Rudi, 2011. "The risk appetite of private equity sponsors," Journal of Empirical Finance, Elsevier, vol. 18(5), pages 815-832.
    14. Popov, Alexander & Roosenboom, Peter, 2013. "Venture capital and new business creation," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4695-4710.
    15. Thorsten Knauer & Friedrich Sommer, 2012. "Interest barrier rules as a response to highly leveraged transactions," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 11(2), pages 206-232, May.
    16. Troy D. Smith, 2015. "Private Equity Investment in India: Efficiency vs Expansion," Discussion Papers 15-011, Stanford Institute for Economic Policy Research.
    17. Indraneel Chakraborty & Michael Ewens, "undated". "Does Security Choice Matter in Venture Capital? The Case of Venture Debt," GSIA Working Papers 2012-E35, Carnegie Mellon University, Tepper School of Business.
    18. Hu, Xinwen & Hua, Renhai & Liu, Qingfu & Wang, Chuanjie, 2023. "The green fog: Environmental rating disagreement and corporate greenwashing," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    19. Douglas Cumming & Grant Fleming & Sofia Johan & Mai Takeuchi, 2010. "Legal Protection, Corruption and Private Equity Returns in Asia," Journal of Business Ethics, Springer, vol. 95(2), pages 173-193, September.
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    1. Agrawal, Ashwini & Gonzalez-Uribe, Juanita & Martinez-Correa, Jimmy, 2020. "Measuring the ex-ante incentive effects of bankruptcy reorganization procedures," LSE Research Online Documents on Economics 118908, London School of Economics and Political Science, LSE Library.
    2. Schürhoff, Norman & Morellec, Erwan & Nikolov, Boris, 2016. "Agency Conflicts Around the World," CEPR Discussion Papers 11243, C.E.P.R. Discussion Papers.
    3. Benjamin Iverson, 2018. "Get in Line: Chapter 11 Restructuring in Crowded Bankruptcy Courts," Management Science, INFORMS, vol. 64(11), pages 5370-5394, November.
    4. Ferreira, Daniel & Ferreira, Miguel & Mariano, Beatriz, 2017. "Creditor Control Rights and Board Independence," CEPR Discussion Papers 11870, C.E.P.R. Discussion Papers.
    5. Colonnello, Stefano & Herpfer, Christoph, 2018. "Do courts matter for firm value? Evidence from the U.S. court system," IWH Discussion Papers 1/2016, Halle Institute for Economic Research (IWH), revised 2018.
    6. Ni, Xiaoran & Xu, Hongmei, 2023. "Are short selling threats beneficial to creditors? Insights from corporate default risk," Pacific-Basin Finance Journal, Elsevier, vol. 81(C).
    7. Giambona, Erasmo & Lopez-de-Silanes, Florencio & Matta, Rafael, 2022. "Stiffing the creditor: Asset verifiability and bankruptcy," Journal of Financial Intermediation, Elsevier, vol. 52(C).
    8. Woon Sau Leung & Wei Song & Jie Chen, 2018. "Does Bank Stakeholder Orientation Enhance Financial Stability? Evidence from a Natural Experiment," Working Papers 2018-14, Swansea University, School of Management.
    9. Dain C. Donelson & Christopher G. Yust, 2014. "Litigation Risk and Agency Costs: Evidence from Nevada Corporate Law," Journal of Law and Economics, University of Chicago Press, vol. 57(3), pages 747-780.
    10. Raff, Konrad & Siming, Linus, 2019. "Knighthoods, damehoods, and CEO behaviour," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 302-319.
    11. Feldhütter, Peter & Hotchkiss, Edith & Karakaş, Oğuzhan, 2016. "The value of creditor control in corporate bonds," Journal of Financial Economics, Elsevier, vol. 121(1), pages 1-27.
    12. Sterling Huang & Gilles Hilary, 2018. "Zombie Board: Board Tenure and Firm Performance," Working Papers hal-01736889, HAL.
    13. Hutchinson, Marion & Seamer, Michael & Chapple, Larelle (Ellie), 2015. "Institutional Investors, Risk/Performance and Corporate Governance," The International Journal of Accounting, Elsevier, vol. 50(1), pages 31-52.
    14. Rao, Sandeep & Koirala, Santosh & Thapa, Chandra & Neupane, Suman, 2022. "When rain matters! Investments and value relevance," Journal of Corporate Finance, Elsevier, vol. 73(C).
    15. José-Luis Peydró & Andrea Polo & Enrico Sette & Victoria Vanasco, 2020. "Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises," Working Papers 1219, Barcelona School of Economics.
    16. Agrawal, Ashwini & Gonzalez-Uribe, Juanita & Martinez-Correa, Jimmy, 2022. "Measuring the ex-ante incentive effects of creditor control rights during bankruptcy reorganization," LSE Research Online Documents on Economics 110482, London School of Economics and Political Science, LSE Library.
    17. Agrawal, Ashwini & González-Uribe, Juanita & Martínez-Correa, Jimmy, 2022. "Measuring the ex-ante incentive effects of creditor control rights during bankruptcy reorganization," Journal of Financial Economics, Elsevier, vol. 143(1), pages 381-408.
    18. Stephen P. Ferris & David Javakhadze & Tijana Rajkovic, 2019. "An international analysis of CEO social capital and corporate risk‐taking," European Financial Management, European Financial Management Association, vol. 25(1), pages 3-37, January.
    19. Xiaoting Wei & Cameron Truong & Viet Do, 2020. "When are dividend increases bad for corporate bonds?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(2), pages 1295-1326, June.
    20. Patrick Dennis & Kristopher Gerardi & Carola Schenone, 2019. "Common Ownership Does Not Have Anti-Competitive Effects in the Airline Industry," FRB Atlanta Working Paper 2019-15, Federal Reserve Bank of Atlanta.
    21. John R. Birge & Rodney P. Parker & Michelle Xiao Wu & S. Alex Yang, 2017. "When Customers Anticipate Liquidation Sales: Managing Operations Under Financial Distress," Manufacturing & Service Operations Management, INFORMS, vol. 19(4), pages 657-673, October.
    22. Chu, Yongqiang, 2021. "Debt Renegotiation and Debt Overhang: Evidence from Lender Mergers," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(3), pages 995-1021, May.
    23. Favara, Giovanni & Morellec, Erwan & Schroth, Enrique & Valta, Philip, 2017. "Debt enforcement, investment, and risk taking across countries," Journal of Financial Economics, Elsevier, vol. 123(1), pages 22-41.
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    25. Bereskin, Frederick L. & Cicero, David C., 2013. "CEO compensation contagion: Evidence from an exogenous shock," Journal of Financial Economics, Elsevier, vol. 107(2), pages 477-493.
    26. Couwenberg, Oscar & Lubben, Stephen J., 2013. "Solving creditor problems in the twilight zone: Superfluous law and inadequate private solutions," International Review of Law and Economics, Elsevier, vol. 34(C), pages 61-76.
    27. Daniel Bens & Sterling Huang & Liang Tan & Wan Wongsunwai, 2020. "Contracting and Reporting Conservatism around a Change in Fiduciary Duties," Contemporary Accounting Research, John Wiley & Sons, vol. 37(4), pages 2472-2500, December.
    28. David Schoenherr & Jan Starmans, 2022. "When Should Bankruptcy Law Be Creditor‐ or Debtor‐Friendly? Theory and Evidence," Journal of Finance, American Finance Association, vol. 77(5), pages 2669-2717, October.
    29. Liang Tan & Santhosh Ramalingegowda & Yong Yu, 2022. "Third-Party Consequences of Changes in Managerial Fiduciary Duties: The Case of Auditors’ Going Concern Opinions," Management Science, INFORMS, vol. 68(2), pages 1556-1572, February.
    30. Aibai, Abuduwali & Peng, Yuchao & Shen, Peiyi & Xu, Hongmei, 2022. "Can local policy uncertainty curtail corporate speculation on financial assets?," International Review of Financial Analysis, Elsevier, vol. 83(C).
    31. Alejandro Drexler & Thomas B. King, 2021. "Capital Constraints and Risk Shifting: An Instrumental Approach," Working Paper Series WP-2021-13, Federal Reserve Bank of Chicago.
    32. Gormley, Todd A. & Matsa, David A., 2016. "Playing it safe? Managerial preferences, risk, and agency conflicts," Journal of Financial Economics, Elsevier, vol. 122(3), pages 431-455.
    33. Leung, Woon Sau & Song, Wei & Chen, Jie, 2019. "Does bank stakeholder orientation enhance financial stability?," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 38-63.
    34. Ferris, Stephen P. & Javakhadze, David & Rajkovic, Tijana, 2017. "CEO social capital, risk-taking and corporate policies," Journal of Corporate Finance, Elsevier, vol. 47(C), pages 46-71.
    35. Jagadison K. Aier & Long Chen & Mikhail Pevzner, 2014. "Debtholders’ Demand for Conservatism: Evidence from Changes in Directors’ Fiduciary Duties," Journal of Accounting Research, Wiley Blackwell, vol. 52(5), pages 993-1027, December.
    36. Hariem Abdullah & Turgut Tursoy, 2021. "Capital structure and firm performance: evidence of Germany under IFRS adoption," Review of Managerial Science, Springer, vol. 15(2), pages 379-398, February.
    37. Sandvik, Jason, 2020. "Board monitoring, director connections, and credit quality☆," Journal of Corporate Finance, Elsevier, vol. 65(C).
    38. Hu, Jianfeng & Low, Kelvin F.K. & Zhang, Wei, 2022. "The value of fiduciary duties: Evidence from en bloc sales in Singapore," International Review of Law and Economics, Elsevier, vol. 72(C).
    39. Della Seta, Marco & Morellec, Erwan & Zucchi, Francesca, 2020. "Short-term debt and incentives for risk-taking," Journal of Financial Economics, Elsevier, vol. 137(1), pages 179-203.
    40. Bian, Bo & Li, Yingxiang & Nigro, Casimiro A., 2022. "Conflicting fiduciary duties and fire sales of VC-backed start-ups," LawFin Working Paper Series 35, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    41. Wenxia Ge & Jeong‐Bon Kim, 2020. "How does the executive pay gap influence audit fees? The roles of R&D investment and institutional ownership," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(5-6), pages 677-707, May.
    42. Chowdhury, Rajib & Doukas, John A. & Park, Jong Chool, 2021. "Stakeholder orientation and the value of cash holdings: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 69(C).
    43. Ni, Xiaoran, 2020. "Does stakeholder orientation matter for earnings management: Evidence from non-shareholder constituency statutes," Journal of Corporate Finance, Elsevier, vol. 62(C).
    44. Cuili Qian & Donal Crilly & Ke Wang & Zheng Wang, 2021. "Why Do Banks Favor Employee-Friendly Firms? A Stakeholder-Screening Perspective," Organization Science, INFORMS, vol. 32(3), pages 605-624, May.
    45. Chu, Yongqiang, 2017. "Shareholder litigation, shareholder–creditor conflict, and the cost of bank loans," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 318-332.
    46. Mark Wallis, 2021. "The effects of relaxing Australia’s statutory dividend restrictions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(2), pages 3685-3733, June.
    47. García Lara, Juan Manuel & García Osma, Beatriz & Penalva, Fernando, 2016. "Accounting conservatism and firm investment efficiency," Journal of Accounting and Economics, Elsevier, vol. 61(1), pages 221-238.
    48. Banerjee, Suman & Humphery-Jenner, Mark, 2016. "Directors’ duties of care and the value of auditing," Finance Research Letters, Elsevier, vol. 19(C), pages 1-14.
    49. Ni, Xiaoran & Song, Wei & Yao, Jiaquan, 2020. "Stakeholder orientation and corporate payout policy: Insights from state legal shocks," Journal of Banking & Finance, Elsevier, vol. 121(C).
    50. Vidya Sukumara Panicker & Rajesh Srinivas Upadhyayula & Sumit Mitra, 2023. "Lender representatives on board of directors and internationalization in firms: an institutionalized agency perspective," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(1), pages 75-98, March.
    51. Renjie, Rex Wang & Verwijmeren, Patrick & Xia, Shuo, 2022. "Corporate governance benefits of mutual fund cooperation," IWH Discussion Papers 21/2022, Halle Institute for Economic Research (IWH).

  6. Kaplan, Steven N. & Strömberg, Per, 2009. "Leveraged Buyouts and Private Equity," SIFR Research Report Series 65, Institute for Financial Research.

    Cited by:

    1. Martin Olsson & Joacim Tåg, 2017. "Private Equity, Layoffs, and Job Polarization," Journal of Labor Economics, University of Chicago Press, vol. 35(3), pages 697-754.
    2. Achleitner, Ann-Kristin & Braun, Reiner & Engel, Nico, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, Elsevier, vol. 20(4), pages 146-161.
    3. Farboodi, Maryam & Kondor, Péter, 2023. "Cleansing by tight credit: Rational cycles and endogenous lending standards," Journal of Financial Economics, Elsevier, vol. 150(1), pages 46-67.
    4. Hiroshi Osano & Keiichi Hori, 2013. "Managerial Incentives and the Role of Advisors in the Continuous-Time Agency Model," KIER Working Papers 863, Kyoto University, Institute of Economic Research.
    5. Tykvová, Tereza & Borell, Mariela, 2012. "Do private equity owners increase risk of financial distress and bankruptcy?," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 138-150.
    6. Paulo P. Alves & M. Ricardo Cunha & Luís K. Pacheco & João M. Pinto, 2022. "How Banks Price Loans for LBOs: an Empirical Analysis of Spread Determinants ," Journal of Financial Services Research, Springer;Western Finance Association, vol. 62(3), pages 163-200, December.
    7. Roberto Piazza, 2010. "Financial innovation and risk: the role of information," 2010 Meeting Papers 73, Society for Economic Dynamics.
    8. Tåg, Joacim, 2010. "The Real Effects of Private Equity Buyouts," Working Paper Series 851, Research Institute of Industrial Economics.
    9. Sjögren, Anna, 2010. "Graded children – evidence of longrun consequences of school grades from a nationwide reform," Working Paper Series 2010:7, IFAU - Institute for Evaluation of Labour Market and Education Policy.
    10. Axelson, Ulf & Jenkinson, Tim & Strömberg, Per & Weisbach, Michael, 2012. "Borrow cheap, buy high? The determinants of leverage and pricing in buyouts," LSE Research Online Documents on Economics 119054, London School of Economics and Political Science, LSE Library.
    11. Stanfield, Jared, 2020. "Skill, syndication, and performance: Evidence from leveraged buyouts," Journal of Corporate Finance, Elsevier, vol. 65(C).
    12. Mao, Y., 2013. "Essays on leveraged buyouts," Other publications TiSEM 55806b61-eacb-4ba2-97c6-8, Tilburg University, School of Economics and Management.
    13. Jarrad Harford & Adam Kolasinski, 2014. "Do Private Equity Returns Result from Wealth Transfers and Short-Termism? Evidence from a Comprehensive Sample of Large Buyouts," Management Science, INFORMS, vol. 60(4), pages 888-902, April.
    14. Fuchs, Florian & Fuess, Roland & Jenkinson, Tim & Morkoetter, Stefan, 2017. "Winning a Deal in Private Equity: Do Educational Networks Matter?," Working Papers on Finance 17155, University of St. Gallen, School of Finance.
    15. Cao, Xiaping & Chan, Konan & Kahle, Kathleen, 2018. "Risk and performance of bonds sponsored by private equity firms," Journal of Banking & Finance, Elsevier, vol. 93(C), pages 41-53.
    16. Norbäck, Pehr-Johan & Persson, Lars & Tåg, Joacim, 2010. "Buying to Sell: A Theory of Buyouts," Working Paper Series 817, Research Institute of Industrial Economics.
    17. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    18. Palcic, Dónal & Reeves, Eoin, 2013. "Private equity leveraged buyouts in European telecoms: The case of Eircom," Telecommunications Policy, Elsevier, vol. 37(6), pages 573-582.
    19. Paul A. Gompers & Steven N. Kaplan & Vladimir Mukharlyamov, 2020. "Private Equity and COVID-19," Working Papers 2020-140, Becker Friedman Institute for Research In Economics.
    20. Shai Bernstein & Josh Lerner & Filippo Mezzanotti, 2019. "Private Equity and Financial Fragility during the Crisis," The Review of Financial Studies, Society for Financial Studies, vol. 32(4), pages 1309-1373.
    21. Ouidad Yousfi, 2008. "Leveraged Buy Out and Tax saving advantage: a double-sided moral hazard model," Working Papers hal-04140742, HAL.
    22. Gregory W. Brown & Oleg R. Gredil & Steven N. Kaplan, 2016. "Do Private Equity Funds Manipulate Reported Returns?," NBER Working Papers 22493, National Bureau of Economic Research, Inc.
    23. Brad A. Badertscher & Dan Givoly & Sharon P. Katz & Hanna Lee, 2019. "Private Ownership and the Cost of Public Debt: Evidence from the Bond Market," Management Science, INFORMS, vol. 65(1), pages 301-326, January.
    24. Dreber, Anna & Rand, David G. & Garcia, Justin R. & Wernerfelt, Nils & Lum, J. Koji & Zeckhauser, Richard, 2010. "Dopamine and Risk Preferences in Different Domains," SIFR Research Report Series 71, Institute for Financial Research.
    25. Amess, Kevin & Stiebale, Joel & Wright, Mike, 2015. "The impact of private equity on firms' innovation activity," DICE Discussion Papers 184, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    26. Da Rin, M. & Phalippou, L., 2014. "There is Something Special About Large Investors : Evidence From a Survey of Private Equity Limited Partners," Discussion Paper 2014-010, Tilburg University, Tilburg Law and Economic Center.
    27. Valentin Haddad & Erik Loualiche & Matthew Plosser, 2013. "Buyout activity: the impact of aggregate discount rates," Staff Reports 606, Federal Reserve Bank of New York.
    28. Stefano Bonini, 2015. "Secondary Buyouts: Operating Performance and Investment Determinants," Financial Management, Financial Management Association International, vol. 44(2), pages 431-470, June.
    29. Steven N. Kaplan, 2013. "CEO Pay and Corporate Governance in the U.S.: Perceptions, Facts, and Challenges," Journal of Applied Corporate Finance, Morgan Stanley, vol. 25(2), pages 8-25, June.
    30. Sahuguet, Nicolas & Chaigneau, Pierre, 2021. "The Complementarity between Signal Informativeness and Monitoring," CEPR Discussion Papers 15625, C.E.P.R. Discussion Papers.
    31. F. Castellaneta & O. Gottschalg & M. Wright, 2012. "The Fruits Of Iterative Learning And Negative Performance Feedbacks: Evidence From Private Equity Backed Buyouts," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/770, Ghent University, Faculty of Economics and Business Administration.
    32. Manuela Geranio & Giovanna Zanotti, 2012. "Equity Markets Do Not Fit All: an Analysis of Public†to†Private Deals in Continental Europe," European Financial Management, European Financial Management Association, vol. 18(5), pages 867-895, November.
    33. Santiago Mingo & Francisco Morales & Luis Alfonso Dau, 2018. "The interplay of national distances and regional networks: Private equity investments in emerging markets," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(3), pages 371-386, April.
    34. Ljungqvist, Alexander & Persson, Lars & TÃ¥g, Joacim, 2016. "Private Equity?s Unintended Dark Side: On the Economic Consequences of Excessive Delistings," CEPR Discussion Papers 11075, C.E.P.R. Discussion Papers.
    35. Braun, Reiner & Jenkinson, Tim & Stoff, Ingo, 2017. "How persistent is private equity performance? Evidence from deal-level data," Journal of Financial Economics, Elsevier, vol. 123(2), pages 273-291.
    36. Edmans, Alex, 2011. "Short-term termination without deterring long-term investment: A theory of debt and buyouts," Journal of Financial Economics, Elsevier, vol. 102(1), pages 81-101, October.
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    38. Jerry Cao, 2013. "Private equity, RLBOs and IPO performance," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 18, pages 375-399, Edward Elgar Publishing.
    39. Borell, Mariela & Heger, Diana, 2013. "Sources of value creation through private equity-backed mergers and acquisitions: The case of buy-and-build strategies," ZEW Discussion Papers 13-094, ZEW - Leibniz Centre for European Economic Research.
    40. Giacomo Rodano & Enrico Sette, 2019. "Zombie firms in Italy: a critical assessment," Questioni di Economia e Finanza (Occasional Papers) 483, Bank of Italy, Economic Research and International Relations Area.
    41. Norbäck, Pehr-Johan & Persson, Lars & Tåg, Joacim, 2018. "Does the debt tax shield distort ownership efficiency?," International Review of Economics & Finance, Elsevier, vol. 54(C), pages 299-310.
    42. Matthew Crail Johnson, 2015. "The Effect of Initial Public Offerings on Firm Innovation," Working Papers 22, Birkbeck Centre for Innovation Management Research, revised Feb 2015.
    43. Axelson, Ulf & Strömberg, Per & Weisbach, Michael S., 2007. "Why are Buyouts Levered? The Financial Structure of Private Equity Funds," SIFR Research Report Series 49, Institute for Financial Research.
    44. Andrea Dello Sbarba & Riccardo Giannetti & Alessandro Marelli, 2020. "Private equity firms and management control: the framing of shareholder-oriented practices," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(4), pages 953-987, December.
    45. Gregory Brown & Robert S. Harris & Wendy Hu & Tim Jenkinson & Steven N. Kaplan & David T. Robinson, 2020. "Can Investors Time Their Exposure to Private Equity?," NBER Working Papers 26755, National Bureau of Economic Research, Inc.
    46. Ouidad Yousfi, 2013. "Does PLS financing solve asymmetric information problems?," Post-Print hal-00785325, HAL.
    47. Olsson, Martin & Tåg, Joacim, 2023. "From Wall Street to Work Floor: How Private Equity Buyouts Affect Workers," Working Paper Series 1475, Research Institute of Industrial Economics.
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    183. Boyan Jovanovic & Sai Ma & Peter L. Rousseau, 2020. "Private Equity and Growth," NBER Working Papers 28030, National Bureau of Economic Research, Inc.
    184. Steven N. Kaplan, 2012. "Executive Compensation and Corporate Governance in the U.S.: Perceptions, Facts and Challenges," NBER Working Papers 18395, National Bureau of Economic Research, Inc.
    185. Mohammad Ahmar Uddin & Syed Ahsan Jamil & Khaliquzzaman Khan, 2016. "Private Equity and its Role in the Development of the Indian Manufacturing Sector," International Journal of Economics and Financial Issues, Econjournals, vol. 6(1), pages 361-364.
    186. Annalisa Croce & José Martí, 2016. "Productivity Growth in Private–Equity–Backed Family Firms," Entrepreneurship Theory and Practice, , vol. 40(3), pages 657-683, May.
    187. Maryam Farboodi & Péter Kondor, 2020. "Rational Sentiments and Economic Cycles," NBER Working Papers 27472, National Bureau of Economic Research, Inc.
    188. Chiarella, Carlo & Ostinelli, Diego, 2020. "Financial or strategic buyers: Who is at the gate?," International Review of Economics & Finance, Elsevier, vol. 67(C), pages 393-407.
    189. Baran, Lindsay C. & King, Tao-Hsien Dolly, 2010. "Going private transactions, bondholder returns, and wealth transfer effects," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1856-1872, August.
    190. Vikas Mehrotra & Randall Morck, 2017. "Governance and Stakeholders," NBER Working Papers 23460, National Bureau of Economic Research, Inc.
    191. Engel, Dirk & Stiebale, Joel, 2009. "Private Equity, Investment and Financial Constraints – Firm-Level Evidence for France and the United Kingdom," Ruhr Economic Papers 126, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    192. Erich Battistin & Paolo Bortoluzzi & Fabio Buttignon & Martina Serafini & Marco Vedovato, 2013. "The Effects of Private Equity on Targets: Majority versus Minority Investments," "Marco Fanno" Working Papers 0167, Dipartimento di Scienze Economiche "Marco Fanno".
    193. John Graham & Mark T. Leary & Michael R. Roberts, 2014. "How Does Government Borrowing Affect Corporate Financing and Investment?," NBER Working Papers 20581, National Bureau of Economic Research, Inc.
    194. Guy Schofield, 2020. "Evidence of governance arbitrage by private equity sponsors," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 971-1005, April.
    195. Taoufik A. Taleb & Abdessadeq Sadqi, 2020. "Inquiry Into the Moroccan Private Equity Industry: A Proposal of an Adapted Value Creation Framework," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(2), pages 1-13, April.
    196. Ayash, Brian & Schütt, Harm, 2016. "Does going private add value through operating improvements?," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 192-215.
    197. Valkama, Petri & Maula, Markku & Nikoskelainen, Erkki & Wright, Mike, 2013. "Drivers of holding period firm-level returns in private equity-backed buyouts," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2378-2391.
    198. Sven Fürth & Christian Rauch, 2015. "Fare Thee Well? An Analysis of Buyout Funds’ Exit Strategies," Financial Management, Financial Management Association International, vol. 44(4), pages 811-849, October.
    199. Koo, Ja Hyun, 2016. "Private Equity as an Alternative Corporate Restructuring Scheme: Does Private Equity Increase the Operating Performance of PE-Backed Firms?," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 38(2), pages 21-44.
    200. Cohn, Jonathan B. & Mills, Lillian F. & Towery, Erin M., 2014. "The evolution of capital structure and operating performance after leveraged buyouts: Evidence from U.S. corporate tax returns," Journal of Financial Economics, Elsevier, vol. 111(2), pages 469-494.
    201. Ljungqvist, Alexander & Bircan, Cagatay & Biesinger, Markus, 2020. "Value Creation in Private Equity," CEPR Discussion Papers 14676, C.E.P.R. Discussion Papers.
    202. Kräussl, Roman & Rinne, Kalle & Sunc, Huizhu, 2023. "Does family matter? Venture capital cross-fund cash flows," CFS Working Paper Series 695, Center for Financial Studies (CFS).
    203. Hege, Ulrich & Lovo, Stefano & Slovin, Myron B. & Sushka, Marie E., 2009. "Asset sales and the role of buyers: strategic buyers versus private equity," MPRA Paper 39549, University Library of Munich, Germany, revised Feb 2012.
    204. Colla, Paolo & Ippolito, Filippo & Wagner, Hannes F., 2012. "Leverage and pricing of debt in LBOs," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 124-137.
    205. Aldatmaz, Serdar & Brown, Gregory W., 2020. "Private equity in the global economy: Evidence on industry spillovers," Journal of Corporate Finance, Elsevier, vol. 60(C).
    206. Ann‐Kristin Achleitner & Reiner Braun & Nico Engel, 2011. "Value creation and pricing in buyouts: Empirical evidence from Europe and North America," Review of Financial Economics, John Wiley & Sons, vol. 20(4), pages 146-161, November.
    207. Brindusa�Maria BUZILA (Mocanu), 2016. "The Cee Companies, Attractive Deals For Leveraged Buyout Transactions?," Journal of Public Administration, Finance and Law, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 9(9), pages 131-144, June.
    208. Alperovych, Yan & Divakaruni, Anantha & Manigart, Sophie, 2022. "Lending when relationships are scarce: The role of information spread via bank networks," Journal of Corporate Finance, Elsevier, vol. 73(C).
    209. Ivashina, Victoria & Sun, Zheng, 2011. "Institutional demand pressure and the cost of corporate loans," Journal of Financial Economics, Elsevier, vol. 99(3), pages 500-522, March.
    210. Korteweg, Arthur & Sorensen, Morten, 2017. "Skill and luck in private equity performance," Journal of Financial Economics, Elsevier, vol. 124(3), pages 535-562.
    211. Patricia Crifo & Vanina Forget & Sabrina Teyssier, 2015. "The price of environmental, social and governance practice disclosure: An experiment with professional private equity investors," Post-Print hal-01798441, HAL.
    212. Burkart, Mike & Lee, Samuel & Petri, Henrik, 2020. "The Social Value of Debt in the Market for Corporate Control," CEPR Discussion Papers 15249, C.E.P.R. Discussion Papers.
    213. M. Wright & D. S. Siegel & L. Scholes, 2012. "Private Equity Portfolio Company Performance During The Global Recession," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/795, Ghent University, Faculty of Economics and Business Administration.
    214. Cao, Xiaping & Cumming, Douglas & Goh, Jeremy & Wang, Xiaoming, 2019. "The impact of investor protection law on global takeovers: LBO vs. non-LBO transactions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 59(C), pages 1-18.
    215. Miao, Meng & Niu, Guanjie & Noe, Thomas, 2021. "Contracting without contracting institutions: The trusted assistant loan in 19th century China," Journal of Financial Economics, Elsevier, vol. 140(3), pages 987-1007.
    216. Kim, Tae-Nyun & Palia, Darius, 2014. "Private equity alliances in mergers," Journal of Empirical Finance, Elsevier, vol. 27(C), pages 10-20.
    217. Buchner, Axel & Mohamed, Abdulkadir & Schwienbacher, Armin, 2020. "Herd behaviour in buyout investments," Journal of Corporate Finance, Elsevier, vol. 60(C).
    218. Nick Bacon & Mike Wright & Miguel Meuleman & Louise Scholes, 2012. "The Impact of Private Equity on Management Practices in European Buy-outs: Short-termism, Anglo-Saxon, or Host Country Effects?," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 51, pages 605-626, April.
    219. Sonal Pandya & David Leblang, 2017. "Risky business: Institutions vs. social networks in FDI," Economics and Politics, Wiley Blackwell, vol. 29(2), pages 91-117, July.
    220. Paul Lavery & Jose-Maria Serena & Marina-Eliza Spaliara & Serafeim Tsoukas, 2021. "Private equity buyouts, credit constraints, and firm exports," Working Papers 2021_06, Business School - Economics, University of Glasgow.
    221. Mingo, Santiago & Junkunc, Marc & Morales, Francisco, 2018. "The interplay between home and host country institutions in an emerging market context: Private equity in Latin America," Journal of World Business, Elsevier, vol. 53(5), pages 653-667.
    222. Edward Stringham & Jack Vogel, 2018. "The leveraged invisible hand: how private equity enhances the market for corporate control and capitalism itself," European Journal of Law and Economics, Springer, vol. 46(2), pages 223-244, October.
    223. Ebru Z. Boyacıoğlu & Müge Atakan, 2018. "Comparative Review of Socio Economic Levels in Balkan Countries," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 4, September.
    224. Linus Siming, 2014. "Your Former Employees Matter: Private Equity Firms and Their Financial Advisors," Review of Finance, European Finance Association, vol. 18(1), pages 109-146.
    225. Lahr, Henry & Kaserer, Christoph, 2009. "Net asset value discounts in listed private equity funds," CEFS Working Paper Series 2009-12, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    226. Tereza Tykvová, 2018. "Venture capital and private equity financing: an overview of recent literature and an agenda for future research," Journal of Business Economics, Springer, vol. 88(3), pages 325-362, May.

  7. Axelson, Ulf & Stromberg, Per & Weisbach, Michael S., 2008. "Why Are Buyouts Levered? The Financial Structure of Private Equity Funds," Working Paper Series 2008-15, Ohio State University, Charles A. Dice Center for Research in Financial Economics.

    Cited by:

    1. Holloway, Isaac & Lee, Hoan Soo & Shen, Tao, 2016. "Private equity firm heterogeneity and cross-border acquisitions," International Review of Economics & Finance, Elsevier, vol. 44(C), pages 118-141.
    2. Sridhar Arcot & Zsuzsanna Fluck & José-Miguel Gaspar & Ulrich Hege, 2013. "Fund Managers under Pressure: Rationale and Determinants of Secondary Buyouts," Post-Print hal-01453173, HAL.
    3. Antonio Gledson Carvalho & Humberto Gallucci Netto & Joelson Sampaio, 2014. "Private Equity e Venture Capital no Brasil: uma Análise de sua Evolução," Brazilian Review of Finance, Brazilian Society of Finance, vol. 12(4), pages 499-515.
    4. Burkart, Mike & Dasgupta, Amil, 2015. "Activist funds, leverage, and procyclicality," LSE Research Online Documents on Economics 65095, London School of Economics and Political Science, LSE Library.
    5. Ulf Axelson & Sandeep Baliga, 2009. "Liquidity and Manipulation of Executive Compensation Schemes," The Review of Financial Studies, Society for Financial Studies, vol. 22(10), pages 3907-3939, October.
    6. Joseph McCahery & Erik Vermeulen, 2012. "Private equity regulation: a comparative analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(2), pages 197-233, May.
    7. Paulo P. Alves & M. Ricardo Cunha & Luís K. Pacheco & João M. Pinto, 2022. "How Banks Price Loans for LBOs: an Empirical Analysis of Spread Determinants ," Journal of Financial Services Research, Springer;Western Finance Association, vol. 62(3), pages 163-200, December.
    8. Chatterjee, Sris & Chidambaran, N.K. & Goswami, Gautam, 2016. "Security design for a non-standard IPO: The case of SPACs," Journal of International Money and Finance, Elsevier, vol. 69(C), pages 151-178.
    9. Bottazzi, Laura & Da Rin, Marco & Hellmann, Thomas, 2009. "What is the role of legal systems in financial intermediation? Theory and evidence," Journal of Financial Intermediation, Elsevier, vol. 18(4), pages 559-598, October.
    10. Axelson, Ulf & Jenkinson, Tim & Strömberg, Per & Weisbach, Michael, 2012. "Borrow cheap, buy high? The determinants of leverage and pricing in buyouts," LSE Research Online Documents on Economics 119054, London School of Economics and Political Science, LSE Library.
    11. Cao, Xiaping & Chan, Konan & Kahle, Kathleen, 2018. "Risk and performance of bonds sponsored by private equity firms," Journal of Banking & Finance, Elsevier, vol. 93(C), pages 41-53.
    12. Degeorge, Francois & Martin, Jens & Phalippou, Ludovic, 2016. "On secondary buyouts," Journal of Financial Economics, Elsevier, vol. 120(1), pages 124-145.
    13. Roman Inderst & Vladimir Vladimirov, 2019. "Growth Firms and Relationship Finance: A Capital Structure Perspective," Management Science, INFORMS, vol. 65(11), pages 5411-5426, November.
    14. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    15. Nicodano, Giovanna & Regis, Luca, 2019. "A trade-off theory of ownership and capital structure," Journal of Financial Economics, Elsevier, vol. 131(3), pages 715-735.
    16. Koskinen, Yrjo & Rebello, Michael J. & Wang, Jun, 2006. "Private Information and Bargaining Power in Venture Capital Financing," SIFR Research Report Series 45, Institute for Financial Research, revised 08 Feb 2011.
    17. Guembel, Alexander & White, Lucy, 2014. "Good cop, bad cop: Complementarities between debt and equity in disciplining management," Journal of Financial Intermediation, Elsevier, vol. 23(4), pages 541-569.
    18. Valentin Haddad & Erik Loualiche & Matthew Plosser, 2013. "Buyout activity: the impact of aggregate discount rates," Staff Reports 606, Federal Reserve Bank of New York.
    19. Niklas Hüther & David T. Robinson & Sönke Sievers & Thomas Hartmann-Wendels, 2020. "Paying for Performance in Private Equity: Evidence from Venture Capital Partnerships," Management Science, INFORMS, vol. 66(4), pages 1756-1782, April.
    20. Stefano Bonini, 2015. "Secondary Buyouts: Operating Performance and Investment Determinants," Financial Management, Financial Management Association International, vol. 44(2), pages 431-470, June.
    21. Ulf Axelson & Tim Jenkinson & Per Strömberg & Michael S. Weisbach, 2008. "Leverage and Pricing in Buyouts: An Empirical Analysis," OFRC Working Papers Series 2008fe20, Oxford Financial Research Centre.
    22. Edmans, Alex, 2011. "Short-term termination without deterring long-term investment: A theory of debt and buyouts," Journal of Financial Economics, Elsevier, vol. 102(1), pages 81-101, October.
    23. Koufopoulos, Kostas & Kozhan, Roman & Trigilia, Giulio, 2014. "Optimal Security Design under Asymmetric Information and Profit Manipulation," Economic Research Papers 270233, University of Warwick - Department of Economics.
    24. Axelson, Ulf & Strömberg, Per & Weisbach, Michael S., 2007. "Why are Buyouts Levered? The Financial Structure of Private Equity Funds," SIFR Research Report Series 49, Institute for Financial Research.
    25. Malenko, Andrey & Malenko, Nadya, 2015. "A theory of LBO activity based on repeated debt-equity conflicts," Journal of Financial Economics, Elsevier, vol. 117(3), pages 607-627.
    26. Hellmann, Thomas & Thiele, Veikko, 2015. "Friends or foes? The interrelationship between angel and venture capital markets," Journal of Financial Economics, Elsevier, vol. 115(3), pages 639-653.
    27. Bian, Yuxiang & Chen, Lin & Xiong, Xiong & Yang, Jinqiang, 2023. "Private equity valuation under time-inconsistent preferences," Research in International Business and Finance, Elsevier, vol. 65(C).
    28. Robinson, David T. & Sensoy, Berk A., 2011. "Do Private Equity Fund Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance," Working Paper Series 2011-14, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    29. Melanie Zhang & Steven Devaney & Anupam Nanda, 2018. "Strategic Alliance and Submarket Choices of Commercial Real Estate Investors – A Multinomial Approach," ERES eres2018_210, European Real Estate Society (ERES).
    30. David T. Robinson & Berk A. Sensoy, 2011. "Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity," NBER Working Papers 17428, National Bureau of Economic Research, Inc.
    31. Sakshi Sharma & Kunjana Malik & Manmeet Kaur & Neha Saini, 2023. "Mapping research in the field of private equity: a bibliometric analysis," Management Review Quarterly, Springer, vol. 73(1), pages 61-89, February.
    32. Fedyk, Yuriy & Walden, Johan, 2007. "High-Speed Natural Selection in Financial Markets with Large State Spaces," SIFR Research Report Series 52, Institute for Financial Research.
    33. Acharya, Viral & Kehoe, Conor & Hahn, Moritz, 2009. "Corporate Governance and Value Creation: Evidence from Private Equity," CEPR Discussion Papers 7242, C.E.P.R. Discussion Papers.
    34. Shin, Hyun Song & Acharya, Viral & Yorulmazer, Tanju, 2007. "Fire-sale FDI," CEPR Discussion Papers 6319, C.E.P.R. Discussion Papers.
    35. de Zwart, G.J. & Frieser, B. & van Dijk, D.J.C., 2007. "A Recommitment Strategy for Long Term Private Equity Fund Investors," ERIM Report Series Research in Management ERS-2007-097-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    36. Morten Sorensen & Neng Wang & Jinqiang Yang, 2013. "Valuing Private Equity," NBER Working Papers 19612, National Bureau of Economic Research, Inc.
    37. Kobayashi, Mami & Osano, Hiroshi, 2011. "The new main bank system," Journal of the Japanese and International Economies, Elsevier, vol. 25(3), pages 336-354, September.
    38. Bienz, Carsten & Thorburn, Karin S. & Walz, Uwe, 2023. "Fund ownership, wealth, and risk-taking: Evidence on private equity managers," Journal of Financial Intermediation, Elsevier, vol. 54(C).
    39. Maiia Sleptcova & Heidi Falkenbach, 2021. "Managerial Skill and European PERE Fund Performance," The Journal of Real Estate Finance and Economics, Springer, vol. 62(4), pages 665-690, May.
    40. Erel, Isil & Jang, Yeejin & Minton, Bernadette A. & Weisbach, Michael S., 2017. "Corporate Liquidity, Acquisitions, and Macroeconomic Conditions," Working Paper Series 2017-13, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    41. Sebastian Ernst & Christian Koziol & Denis Schweizer, 2013. "Are Private Equity Investors Boon or Bane for an Economy?–A Theoretical Analysis," European Financial Management, European Financial Management Association, vol. 19(1), pages 180-207, January.
    42. Bo Liu & Yang Liu & Jinqiang Yang, 2018. "Optimal ownership structure in private equity," European Financial Management, European Financial Management Association, vol. 24(1), pages 113-135, January.
    43. Phalippou, Ludovic & Rauch, Christian & Umber, Marc, 2018. "Private equity portfolio company fees," Journal of Financial Economics, Elsevier, vol. 129(3), pages 559-585.
    44. Inderst, Roman & Vladimirov, Vladimir, 2012. "Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information," MPRA Paper 53840, University Library of Munich, Germany.
    45. Axelson, Ulf & Makarov, Igor, 2016. "Informational black holes in financial markets," LSE Research Online Documents on Economics 118982, London School of Economics and Political Science, LSE Library.
    46. Jason Roderick Donaldson & Giorgia Piacentino & Anjan Thakor, 2021. "Intermediation Variety," Journal of Finance, American Finance Association, vol. 76(6), pages 3103-3152, December.
    47. Demiroglu, Cem & James, Christopher M., 2010. "The role of private equity group reputation in LBO financing," Journal of Financial Economics, Elsevier, vol. 96(2), pages 306-330, May.
    48. Robinson, David T. & Sensoy, Berk A., 2010. "Private Equity in the 21st Century: Cash Flows, Performance, and Contract Terms from 1984-2010," Working Paper Series 2010-21, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    49. Alexander Ljungqvist & Matthew Richardson & Daniel Wolfenzon, 2008. "The Investment Behavior of Buyout Funds: Theory and Evidence," NBER Working Papers 14180, National Bureau of Economic Research, Inc.
    50. Dimitrova, Lora, 2017. "Perverse incentives of special purpose acquisition companies, the “poor man's private equity funds”," Journal of Accounting and Economics, Elsevier, vol. 63(1), pages 99-120.
    51. Ann†Kristin Achleitner & Christian Figge, 2014. "Private Equity Lemons?Evidence on Value Creation in Secondary Buyouts," European Financial Management, European Financial Management Association, vol. 20(2), pages 406-433, March.
    52. Fang, Dawei, 2019. "Dry powder and short fuses: Private equity funds in emerging markets," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 48-71.
    53. Steven N. Kaplan & Per Stromberg, 2009. "Leveraged Buyouts and Private Equity," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 121-146, Winter.
    54. Braun, Reiner & Engel, Nico & Hieber, Peter & Zagst, Rudi, 2011. "The risk appetite of private equity sponsors," Journal of Empirical Finance, Elsevier, vol. 18(5), pages 815-832.
    55. Reddy, Kotapati Srinivasa, 2015. "Market for Corporate Control and Contractual Buyout (CoBO): A New “Collective Ownership-and-Administrative” Strategy," MPRA Paper 63937, University Library of Munich, Germany, revised 2015.
    56. Jean-Noël Barrot, 2017. "Investor Horizon and the Life Cycle of Innovative Firms: Evidence from Venture Capital," Management Science, INFORMS, vol. 63(9), pages 3021-3043, September.
    57. Koufopoulos, Kostos & Kozhan, Roman & Trigilia, Giulio, 2014. "Optimal Security Design under Asymmetric Information and Profit Manipulation," The Warwick Economics Research Paper Series (TWERPS) 1050, University of Warwick, Department of Economics.
    58. Driessen, Joost & Lin, Tse-Chun & Phalippou, Ludovic, 2012. "A New Method to Estimate Risk and Return of Nontraded Assets from Cash Flows: The Case of Private Equity Funds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 47(3), pages 511-535, June.
    59. Sharjil M. Haque, 2023. "Does Private Equity Over-Lever Portfolio Companies?," Finance and Economics Discussion Series 2023-009, Board of Governors of the Federal Reserve System (U.S.).
    60. Gregory, David, 2013. "Private equity and financial stability," Bank of England Quarterly Bulletin, Bank of England, vol. 53(1), pages 38-47.
    61. Wang, Yingdi, 2012. "Secondary buyouts: Why buy and at what price?," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1306-1325.
    62. Baran, Lindsay C. & King, Tao-Hsien Dolly, 2010. "Going private transactions, bondholder returns, and wealth transfer effects," Journal of Banking & Finance, Elsevier, vol. 34(8), pages 1856-1872, August.
    63. Dasgupta, Amil & Burkart, Mike, 2020. "Competition for flow and and short-termism in activism," LSE Research Online Documents on Economics 106516, London School of Economics and Political Science, LSE Library.
    64. Buchner, Axel & Wagner, Niklas F., 2017. "Rewarding risk-taking or skill? The case of private equity fund managers," Journal of Banking & Finance, Elsevier, vol. 80(C), pages 14-32.
    65. Cohn, Jonathan B. & Mills, Lillian F. & Towery, Erin M., 2014. "The evolution of capital structure and operating performance after leveraged buyouts: Evidence from U.S. corporate tax returns," Journal of Financial Economics, Elsevier, vol. 111(2), pages 469-494.
    66. Brindusa�Maria BUZILA (Mocanu), 2016. "The Cee Companies, Attractive Deals For Leveraged Buyout Transactions?," Journal of Public Administration, Finance and Law, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 9(9), pages 131-144, June.
    67. Burkart, Mike & Lee, Samuel & Petri, Henrik, 2020. "The Social Value of Debt in the Market for Corporate Control," CEPR Discussion Papers 15249, C.E.P.R. Discussion Papers.
    68. Sheridan Titman, 2017. "Does Ownership Structure Matter?," European Financial Management, European Financial Management Association, vol. 23(3), pages 357-375, June.
    69. Andrew Metrick, 2010. "The Economics of Private Equity Funds," The Review of Financial Studies, Society for Financial Studies, vol. 23(6), pages 2303-2341, June.
    70. Mohammad Abbas Rezaei, 2021. "Optimal Design of Limited Partnership Agreements," Papers 2104.07049, arXiv.org.
    71. Edward Stringham & Jack Vogel, 2018. "The leveraged invisible hand: how private equity enhances the market for corporate control and capitalism itself," European Journal of Law and Economics, Springer, vol. 46(2), pages 223-244, October.
    72. Linus Siming, 2014. "Your Former Employees Matter: Private Equity Firms and Their Financial Advisors," Review of Finance, European Finance Association, vol. 18(1), pages 109-146.
    73. Lahr, Henry & Kaserer, Christoph, 2009. "Net asset value discounts in listed private equity funds," CEFS Working Paper Series 2009-12, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).

  8. Weisbach, Michael & Axelson, Ulf & Jenkinson, Tim & Stromberg, Per, 2008. "Leverage and Pricing in Buyouts: An Empirical Analysis," Working Papers 08-1, University of Pennsylvania, Wharton School, Weiss Center.

    Cited by:

    1. Sjögren, Anna, 2010. "Graded children – evidence of longrun consequences of school grades from a nationwide reform," Working Paper Series 2010:7, IFAU - Institute for Evaluation of Labour Market and Education Policy.
    2. Shai Bernstein & Josh Lerner & Morten Sørensen & Per Strömberg, 2010. "Private Equity and Industry Performance," Harvard Business School Working Papers 10-045, Harvard Business School.
    3. Norbäck, Pehr-Johan & Persson, Lars & Tåg, Joacim, 2018. "Does the debt tax shield distort ownership efficiency?," International Review of Economics & Finance, Elsevier, vol. 54(C), pages 299-310.
    4. Axelson, Ulf & Strömberg, Per & Weisbach, Michael S., 2007. "Why are Buyouts Levered? The Financial Structure of Private Equity Funds," SIFR Research Report Series 49, Institute for Financial Research.
    5. Robin Greenwood & Samuel G. Hanson, 2011. "Issuer Quality and the Credit Cycle," NBER Working Papers 17197, National Bureau of Economic Research, Inc.
    6. Rosemary Batt & Eileen Appelbaum, 2013. "The Impact of Financialization on Management and Employment Outcomes," Upjohn Working Papers 13-191, W.E. Upjohn Institute for Employment Research.
    7. Robin Greenwood & Samuel G. Hanson, 2013. "Issuer Quality and Corporate Bond Returns," The Review of Financial Studies, Society for Financial Studies, vol. 26(6), pages 1483-1525.
    8. Eileen Appelbaum & Rosemary Batt, 2012. "A Primer on Private Equity at Work," Challenge, Taylor & Francis Journals, vol. 55(5), pages 5-38.
    9. Phillip Leslie & Paul Oyer, 2008. "Managerial Incentives and Value Creation: Evidence from Private Equity," NBER Working Papers 14331, National Bureau of Economic Research, Inc.
    10. Eileen Appelbaum & Rosemary Batt, 2012. "A Primer on Private Equity at Work: Management, Employment, and Sustainability," CEPR Reports and Issue Briefs 2012-05, Center for Economic and Policy Research (CEPR).
    11. Jiménez, Gabriel & Ongena, Steven & Peydró, José-Luis & Saurina, Jesús, 2014. "Hazardous times for monetary policy: what do twenty-three million bank loans say about the effects of monetary policy on credit risk-taking?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 82(2), pages 463-505.
    12. Iioka, Yasutake & Yamada, Yuji, 2023. "The evolution of capital structure and debt governance: Evidence from private equity-backed companies in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    13. Steven N. Kaplan & Per Stromberg, 2009. "Leveraged Buyouts and Private Equity," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 121-146, Winter.
    14. Alexander Peter Groh & Oliver Gottschalg, 2008. "The Opportunity Cost of Capital of US Buyouts," NBER Working Papers 14148, National Bureau of Economic Research, Inc.

  9. Weisbach, Michael & Strömberg, Per & Axelson, Ulf, 2007. "Why are Buyouts Leveraged? The Financial Structure of Private Equity Firms," CEPR Discussion Papers 6133, C.E.P.R. Discussion Papers.

    Cited by:

    1. Ulf Axelson & Tim Jenkinson & Per Strömberg & Michael S. Weisbach, 2008. "Leverage and Pricing in Buyouts: An Empirical Analysis," OFRC Working Papers Series 2008fe20, Oxford Financial Research Centre.
    2. Miguel Meuleman & Mike Wright & Sophie Manigart & Andy Lockett, 2009. "Private Equity Syndication: Agency Costs, Reputation and Collaboration," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(5‐6), pages 616-644, June.
    3. Robinson, David T. & Sensoy, Berk A., 2011. "Do Private Equity Fund Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance," Working Paper Series 2011-14, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    4. Acharya, Viral & Kehoe, Conor & Hahn, Moritz, 2009. "Corporate Governance and Value Creation: Evidence from Private Equity," CEPR Discussion Papers 7242, C.E.P.R. Discussion Papers.
    5. de Zwart, G.J. & Frieser, B. & van Dijk, D.J.C., 2007. "A Recommitment Strategy for Long Term Private Equity Fund Investors," ERIM Report Series Research in Management ERS-2007-097-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    6. Kobayashi, Mami & Osano, Hiroshi, 2011. "The new main bank system," Journal of the Japanese and International Economies, Elsevier, vol. 25(3), pages 336-354, September.
    7. Robinson, David T. & Sensoy, Berk A., 2010. "Private Equity in the 21st Century: Cash Flows, Performance, and Contract Terms from 1984-2010," Working Paper Series 2010-21, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    8. Alexander Ljungqvist & Matthew Richardson & Daniel Wolfenzon, 2008. "The Investment Behavior of Buyout Funds: Theory and Evidence," NBER Working Papers 14180, National Bureau of Economic Research, Inc.
    9. Driessen, Joost & Lin, Tse-Chun & Phalippou, Ludovic, 2012. "A New Method to Estimate Risk and Return of Nontraded Assets from Cash Flows: The Case of Private Equity Funds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 47(3), pages 511-535, June.
    10. Andrew Metrick, 2010. "The Economics of Private Equity Funds," The Review of Financial Studies, Society for Financial Studies, vol. 23(6), pages 2303-2341, June.

  10. Kaplan, Steven & Strömberg, Per & Sensoy, Berk, 2005. "What are Firms? Evolution from Birth to Public Companies," CEPR Discussion Papers 5224, C.E.P.R. Discussion Papers.

    Cited by:

    1. Ulf Axelson & Sandeep Baliga, 2009. "Liquidity and Manipulation of Executive Compensation Schemes," The Review of Financial Studies, Society for Financial Studies, vol. 22(10), pages 3907-3939, October.
    2. Philippe Aghion & Mathias Dewatripont & Jeremy C. Stein, 2005. "Academic Freedom, Private-Sector Focus, and the Process of Innovation," NBER Working Papers 11542, National Bureau of Economic Research, Inc.
    3. Dreber, Anna & Rand, David G. & Garcia, Justin R. & Wernerfelt, Nils & Lum, J. Koji & Zeckhauser, Richard, 2010. "Dopamine and Risk Preferences in Different Domains," SIFR Research Report Series 71, Institute for Financial Research.
    4. Bjönnes, Geir H. & Holden, Steinar & Rime, Dagfinn & Solheim, Haakon O.Aa., 2005. "'Large' vs. 'Small' Players: A Closer Look at the Dynamics of Speculative Attacks," SIFR Research Report Series 38, Institute for Financial Research.
    5. Axelson, Ulf & Strömberg, Per & Weisbach, Michael S., 2007. "Why are Buyouts Levered? The Financial Structure of Private Equity Funds," SIFR Research Report Series 49, Institute for Financial Research.
    6. Hermalin, Benjamin E. & Weisbach, Michael S., 2009. "Information Disclosure and Corporate Governance," Working Paper Series 2008-17, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    7. van Hemert, Otto, 2006. "Life-Cycle Housing and Portfolio Choice with Bond Markets," SIFR Research Report Series 44, Institute for Financial Research.
    8. Sarno, Lucio & Rime, Dagfinn & Akram, Farooq, 2008. "Arbitrage in the Foreign Exchange Market: Turning on the Microscope," CEPR Discussion Papers 6878, C.E.P.R. Discussion Papers.
    9. Fedyk, Yuriy & Walden, Johan, 2007. "High-Speed Natural Selection in Financial Markets with Large State Spaces," SIFR Research Report Series 52, Institute for Financial Research.
    10. Rydqvist, Kristian, 2010. "Tax Arbitrage with Risk and Effort Aversion - Swedish Lottery Bonds 1970-1990," SIFR Research Report Series 70, Institute for Financial Research.

  11. Kaplan, Steven & Strömberg, Per & Martel, Frederic, 2003. "How Do Legal Differences and Learning Affect Financial Contracts?," CEPR Discussion Papers 4161, C.E.P.R. Discussion Papers.

    Cited by:

    1. Dessi, Roberta, 2011. "Innovation, Spillovers and Venture Capital Contracts," TSE Working Papers 11-253, Toulouse School of Economics (TSE), revised Dec 2013.
    2. Bottazzi, Laura & Da Rin, Marco & Hellmann, Thomas, 2009. "What is the role of legal systems in financial intermediation? Theory and evidence," Journal of Financial Intermediation, Elsevier, vol. 18(4), pages 559-598, October.
    3. Bienz, Carsten & Walz, Uwe, 2007. "Evolution of Decision and Control Rights in Venture Capital Contracts: An Empirical Analysis," Discussion Papers 2007/13, Norwegian School of Economics, Department of Business and Management Science.
    4. Bottazzi, L. & Da Rin, M. & Hellmann, T., 2008. "Who are the active investors? Evidence from venture capital," Other publications TiSEM 9336411f-ac48-4fad-8a2c-d, Tilburg University, School of Economics and Management.
    5. Bienz, Carsten & Hirsch, Julia, 2005. "The dynamics of venture capital contracts," LSE Research Online Documents on Economics 24670, London School of Economics and Political Science, LSE Library.
    6. James A. Brander & Edward Egan & Thomas F. Hellmann, 2008. "Government Sponsored versus Private Venture Capital: Canadian Evidence," NBER Working Papers 14029, National Bureau of Economic Research, Inc.
    7. Douglas Cumming, 2005. "Review Essay: Global Venture Capital Transactions," Venture Capital, Taylor & Francis Journals, vol. 7(2), pages 185-201, January.
    8. Laura Bottazzi & Marco Da Rin & Thomas F. Hellmann, 2011. "The Importance of Trust for Investment: Evidence from Venture Capital," NBER Working Papers 16923, National Bureau of Economic Research, Inc.
    9. Vladimir Atanasov & Thomas Hall & Vladimir Ivanov & Katherine Litvak, 2019. "The Impact of Public Pension Funds and Other Limited Partners on the Governance of Venture Capital Funds," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 1-28, March.
    10. Cumming, Douglas J., 2005. "Capital structure in venture finance," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 550-585, June.
    11. Mico Apostolov, 2011. "Governance and Enterprise Restructuring: The Case of Macedonia," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 18(2), pages 299-309, December.
    12. Jun Qian & Philip E. Strahan, 2007. "How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans," Journal of Finance, American Finance Association, vol. 62(6), pages 2803-2834, December.
    13. Lerner, Josh & Schoar, Antoinette, 2004. "Transaction Structures in the Developing World: Evidence from Private Equity," Working papers 4468-04, Massachusetts Institute of Technology (MIT), Sloan School of Management.
    14. Schertler, Andrea & Tykvová, Tereza, 2006. "Rivals or partners? Evidence from Europe's international private equity deals," ZEW Discussion Papers 06-091, ZEW - Leibniz Centre for European Economic Research.
    15. Santillán-Salgado, Roberto J. & Hernández-Perales, Norma A., 2011. "Generalidades sobre los Fondos de Capital Privado y de Capital Emprendedor: una visión actualizada de la industria y de su entorno en México [Generalities on Private Equity and Venture Capital Fund," MPRA Paper 27815, University Library of Munich, Germany.
    16. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.
    17. Alessandro Rosiello & Gil Avnimelech & Morris Teubal, 2011. "Towards a systemic and evolutionary framework for venture capital policy," Journal of Evolutionary Economics, Springer, vol. 21(1), pages 167-189, February.
    18. Tykvová, Tereza & Schertler, Andrea, 2014. "Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?," Journal of International Management, Elsevier, vol. 20(4), pages 406-420.
    19. Thomas Hall, 2015. "Firm Boundaries and Innovation: Empirical Evidence from Entrepreneurial Finance," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 12(05), pages 1-33.
    20. Annaleena Parhankangas & Hans Landström & D. Gordon Smith, 2005. "Experience, contractual covenants and venture capitalists' responses to unmet expectations," Venture Capital, Taylor & Francis Journals, vol. 7(4), pages 297-318, March.
    21. Sophie Manigart & Andy Lockett & Miguel Meuleman & Mike Wright & Hans Landström & Hans Bruining & Philippe Desbrières & Ulrich Hommel, 2006. "Venture Capitalists’ Decision to Syndicate," Entrepreneurship Theory and Practice, , vol. 30(2), pages 131-153, March.
    22. S. Manigart & A. Lockett & M. Meuleman & M. Wright & H. Landström & H. Bruining & P. Desbrières & U. Hommel, 2004. "Why Do Venture Capital Companies Syndicate?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/226, Ghent University, Faculty of Economics and Business Administration.
    23. Josh Lerner & Antoinette Schoar, 2004. "Transaction Structures in the Developing World," NBER Working Papers 10348, National Bureau of Economic Research, Inc.
    24. Thomas Ahrens & Igor Filatotchev & Steen Thomsen, 2011. "The research frontier in corporate governance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 15(3), pages 311-325, August.

  12. Kaplan, Steven & Strömberg, Per, 2002. "Characteristics, Contracts and Actions: Evidence from Venture Capitalist Analyses," CEPR Discussion Papers 3243, C.E.P.R. Discussion Papers.

    Cited by:

    1. Ulf Axelson & Sandeep Baliga, 2009. "Liquidity and Manipulation of Executive Compensation Schemes," The Review of Financial Studies, Society for Financial Studies, vol. 22(10), pages 3907-3939, October.
    2. Cumming, D. & Johan, S.A., 2005. "Advice and monitoring in venture finance," Discussion Paper 2005-003, Tilburg University, Tilburg Law and Economic Center.
    3. Didier Cossin & Benoît Leleux & Entela Saliasi, 2002. "Understanding the Economic Value of Legal Covenants in Investment Contracts: A Real-Options Approach to Venture Equity Contracts," Swiss Finance Institute Research Paper Series rp63, Swiss Finance Institute.
    4. Bottazzi, Laura & Da Rin, Marco & Hellmann, Thomas, 2009. "What is the role of legal systems in financial intermediation? Theory and evidence," Journal of Financial Intermediation, Elsevier, vol. 18(4), pages 559-598, October.
    5. Strausz, Roland, 2005. "Optimal Information Revelation by Informed Investors," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 34, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    6. Gil Avnimelech & Morris Teubal, 2004. "Strength of Market Forces and the Successful Emergence of Israel's Venture Capital Industry. Insights from a Policy-Led Case of Structural Change," Revue économique, Presses de Sciences-Po, vol. 55(6), pages 1265-1300.
    7. Bienz, Carsten & Walz, Uwe, 2007. "Evolution of Decision and Control Rights in Venture Capital Contracts: An Empirical Analysis," Discussion Papers 2007/13, Norwegian School of Economics, Department of Business and Management Science.
    8. Koskinen, Yrjo & Rebello, Michael J. & Wang, Jun, 2006. "Private Information and Bargaining Power in Venture Capital Financing," SIFR Research Report Series 45, Institute for Financial Research, revised 08 Feb 2011.
    9. Bjönnes, Geir H. & Holden, Steinar & Rime, Dagfinn & Solheim, Haakon O.Aa., 2005. "'Large' vs. 'Small' Players: A Closer Look at the Dynamics of Speculative Attacks," SIFR Research Report Series 38, Institute for Financial Research.
    10. Lee, Peggy M. & Wahal, Sunil, 2004. "Grandstanding, certification and the underpricing of venture capital backed IPOs," Journal of Financial Economics, Elsevier, vol. 73(2), pages 375-407, August.
    11. Ciccotello, Conrad S & Hornyak, Martin J & Piwowar, Michael S, 2004. "Research and Development Alliances: Evidence from a Federal Contracts Repository," Journal of Law and Economics, University of Chicago Press, vol. 47(1), pages 123-166, April.
    12. Axelson, Ulf & Strömberg, Per & Weisbach, Michael S., 2007. "Why are Buyouts Levered? The Financial Structure of Private Equity Funds," SIFR Research Report Series 49, Institute for Financial Research.
    13. Thomas J. Chemmanur & Karthik Krishnan & Debarshi K. Nandy, 2011. "How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface," The Review of Financial Studies, Society for Financial Studies, vol. 24(12), pages 4037-4090.
    14. van Hemert, Otto, 2006. "Life-Cycle Housing and Portfolio Choice with Bond Markets," SIFR Research Report Series 44, Institute for Financial Research.
    15. Ge, Dingkun & Mahoney, James M. & Mahoney, Joseph T., 2005. "New Venture Valuation by Venture Capitalists: An Integrative Approach," Working Papers 05-0124, University of Illinois at Urbana-Champaign, College of Business.
    16. Laura Bottazzi & Marco Da Rin & Thomas F. Hellmann, 2011. "The Importance of Trust for Investment: Evidence from Venture Capital," NBER Working Papers 16923, National Bureau of Economic Research, Inc.
    17. Bottazzi, Laura & Da Rin, Marco & Hellmann, Thomas F, 2004. "Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital," CEPR Discussion Papers 4794, C.E.P.R. Discussion Papers.
    18. Sarno, Lucio & Rime, Dagfinn & Akram, Farooq, 2008. "Arbitrage in the Foreign Exchange Market: Turning on the Microscope," CEPR Discussion Papers 6878, C.E.P.R. Discussion Papers.
    19. Baeyens,K. & Manigart,S., 2006. "Follow-on financing of venture capital backed companies: the choice between debt, equity, existing and new investors," Vlerick Leuven Gent Management School Working Paper Series 2006-05, Vlerick Leuven Gent Management School.
    20. Fedyk, Yuriy & Walden, Johan, 2007. "High-Speed Natural Selection in Financial Markets with Large State Spaces," SIFR Research Report Series 52, Institute for Financial Research.
    21. Kaplan, Steven N. & Martel, Frederic & Strömberg, Per, 2004. "How Do Legal Differences and Learning Affect Financial Contracts?," SIFR Research Report Series 28, Institute for Financial Research.
    22. Thomas Hellman & Laura Lindsey & Manju Puri, 2004. "Building Relationships Early: Banks in Venture Capital," NBER Working Papers 10535, National Bureau of Economic Research, Inc.
    23. Mathias Dewatripont & Patrick Legros & Steven A. Matthews, 2003. "Moral Hazard and Capital Structure Dynamics," PIER Working Paper Archive 03-006, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    24. Coronel Pangol, Katherine & Orden Cruz, Carmen & Paule Vianez, Jéssica, 2022. "Bibliometric analysis of alternative financing for entrepreneurship," Cuadernos de Gestión, Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE).
    25. Ibolya Schindele, 2002. "Support and Interference: Venture Financing with Multiple Tasks," CERS-IE WORKING PAPERS 0215, Institute of Economics, Centre for Economic and Regional Studies.
    26. Dessein, Wouter, 2002. "Information and Control in Alliances and Ventures," CEPR Discussion Papers 3418, C.E.P.R. Discussion Papers.
    27. Gawlik, Remigiusz, 2016. "Finansowanie innowacyjnych przedsięwzięć przez fundusze podwyższonego ryzyka - determinanty procesu decyzyjnego [Financing of Innovative Enterprises Through Venture Capital – Determinants of Decisi," MPRA Paper 77528, University Library of Munich, Germany.
    28. Roland Strausz, "undated". "Entrepreneurial Financing, Advice, and Agency Costs," Papers 022, Departmental Working Papers.
    29. Zhang, Junfu, 2007. "The Advantage of Experienced Start-Up Founders in Venture Capital Acquisition: Evidence from Serial Entrepreneurs," IZA Discussion Papers 2964, Institute of Labor Economics (IZA).
    30. Hellmann, Thomas, 2006. "IPOs, acquisitions, and the use of convertible securities in venture capital," Journal of Financial Economics, Elsevier, vol. 81(3), pages 649-679, September.
    31. Inderst, Roman & Müller, Holger M., 2002. "Venture capital contracts and market structure," LSE Research Online Documents on Economics 24931, London School of Economics and Political Science, LSE Library.
    32. Elisabeth S.C. Berger & Andreas Köhn, 2020. "Exploring the differences in early-stage start-up valuation across countries: an institutional perspective," International Entrepreneurship and Management Journal, Springer, vol. 16(1), pages 327-344, March.
    33. Anderson, Anders E.S., 2004. "All Guts, No Glory: Trading and Diversification among Online Investors," SIFR Research Report Series 25, Institute for Financial Research.
    34. Cécile Carpentier & Jean-Marc Suret, 2004. "Bypassing the Financial Growth Cycle: Evidence from Capital Pool Companies," CIRANO Working Papers 2004s-48, CIRANO.
    35. Koskinen, Yrjö & Rebello, Michael & Wang, Jun, 2006. "Venture Capital Financing: The Role of Bargaining Power and the Evolution of Informational Asymmetry," CEPR Discussion Papers 5806, C.E.P.R. Discussion Papers.
    36. Baranchuk, Nina & Chib, Siddhartha, 2008. "Assessing the role of option grants to CEOs: How important is heterogeneity?," Journal of Empirical Finance, Elsevier, vol. 15(2), pages 145-166, March.
    37. Steven N. Kaplan & Mark M. Klebanov & Morten Sorensen, 2008. "Which CEO Characteristics and Abilities Matter?," NBER Working Papers 14195, National Bureau of Economic Research, Inc.

  13. Steven N. Kaplan & Per Stromberg, 2001. "Venture Capitalists As Principals: Contracting, Screening, and Monitoring," NBER Working Papers 8202, National Bureau of Economic Research, Inc.

    Cited by:

    1. Aleksandra Wąsowska, 2017. "The Internationalisation of Family Firms: the Role of the Ownership Structure and the Composition of Top Management Team," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 5(1), pages 169-185.
    2. Väänänen, Lotta, 2003. "Agency Costs and R&D: Evidence from Finnish SMEs," Discussion Papers 859, The Research Institute of the Finnish Economy.
    3. Iftekhar Hasan & Haizhi Wang, 2008. "The US bankruptcy law and private equity financing: empirical evidence," Small Business Economics, Springer, vol. 31(1), pages 5-19, June.
    4. Dong, Weijia & Li, Ye & Lv, Xin & Yu, Chang, 2021. "How does venture capital spur the innovation of environmentally friendly firms? Evidence from China," Energy Economics, Elsevier, vol. 103(C).
    5. Tykvová, Tereza, 2003. "The role of the value added by the venture capitalists in timing and extent of IPOs," CFS Working Paper Series 2003/25, Center for Financial Studies (CFS).
    6. Hoang, Huy Viet & Nguyen, Cuong & Nguyen, Duc Khuong, 2022. "Corporate immunity, national culture and stock returns: Startups amid the COVID-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 79(C).
    7. Hyytinen, Ari & Toivanen, Otto, 2002. "Asymmetric Information and the Market Structure of the Venture Capital Industry (Revised)," Discussion Papers 768, The Research Institute of the Finnish Economy.
    8. C. Beuselinck & S. Manigart, 2007. "Financial Reporting Quality in Private Equity Backed Companies: The Impact of Ownership Concentration," Post-Print hal-00677531, HAL.
    9. Christian Keuschnigg & Soren Bo Nielsen, 2006. "Self-Selection and Advice in Venture Capital Finance," University of St. Gallen Department of Economics working paper series 2006 2006-06, Department of Economics, University of St. Gallen.
    10. Christopoulos, Dimitris & Köppl, Stefan & Köppl-Turyna, Monika, 2020. "Syndication networks and company survival: Evidence from European venture-capital deals," Working Papers 21, Agenda Austria.
    11. Michael Peneder, 2010. "The Impact of Venture Capital on Innovation Behaviour and Firm Growth," WIFO Working Papers 363, WIFO.
    12. Gil Avnimelech & Morris Teubal, 2004. "Strength of Market Forces and the Successful Emergence of Israel's Venture Capital Industry. Insights from a Policy-Led Case of Structural Change," Revue économique, Presses de Sciences-Po, vol. 55(6), pages 1265-1300.
    13. Nielsen, Soren Bo & Keuschnigg, Christian, 2003. "Taxation and Venture Capital-Backed Entrepreneurship," CEPR Discussion Papers 4097, C.E.P.R. Discussion Papers.
    14. Christian Keuschnigg, 2003. "Optimal Public Policy For Venture Capital Backed Innovation," University of St. Gallen Department of Economics working paper series 2003 2003-09, Department of Economics, University of St. Gallen.
    15. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    16. Massimo G. Colombo & Diego d'Adda & Anita Quas, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Post-Print hal-02312284, HAL.
    17. Ari Hyytinen & Otto Toivanen, 2003. "Asymmetric Information and the Market Structure of the Venture Capital Industry," Journal of Financial Services Research, Springer;Western Finance Association, vol. 23(3), pages 241-249, June.
    18. Mirjam Knockaert & Tom Vanacker, 2013. "The association between venture capitalists’ selection and value adding behavior: evidence from early stage high tech venture capitalists," Small Business Economics, Springer, vol. 40(3), pages 493-509, April.
    19. Tumasjan, Andranik & Braun, Reiner & Stolz, Barbara, 2021. "Twitter sentiment as a weak signal in venture capital financing," Journal of Business Venturing, Elsevier, vol. 36(2).
    20. Nielsen, Soren Bo & Keuschnigg, Christian, 2002. "Start-ups, Venture Capitalists and the Capital Gains Tax," CEPR Discussion Papers 3263, C.E.P.R. Discussion Papers.
    21. Roma, Paolo & Vasi, Maria & Kolympiris, Christos, 2021. "On the signaling effect of reward-based crowdfunding: (When) do later stage venture capitalists rely more on the crowd than their peers?," Research Policy, Elsevier, vol. 50(6).
    22. Fabrizi, Simona & Lippert, Steffen & Norbäck, Pehr-Johan & Persson, Lars, 2008. "Venture Capitalists, Asymmetric Information, and Ownership in the Innovation Process," Working Paper Series 776, Research Institute of Industrial Economics.
    23. Christian Keuschnigg, 2008. "Tax Policy for Venture Capital Backed Entrepreneurship," University of St. Gallen Department of Economics working paper series 2008 2008-07, Department of Economics, University of St. Gallen.
    24. Inci, Eren & Parker, Simon C., 2012. "Financing Entrepreneurship and the Old-Boy Network," IZA Discussion Papers 6288, Institute of Labor Economics (IZA).
    25. Hottenrott, Hanna & Berger, Marius, 2021. "Start-Up Subsidies and the Sources of Venture Capital," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242383, Verein für Socialpolitik / German Economic Association.
    26. Gavin C. Reid & Julia A. Smith, 2003. "Venture Capital and Risk in High-Technology Enterprises," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 2(3), pages 227-244, December.
    27. Dominik Egli & Steven Ongena & David C. Smith, 2002. "On the sequencing of projects, reputation building, and relationship finance," International Finance Discussion Papers 718, Board of Governors of the Federal Reserve System (U.S.).
    28. M. Knockaert & T. Vanacker, 2011. "The Association between Venture Capitalists’ Selection and Value Adding Behavior: Evidence from Early Stage High Tech Venture Capitalists," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 11/741, Ghent University, Faculty of Economics and Business Administration.
    29. Colombo, Massimo G. & Meoli, Michele & Vismara, Silvio, 2019. "Signaling in science-based IPOs: The combined effect of affiliation with prestigious universities, underwriters, and venture capitalists," Journal of Business Venturing, Elsevier, vol. 34(1), pages 141-177.
    30. Thomas Gehrig & Rune Stenbacka, 2003. "Venture Cycles: Theory and Evidence," CESifo Working Paper Series 882, CESifo.
    31. Andy Lockett & Mike Wright & Andrew Burrows & Louise Scholes & Dave Paton, 2008. "The export intensity of venture capital backed companies," Small Business Economics, Springer, vol. 31(1), pages 39-58, June.
    32. Hernández, Juan & Wills, Daniel, 2024. "Fighting for the Best, Losing with the Rest: The Perils of Competition in Entrepreneurial Finance," IDB Publications (Working Papers) 13362, Inter-American Development Bank.
    33. Valérie Revest & Christophe Le Guehennec, 2007. "Capital risque, intervention publique et marché : le cas des biotechnologies françaises," CEPN Working Papers halshs-00200839, HAL.
    34. Christian Hopp & Christian Lukas, 2014. "Evaluation frequency and evaluator’s experience: the case of venture capital investment firms and monitoring intensity in stage financing," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(2), pages 649-674, May.
    35. Dimo Dimov & Gordon Murray, 2008. "Determinants of the Incidence and Scale of Seed Capital Investments by Venture Capital Firms," Small Business Economics, Springer, vol. 30(2), pages 127-152, February.
    36. Thomas J. Chemmanur & Karthik Krishnan & Debarshi K. Nandy, 2011. "How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface," The Review of Financial Studies, Society for Financial Studies, vol. 24(12), pages 4037-4090.
    37. Svensson, Roger, 2015. "Measuring Innovation Using Patent Data," Working Paper Series 1067, Research Institute of Industrial Economics.
    38. Gonzalez-Uribe, Juanita, 2020. "Exchanges of innovation resources inside venture capital portfolios," LSE Research Online Documents on Economics 100924, London School of Economics and Political Science, LSE Library.
    39. Giot, Pierre & Hege, Ulrich & Schwienbacher, Armin, 2014. "Are novice private equity funds risk-takers? Evidence from a comparison with established funds," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 55-71.
    40. Jung, Kuk Mo & Pyun, Ju Hyun, 2015. "International Reserves for Emerging Economies: A Liquidity Approach," MPRA Paper 64235, University Library of Munich, Germany.
    41. Bertoni, Fabio & Croce, Annalisa & Guerini, Massimiliano, 2015. "Venture capital and the investment curve of young high-tech companies," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 159-176.
    42. Huo, Jingjing, 2015. "How Nations Innovate: The Political Economy of Technological Innovation in Affluent Capitalist Economies," OUP Catalogue, Oxford University Press, number 9780198735847.
    43. Engel, Dirk, 2002. "Zur Rolle von Beteiligungskapitalgebern in ihren Portfoliounternehmen: Eine ökonometrische Analyse," ZEW Discussion Papers 02-58, ZEW - Leibniz Centre for European Economic Research.
    44. Block, Joern & Fisch, Christian & Vismara, Silvio & Andres, René, 2019. "Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 329-352.
    45. Li, Jiu-Jin & Xu, Chang & Fung, Hung-Gay & Chan, Kam C., 2021. "Do venture capital firms promote corporate social responsibility?," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 718-732.
    46. Rudra P. Pradhan & Mak B. Arvin & Mahendhiran Nair & Sara E. Bennett, 2017. "Venture capital investment, financial development, and economic growth: the case of European single market countries," Venture Capital, Taylor & Francis Journals, vol. 19(4), pages 313-333, October.
    47. Ginsberg Ari & Hasan Iftekhar & Tucci Christopher L, 2011. "Unpacking the Effects of Corporate Venture Capital Investor Ties on the Reduction of Price Discounting among IPO Firms," Entrepreneurship Research Journal, De Gruyter, vol. 1(2), pages 1-29, March.
    48. Freudenberg, Felix & Imbierowicz, Björn & Saunders, Anthony & Steffen, Sascha, 2017. "Covenant violations and dynamic loan contracting," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 540-565.
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    544. Hendershott, Robert J., 2004. "Net value: wealth creation (and destruction) during the internet boom," Journal of Corporate Finance, Elsevier, vol. 10(2), pages 281-299, March.
    545. Hirsch, Julia, 2006. "Public policy and venture capital financed innovation: A contract design approach," CFS Working Paper Series 2006/29, Center for Financial Studies (CFS).
    546. Gregor Matvos, 2014. "Renegotiation Design: Evidence from National Football League Roster Bonuses," Journal of Law and Economics, University of Chicago Press, vol. 57(2), pages 387-430.
    547. Yanzhao Li & Ju-e Guo & Shaolong Sun & Yongwu Li, 2022. "How time-inconsistent preferences influence venture capital exit decisions? A new perspective for grandstanding," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-24, December.
    548. Wang, Lanfang & Wang, Susheng, 2017. "Buybacks as an efficient strategy for venture capital in emerging markets," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 107-123.
    549. Armin Schwienbacher, 2008. "Venture capital investment practices in Europe and the United States," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 22(3), pages 195-217, September.
    550. Song, Di & Su, Jun & Yang, Chao & Shen, Na, 2019. "Performance commitment in acquisitions, regulatory change and market crash risk–evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    551. Lukas, Elmar & Mölls, Sascha & Welling, Andreas, 2016. "Venture capital, staged financing and optimal funding policies under uncertainty," European Journal of Operational Research, Elsevier, vol. 250(1), pages 305-313.
    552. Gurupdesh Pandher, 2019. "Financier Search and Boundaries of the Angel and VC Markets," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1223-1249, November.
    553. Wang, Teng, 2015. "Bank Entry Mode, Labor Market Flexibility and Economic Activity," HIT-REFINED Working Paper Series 25, Institute of Economic Research, Hitotsubashi University.
    554. Hornuf, Lars & Schilling, Tobias & Schwienbacher, Armin, 2022. "The relevance of investor rights in crowdinvesting," Journal of Corporate Finance, Elsevier, vol. 77(C).
    555. Peter Egger & Christian Keuschnigg, 2009. "Corporate Finance and Comparative Advantage," University of St. Gallen Department of Economics working paper series 2009 2009-04, Department of Economics, University of St. Gallen.
    556. Croce, Annalisa & Martí, José & Murtinu, Samuele, 2013. "The impact of venture capital on the productivity growth of European entrepreneurial firms: ‘Screening’ or ‘value added’ effect?," Journal of Business Venturing, Elsevier, vol. 28(4), pages 489-510.
    557. Chrisman, James J. & Chua, Jess H. & Steier, Lloyd P. & Wright, Mike & McKee, D’Lisa N., 2012. "An agency theoretic analysis of value creation through management buy-outs of family firms," Journal of Family Business Strategy, Elsevier, vol. 3(4), pages 197-206.
    558. Mohammad Ebrahim Sadeghi & Hamed Nozari & Hadi Khajezadeh Dezfoli & Mehdi Khajezadeh, 2021. "Ranking of different of investment risk in high-tech projects using TOPSIS method in fuzzy environment based on linguistic variables," Papers 2111.14665, arXiv.org.
    559. Jelic, Ranko & Zhou, Dan & Ahmad, Wasim, 2021. "Do stressed PE firms misbehave?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    560. Cumming, Douglas & Fleming, Grant & Suchard, Jo-Ann, 2005. "Venture capitalist value-added activities, fundraising and drawdowns," Journal of Banking & Finance, Elsevier, vol. 29(2), pages 295-331, February.
    561. Skrzypacz, Andrzej, 2013. "Auctions with contingent payments — An overview," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 666-675.
    562. Masulis, Ronald W. & Nahata, Rajarishi, 2009. "Financial contracting with strategic investors: Evidence from corporate venture capital backed IPOs," Journal of Financial Intermediation, Elsevier, vol. 18(4), pages 599-631, October.
    563. Guo, Di & Hua, Xinyu & Jiang, Kun, 2017. "Agency and strategic contracts: Theory and evidence from R&D agreements in the pharmaceutical industry," International Journal of Industrial Organization, Elsevier, vol. 54(C), pages 37-64.
    564. Tykvová, Tereza, 2018. "Legal framework quality and success of (different types of) venture capital investments," Journal of Banking & Finance, Elsevier, vol. 87(C), pages 333-350.
    565. Mella-Barral, Pierre, 2020. "Strategic decertification in venture capital," Journal of Corporate Finance, Elsevier, vol. 65(C).
    566. Yang, Daecheon & Koo, Jeong-Ho & Kim, Jaemin, 2023. "The role of venture capitalist monitoring in mitigating cost stickiness: Evidence from Korea's IPO market," Finance Research Letters, Elsevier, vol. 52(C).
    567. Bernile, Gennaro & Cumming, Douglas & Lyandres, Evgeny, 2007. "The size of venture capital and private equity fund portfolios," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 564-590, September.
    568. Allen N. Berger & Klaus Schaeck, 2011. "Small and Medium‐Sized Enterprises, Bank Relationship Strength, and the Use of Venture Capital," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(2‐3), pages 461-490, March.
    569. Gennaioli, Nicola & Rossi, Stefano, 2008. "Optimal Resolutions of Financial Distress by Contract," CEI Working Paper Series 2008-6, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    570. Dominique Demougin & Oliver Fabel, 2006. "The Division of Ownership in New Ventures," SFB 649 Discussion Papers SFB649DP2006-047, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
    571. Hirokazu Takizawa, 2003. "Property Rights and the New Institutional Arrangement for Product Innovation in Silicon Valley," Discussion papers 03009, Research Institute of Economy, Trade and Industry (RIETI).
    572. Josh Lerner & Antoinette Schoar, 2004. "Transaction Structures in the Developing World," NBER Working Papers 10348, National Bureau of Economic Research, Inc.
    573. Gornall, Will & Strebulaev, Ilya A., 2020. "Squaring venture capital valuations with reality," Journal of Financial Economics, Elsevier, vol. 135(1), pages 120-143.
    574. F. Andrew Hanssen & James W. Meehan Jr & Thomas J. Miceli, 2016. "Explaining Changes in Organizational Form," Journal of Sports Economics, , vol. 17(6), pages 523-557, August.
    575. Long Wu & Lei Xu, 2018. "Grandstanding and New Stock Speculation: Evidence from Private Venture Capitals in China," Australian Economic Papers, Wiley Blackwell, vol. 57(3), pages 363-375, September.
    576. Anton Miglo, 2006. "Property rights and earnings manipulations," Working Papers 0612, University of Guelph, Department of Economics and Finance.
    577. Tereza Tykvová, 2018. "Venture capital and private equity financing: an overview of recent literature and an agenda for future research," Journal of Business Economics, Springer, vol. 88(3), pages 325-362, May.
    578. Broughman, Brian J. & Fried, Jesse M., 2012. "Do VCs use inside rounds to dilute founders? Some evidence from Silicon Valley," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1104-1120.

  15. Per Stromberg, "undated". "Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests," CRSP working papers 459, Center for Research in Security Prices, Graduate School of Business, University of Chicago.

    Cited by:

    1. Efraim Benmelech & Mark J. Garmaise & Tobias J. Moskowitz, 2005. "Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(3), pages 1121-1154.
    2. Shin, Hyun Song & Acharya, Viral & Yorulmazer, Tanju, 2009. "A Theory of Slow-Moving Capital and Contagion," CEPR Discussion Papers 7147, C.E.P.R. Discussion Papers.
    3. Xavier Giné & Inessa Love, 2010. "Do Reorganization Costs Matter for Efficiency? Evidence from a Bankruptcy Reform in Colombia," Journal of Law and Economics, University of Chicago Press, vol. 53(4), pages 833-864.
    4. Acharya, Viral & Naqvi, Hassan, 2012. "The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking over the Business Cycle," CEPR Discussion Papers 8851, C.E.P.R. Discussion Papers.
    5. Hausch, Donald B. & Ramachandran, S., 2009. "Systemic financial distress and auction-based bankruptcy reorganization," International Review of Economics & Finance, Elsevier, vol. 18(3), pages 366-380, June.
    6. Franks, Julian & Sussman, Oren, 2003. "Financial Distress and Bank Restructuring of Small to Medium Size UK Companies," CEPR Discussion Papers 3915, C.E.P.R. Discussion Papers.
    7. Gordon Phillips & Giorgo Sertsios, 2013. "How Do Firm Financial Conditions Affect Product Quality and Pricing?," Management Science, INFORMS, vol. 59(8), pages 1764-1782, August.
    8. Acharya, Viral & Yorulmazer, Tanju, 2005. "Cash-in-the-Market Pricing and Optimal Bank Bailout Policy," CEPR Discussion Papers 5154, C.E.P.R. Discussion Papers.
    9. Régis Blazy & Bertrand Chopard & Agnès Fimayer & Jean-Daniel Guigou, 2009. "Financial versus Social Efficiency of Corporate Bankruptcy Law: the French Dilemma?," Working Papers of BETA 2009-12, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    10. John, Kose & Acharya, Viral & Sundaram, Rangarajan K, 2005. "Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes," CEPR Discussion Papers 4916, C.E.P.R. Discussion Papers.
    11. Franks, Julian & Lóránth, Gyöngyi, 2005. "A Study of Inefficient Going Concerns in Bankruptcy," CEPR Discussion Papers 5035, C.E.P.R. Discussion Papers.
    12. Pasadilla, Gloria, 2005. "Special Purpose Vehicles and Insolvency Reforms in the Philippines," Discussion Papers DP 2005-06, Philippine Institute for Development Studies.
    13. Buttwill, Klas & Wihlborg, Clas, 2005. "The Efficiency of the Bankruptcy Process. An International Comparison," Ratio Working Papers 65, The Ratio Institute.
    14. Simeon Djankov & Oliver Hart & Caralee McLiesh & Andrei Shleifer, 2008. "Debt Enforcement around the World," Journal of Political Economy, University of Chicago Press, vol. 116(6), pages 1105-1149, December.
    15. Clas Wihlborg, 2002. "Insolvency and Debt Recovery Procedures in Economic Development: An Overview of African Law," WIDER Working Paper Series DP2002-27, World Institute for Development Economic Research (UNU-WIDER).
    16. Hotchkiss, Edith S. & Mooradian, Robert M., 2003. "Auctions in bankruptcy," Journal of Corporate Finance, Elsevier, vol. 9(5), pages 555-574, November.
    17. Zakolyukina Anastasia, 2006. "Bankrtuptcy in Russia: External Management Performance," EERC Working Paper Series 06-09e, EERC Research Network, Russia and CIS.
    18. Viral V. Acharya & Hyun Song Shin & Tanju Yorulmazer, 2011. "Crisis Resolution and Bank Liquidity," The Review of Financial Studies, Society for Financial Studies, vol. 24(6), pages 2166-2205.
    19. Acharya, Viral & Song Shin, Hyun & Yorulmazer, Tanju, 2009. "Endogenous choice of bank liquidity: the role of fire sales," Bank of England working papers 376, Bank of England.
    20. Shin, Hyun Song & Acharya, Viral & Yorulmazer, Tanju, 2007. "Fire Sales, Foreign Entry and Bank Liquidity," CEPR Discussion Papers 6309, C.E.P.R. Discussion Papers.

Articles

  1. Josh Lerner & Morten Sorensen & Per Stromberg, 2013. "Private Equity and Investment in Innovation: Evidence from Patents," Journal of Applied Corporate Finance, Morgan Stanley, vol. 25(2), pages 95-102, June.

    Cited by:

    1. Bostan, Ibrahim & Spatareanu, Mariana, 2018. "Financing innovation through minority acquisitions," International Review of Economics & Finance, Elsevier, vol. 57(C), pages 418-432.
    2. Honjo, Yuji, 2021. "The impact of founders’ human capital on initial capital structure: Evidence from Japan," Technovation, Elsevier, vol. 100(C).

  2. Ulf Axelson & Tim Jenkinson & Per Strömberg & Michael S. Weisbach, 2013. "Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts," Journal of Finance, American Finance Association, vol. 68(6), pages 2223-2267, December.
    See citations under working paper version above.
  3. Bo Becker & Per Strömberg, 2012. "Fiduciary Duties and Equity-debtholder Conflicts," The Review of Financial Studies, Society for Financial Studies, vol. 25(6), pages 1931-1969.
    See citations under working paper version above.
  4. Josh Lerner & Morten Sorensen & Per Strömberg, 2011. "Private Equity and Long‐Run Investment: The Case of Innovation," Journal of Finance, American Finance Association, vol. 66(2), pages 445-477, April.
    See citations under working paper version above.
  5. Steven N. Kaplan & Per Stromberg, 2009. "Leveraged Buyouts and Private Equity," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 121-146, Winter.
    See citations under working paper version above.
  6. Steven N. Kaplan & Berk A. Sensoy & Per Strömberg, 2009. "Should Investors Bet on the Jockey or the Horse? Evidence from the Evolution of Firms from Early Business Plans to Public Companies," Journal of Finance, American Finance Association, vol. 64(1), pages 75-115, February.

    Cited by:

    1. Gerasymenko, Violetta & Arthurs, Jonathan D., 2014. "New insights into venture capitalists' activity: IPO and time-to-exit forecast as antecedents of their post-investment involvement," Journal of Business Venturing, Elsevier, vol. 29(3), pages 405-420.
    2. Bernardo Balboni & Guido Bortoluzzi, 2015. "Business Model Adaptation and the Success of New Ventures," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 11(1), pages 119-140.
    3. Colombo, Massimo G. & Guerini, Massimiliano & Hoisl, Karin & Zeiner, Nico M., 2023. "The dark side of signals: Patents protecting radical inventions and venture capital investments," Research Policy, Elsevier, vol. 52(5).
    4. Max Berre, 2022. "Cross-Border Venture Capital Valuation: Business-Cycle, Institutional Factors, and Distance," Post-Print hal-03834620, HAL.
    5. Becker, Sascha O. & Hvide, Hans K., 2013. "Do entrepreneurs matter?," Economic Research Papers 270547, University of Warwick - Department of Economics.
    6. Gompers, Paul A. & Mukharlyamov, Vladimir & Xuan, Yuhai, 2016. "The cost of friendship," Journal of Financial Economics, Elsevier, vol. 119(3), pages 626-644.
    7. John C. Dencker & Marc Gruber, 2015. "The effects of opportunities and founder experience on new firm performance," Strategic Management Journal, Wiley Blackwell, vol. 36(7), pages 1035-1052, July.
    8. Mao, Y., 2013. "Essays on leveraged buyouts," Other publications TiSEM 55806b61-eacb-4ba2-97c6-8, Tilburg University, School of Economics and Management.
    9. Ewens, Michael & Malenko, Nadya, 2020. "Board Dynamics over the Startup Life Cycle," SocArXiv t96yq, Center for Open Science.
    10. Matthew Lee & Laura Huang, 2018. "Gender Bias, Social Impact Framing, and Evaluation of Entrepreneurial Ventures," Organization Science, INFORMS, vol. 29(1), pages 1-16, February.
    11. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    12. Paul A. Gompers & Steven N. Kaplan & Vladimir Mukharlyamov, 2020. "Private Equity and COVID-19," Working Papers 2020-140, Becker Friedman Institute for Research In Economics.
    13. Monika Schnitzer & Martin Watzinger, 2022. "Measuring the Spillovers of Venture Capital," The Review of Economics and Statistics, MIT Press, vol. 104(2), pages 276-292, May.
    14. Mirjam Knockaert & Tom Vanacker, 2013. "The association between venture capitalists’ selection and value adding behavior: evidence from early stage high tech venture capitalists," Small Business Economics, Springer, vol. 40(3), pages 493-509, April.
    15. Alexandra Moritz & Walter Diegel & Joern Block & Christian Fisch, 2022. "VC investors’ venture screening: the role of the decision maker’s education and experience," Journal of Business Economics, Springer, vol. 92(1), pages 27-63, January.
    16. Da Rin, M. & Phalippou, L., 2014. "There is Something Special About Large Investors : Evidence From a Survey of Private Equity Limited Partners," Discussion Paper 2014-010, Tilburg University, Tilburg Law and Economic Center.
    17. Max Berre, 2022. "Which Factors Matter Most? Can Startup Valuation be Micro-Targeted?," Papers 2210.14518, arXiv.org.
    18. Josh Lerner & Ramana Nanda, 2020. "Venture Capital’s Role in Financing Innovation: What We Know and How Much We Still Need to Learn," NBER Working Papers 27492, National Bureau of Economic Research, Inc.
    19. Sascha O Becker & Hans K Hvide, 2022. "Entrepreneur Death and Startup Performance [The knowledge spillover theory of entrepreneurship]," Review of Finance, European Finance Association, vol. 26(1), pages 163-185.
    20. Sahuguet, Nicolas & Chaigneau, Pierre, 2021. "The Complementarity between Signal Informativeness and Monitoring," CEPR Discussion Papers 15625, C.E.P.R. Discussion Papers.
    21. Ramana Nanda & Matthew Rhodes-Kropf, 2015. "Financing Entrepreneurial Experimentation," NBER Working Papers 21278, National Bureau of Economic Research, Inc.
    22. Paul P Momtaz, 2020. "Initial Coin Offerings," PLOS ONE, Public Library of Science, vol. 15(5), pages 1-30, May.
    23. Matthew Beacham & Bipasa Datta, 2013. "Who Becomes the Winner? Effects of Venture Capital on Firms’ Innovative Incentives - A Theoretical Investigation," Discussion Papers 13/33, Department of Economics, University of York.
    24. Albert Banal-Estañol & Inés Macho-Stadler & Jonás Nieto-Postigo & David Pérez-Castrillo, 2019. "Early Individual Stakeholders, First Venture Capital Investment, and Exit in the UK Startup Ecosystem," Working Papers 1127, Barcelona School of Economics.
    25. Phumlani Nkontwana & Erik Stam, 2023. "Entrepreneurial Ecosystems for the Africa we want," Working Papers 2305, Utrecht School of Economics.
    26. Ramana Nanda & Matthew Rhodes-Kropf, 2011. "Investment Cycles and Startup Innovation," Harvard Business School Working Papers 12-032, Harvard Business School, revised Dec 2012.
    27. Max Berre, 2022. "Which Factors Matter Most? Can Startup Valuation be Micro-Targeted?," Post-Print hal-03829877, HAL.
    28. Gompers, Paul & Kovner, Anna & Lerner, Josh & Scharfstein, David, 2010. "Performance persistence in entrepreneurship," Journal of Financial Economics, Elsevier, vol. 96(1), pages 18-32, April.
    29. Massimo G. Colombo & Kourosh Shafi, 2021. "Receiving external equity following successfully crowdfunded technological projects: an informational mechanism," Small Business Economics, Springer, vol. 56(4), pages 1507-1529, April.
    30. M. Knockaert & T. Vanacker, 2011. "The Association between Venture Capitalists’ Selection and Value Adding Behavior: Evidence from Early Stage High Tech Venture Capitalists," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 11/741, Ghent University, Faculty of Economics and Business Administration.
    31. Bengtsson, Ola & Sensoy, Berk A., 2009. "Investor Abilities and Financial Contracting: Evidence from Venture Capital," Working Paper Series 2009-22, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    32. Bernardo Balboni & Guido Bortoluzzi & Moreno Tivan & Andrea Tracogna & Francesco Venier, 2014. "The Growth Drivers of Start-up Firms and Business Modelling: A First Step toward a Desirable Convergence," Management, University of Primorska, Faculty of Management Koper, vol. 9(2), pages 131-154.
    33. Babina, Tania & Ma, Wenting & Moser, Christian & Ouimet, Paige & Zarutskie, Rebecca, 2019. "Pay, Employment, and Dynamics of Young Firms," MPRA Paper 95382, University Library of Munich, Germany.
    34. Soenke Sievers & Christopher F. Mokwa & Georg Keienburg, 2012. "The Relevance of Financial versus Non-Financial Information for the Valuation of Venture Capital-Backed Firms," European Accounting Review, Taylor & Francis Journals, vol. 22(3), pages 467-511, September.
    35. Barinova, Vera & Eremkin, Vladimir & Lanshina, Tatiana, 2015. "Overcoming the Discrete Nature of Innovation Financing in the Early Stages of Russia," Published Papers 431504, Russian Presidential Academy of National Economy and Public Administration.
    36. Hirsch, Julia & Walz, Uwe, 2019. "The financing dynamics of newly founded firms," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 261-272.
    37. Mojca Svetek, 2023. "The Role of Entrepreneurs’ Perceived Competence and Cooperativeness in Early-Stage Financing," Entrepreneurship Theory and Practice, , vol. 47(6), pages 2047-2076, November.
    38. Saif Ullah & Dan Zhang, 2016. "The Influence of Founder Status on Firm Performance: Empirical Evidence from Canadian IPO Firms," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(11), pages 134-134, November.
    39. Bengtsson, Ola & Hand, John R. M., 2012. "Employee Compensation in Entrepreneurial Companies," Working Paper Series 922, Research Institute of Industrial Economics.
    40. Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
    41. Erin L. Scott & Pian Shu & Roman M. Lubynsky, 2020. "Entrepreneurial Uncertainty and Expert Evaluation: An Empirical Analysis," Management Science, INFORMS, vol. 66(3), pages 1278-1299, March.
    42. Joonkyu Choi & Nathan Goldschlag & John Haltiwanger & J. Daniel Kim, 2019. "Founding Teams and Startup Performance," Working Papers 19-32, Center for Economic Studies, U.S. Census Bureau.
    43. Block, Joern & Fisch, Christian & Vismara, Silvio & Andres, René, 2019. "Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 329-352.
    44. Hoenig, Daniel & Henkel, Joachim, 2015. "Quality signals? The role of patents, alliances, and team experience in venture capital financing," Research Policy, Elsevier, vol. 44(5), pages 1049-1064.
    45. Gimmon, Eli & Levie, Jonathan, 2010. "Founder's human capital, external investment, and the survival of new high-technology ventures," Research Policy, Elsevier, vol. 39(9), pages 1214-1226, November.
    46. Prelipcean, Gabriela & Boscoianu, Mircea, 2019. "Aspect Regarding the Design of Active Strategies for Venture Capital Financing – the Flexible Adjustment for Romania as a Frontier Capital Market," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2019), Rovinj, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 12-14 September 2019, pages 187-196, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    47. Da Rin, Marco & Phalippou, Ludovic, 2017. "The importance of size in private equity: Evidence from a survey of limited partners," Journal of Financial Intermediation, Elsevier, vol. 31(C), pages 64-76.
    48. Nicolai J. Foss & Peter G. Klein, 2013. "Entrepreneurship, entrepreneurial governance and economic organization," Chapters, in: Anna Grandori (ed.), Handbook of Economic Organization, chapter 22, Edward Elgar Publishing.
    49. Ruling Zhang & Zengrui Tian & Killian J. McCarthy & Xiao Wang & Kun Zhang, 2023. "Application of machine learning techniques to predict entrepreneurial firm valuation," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(2), pages 402-417, March.
    50. Melissa S. Cardon & Cheryl Mitteness & Richard Sudek, 2017. "Motivational Cues and Angel Investing: Interactions among Enthusiasm, Preparedness, and Commitment," Entrepreneurship Theory and Practice, , vol. 41(6), pages 1057-1085, November.
    51. Block, Joern H. & Hirschmann, Mirko & Fisch, Christian, 2021. "Which criteria matter when impact investors screen social enterprises?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    52. Oliver Hart, 2017. "Incomplete Contracts and Control," American Economic Review, American Economic Association, vol. 107(7), pages 1731-1752, July.
    53. Erin L. Scott & Pian Shu & Roman M. Lubynsky, 2015. "Are “Better” Ideas More Likely to Succeed? An Empirical Analysis of Startup Evaluation," Harvard Business School Working Papers 16-013, Harvard Business School.
    54. Jermain C. Kaminski & Christian Hopp, 2020. "Predicting outcomes in crowdfunding campaigns with textual, visual, and linguistic signals," Small Business Economics, Springer, vol. 55(3), pages 627-649, October.
    55. Seung Hoon D. Chung & Simon C. Parker, 2023. "Founder affiliations: jobseeker reactions and impact on employee recruitment by start-up ventures," Small Business Economics, Springer, vol. 61(1), pages 259-283, June.
    56. Signori, Andrea & Vismara, Silvio, 2018. "Does success bring success? The post-offering lives of equity-crowdfunded firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 575-591.
    57. Vazirani, Ashish & Sarkar, Subhro & Bhattacharjee, Titas & Dwivedi, Yogesh K & Jack, Sarah, 2023. "Information signals and bias in investment decisions: A meta-analytic comparison of prediction and actual performance of new ventures," Journal of Business Research, Elsevier, vol. 155(PB).
    58. Tania Babina & Paige Ouimet & Rebecca Zarutskie, 2017. "Going Entrepreneurial? IPOs and New Firm Creation," Working Papers 17-18, Center for Economic Studies, U.S. Census Bureau.
    59. Bengtsson, Ola, 2013. "Relational venture capital financing of serial founders," Journal of Financial Intermediation, Elsevier, vol. 22(3), pages 308-334.
    60. Braguinsky, Serguey & Honjo, Yuji & 本庄, 裕司 & Nagaoka, Sadao & 長岡, 貞男 & Nakamura, Kenta & 中村, 健太, 2010. "Science-Based Business : Knowledge Capital or Entrepreneurial Ability? : Theory and Evidence from a Survey of Biotechnology Start-ups," IIR Working Paper 10-05, Institute of Innovation Research, Hitotsubashi University.
    61. José Campino & Ana Brochado & Álvaro Rosa, 2021. "Initial Coin Offerings (ICOs): the importance of human capital," Journal of Business Economics, Springer, vol. 91(8), pages 1225-1262, October.
    62. William R. Kerr & Ramana Nanda & Matthew Rhodes-Kropf, 2014. "Entrepreneurship as Experimentation," NBER Working Papers 20358, National Bureau of Economic Research, Inc.
    63. Hanlon, Michelle & Heitzman, Shane, 2010. "A review of tax research," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 127-178, December.
    64. Bengtsson, Ola & Hand, John R.M., 2011. "CEO compensation in venture-backed firms," Journal of Business Venturing, Elsevier, vol. 26(4), pages 391-411, July.
    65. Gümüsay, Ali Aslan & Bohné, Thomas Marc, 2018. "Individual and organizational inhibitors to the development of entrepreneurial competencies in universities," Research Policy, Elsevier, vol. 47(2), pages 363-378.
    66. Achleitner, A.-K. & Bock, Carolin & Watzinger, M., 2012. "The Capital Gains Tax: A Curse but also a Blessing for Venture Capital Investment," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 77324, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    67. Patricio Duran & Nadine Kammerlander & Marc van Essen & Thomas Zellweger, 2016. "Doing More with Less : Innovation Input and Output in Family Firms," Post-Print hal-02276703, HAL.
    68. Gompers, Paul A. & Gornall, Will & Kaplan, Steven N. & Strebulaev, Ilya A., 2020. "How do venture capitalists make decisions?," Journal of Financial Economics, Elsevier, vol. 135(1), pages 169-190.
    69. Nahata, Rajarishi, 2019. "Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 624-649.
    70. Pierrakis, Yannis & Saridakis, George, 2017. "Do publicly backed venture capital investments promote innovation? Differences between privately and publicly backed funds in the UK venture capital market," Journal of Business Venturing Insights, Elsevier, vol. 7(C), pages 55-64.
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    107. Ashish Vazirani & Titas Bhattacharjee, 2021. "Entrepreneurial Finance in the Twenty-first Century, a Review of Factors Influencing Venture Capitalist’s Decision," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 30(2), pages 306-335, September.
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    See citations under working paper version above.
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    Cited by:

    1. Chemmanur, Thomas J. & Hull, Tyler J. & Krishnan, Karthik, 2016. "Do local and international venture capitalists play well together? The complementarity of local and international venture capitalists," Journal of Business Venturing, Elsevier, vol. 31(5), pages 573-594.
    2. Max Berre, 2022. "Cross-Border Venture Capital Valuation: Business-Cycle, Institutional Factors, and Distance," Post-Print hal-03834620, HAL.
    3. Henrekson, Magnus & Sanandaji, Tino, 2016. "Stock Option Taxation and Venture Capital Activity: A Cross-Country Comparison," Working Paper Series 1104, Research Institute of Industrial Economics, revised 09 Nov 2017.
    4. Adongo, Jonathan O., 2017. "Legal jurisdiction, director liability law, and venture capitalists’ equity stakes in Africa," Research in International Business and Finance, Elsevier, vol. 40(C), pages 78-93.
    5. Hui Fu & Jun Yang & Yunbi An, 2019. "Contracts for venture capital financing with double-sided moral hazard," Small Business Economics, Springer, vol. 53(1), pages 129-144, June.
    6. Schertler, Andrea & Tykvová, Tereza, 2011. "Venture capital and internationalization," International Business Review, Elsevier, vol. 20(4), pages 423-439, August.
    7. Patrick Bolton & Antoine Faure-Grimaud, 2010. "Satisficing Contracts," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 77(3), pages 937-971.
    8. Bienz, Carsten & Walz, Uwe, 2007. "Evolution of Decision and Control Rights in Venture Capital Contracts: An Empirical Analysis," Discussion Papers 2007/13, Norwegian School of Economics, Department of Business and Management Science.
    9. Roman Inderst & Vladimir Vladimirov, 2019. "Growth Firms and Relationship Finance: A Capital Structure Perspective," Management Science, INFORMS, vol. 65(11), pages 5411-5426, November.
    10. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    11. Juliano J. Assunção & Efraim Benmelech & Fernando S. S. Silva, 2012. "Repossession and the Democratization of Credit," NBER Working Papers 17858, National Bureau of Economic Research, Inc.
    12. Mike Wright, 2007. "Venture capital in China: A view from Europe," Asia Pacific Journal of Management, Springer, vol. 24(3), pages 269-281, September.
    13. Jens Burchardt & Ulrich Hommel & Dzidziso Samuel Kamuriwo & Carolina Billitteri, 2016. "Venture Capital Contracting in Theory and Practice: Implications for Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 40(1), pages 25-48, January.
    14. Bottazzi, L. & Da Rin, M. & Hellmann, T., 2008. "Who are the active investors? Evidence from venture capital," Other publications TiSEM 9336411f-ac48-4fad-8a2c-d, Tilburg University, School of Economics and Management.
    15. Massimo G. Colombo & Kourosh Shafi, 2021. "Receiving external equity following successfully crowdfunded technological projects: an informational mechanism," Small Business Economics, Springer, vol. 56(4), pages 1507-1529, April.
    16. Bienz, Carsten & Walz, Uwe, 2008. "Venture capital exit rights," CFS Working Paper Series 2009/05, Center for Financial Studies (CFS).
    17. Johannes Wallmeroth & Peter Wirtz & Alexander Peter Groh, 2017. "Institutional Seed Financing, Angel Financing, and Crowdfunding of Entrepreneurial Ventures: A Literature Review," Working Papers hal-01527999, HAL.
    18. Roman Kraussl & Stefan Krause, 2013. "Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985-2009," LSF Research Working Paper Series 13-6, Luxembourg School of Finance, University of Luxembourg.
    19. Magnus Henrekson & Tino Sanandaji, 2018. "Stock option taxation: a missing piece in European innovation policy?," Small Business Economics, Springer, vol. 51(2), pages 411-424, August.
    20. Da Rin, M. & Hellmann, T. & Puri, M.L., 2011. "A Survey of Venture Capital Research," Discussion Paper 2011-111, Tilburg University, Center for Economic Research.
    21. Andreas Köhn, 2018. "The determinants of startup valuation in the venture capital context: a systematic review and avenues for future research," Management Review Quarterly, Springer, vol. 68(1), pages 3-36, February.
    22. Stefan Duffner & Markus M. Schmid & Heinz Zimmermann, 2009. "Trust and Success in Venture Capital Financing—an Empirical Analysis with German Survey Data," Kyklos, Wiley Blackwell, vol. 62(1), pages 15-43, February.
    23. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.
    24. Josh Lerner & Joacim Tåg, 2013. "Institutions and venture capital," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 22(1), pages 153-182, February.
    25. Godlewski, Christophe J., 2020. "How legal and institutional environments shape the private debt renegotiation process?," Journal of Corporate Finance, Elsevier, vol. 62(C).
    26. Becsky-Nagy, Patrícia & Fazekas, Balázs, 2017. "Résen van-e az állam?. Az állami szerepvállalás hatása a kockázati tőke keresleti oldalára [Is the state on the ball?. The effect of the state s role on the demand side of venture capital]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 507-527.
    27. Dietmar P.J. Leisen, 2012. "Staged venture capital contracting with ratchets and liquidation rights," Review of Financial Economics, John Wiley & Sons, vol. 21(1), pages 21-30, January.
    28. Ola Bengtsson & S. Abraham Ravid, 2015. "Location Specific Styles and US Venture Capital Contracting," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 5(03), pages 1-40, September.
    29. Tykvová, Tereza & Schertler, Andrea, 2011. "Cross-border venture capital flows and local ties: Evidence from developed countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 36-48, February.
    30. Ying Sophie Huang & Buhui Qiu & Jiajia Wu & Juan Yao, 2023. "Institutional distance, geographic distance, and Chinese venture capital investment: do networks and trust matter?," Small Business Economics, Springer, vol. 61(4), pages 1795-1844, December.
    31. Cao, Jerry X. & Cumming, Douglas & Qian, Meijun & Wang, Xiaoming, 2015. "Cross-border LBOs," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 69-80.
    32. Liu, Yu & Maula, Markku, 2021. "Contextual status effects: The performance effects of host-country network status and regulatory institutions in cross-border venture capital," Research Policy, Elsevier, vol. 50(5).
    33. Nahata, Rajarishi, 2019. "Success is good but failure is not so bad either: Serial entrepreneurs and venture capital contracting," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 624-649.
    34. Inderst, Roman & Vladimirov, Vladimir, 2012. "Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information," MPRA Paper 53840, University Library of Munich, Germany.
    35. Cao, Mengyi & Xia, Qing, 2021. "Trust and use of covenants," Research in International Business and Finance, Elsevier, vol. 57(C).
    36. Adil El Fakir & Richard Fairchild & Mohamed Tkiouat & Abderrahim Taamouti, 2023. "A bargaining model for PLS entrepreneurial financing: A game theoretic model using agent‐based simulation," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(2), pages 1228-1241, April.
    37. Anita Lovas & János Pereczes & Viktória Rába, 2015. "Incentives and restrictions in venture capital contracts," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 14(3), pages 106-121.
    38. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
    39. Schertler, Andrea & Tykvová, Tereza, 2012. "What lures cross-border venture capital inflows?," Journal of International Money and Finance, Elsevier, vol. 31(6), pages 1777-1799.
    40. Anne Stevenot & Loris Guery & Geoffrey Wood & Chris Brewster, 2018. "Country of Origin Effects and New Financial Actors: Private Equity Investment and Work and Employment Practices of French Firms," British Journal of Industrial Relations, London School of Economics, vol. 56(4), pages 859-881, December.
    41. Rishabh, Kumar, 2021. "Bank as a Venture Capitalist," Working papers 2021/09, Faculty of Business and Economics - University of Basel.
    42. Thomas Hartmann†Wendels & Georg Keienburg & Soenke Sievers, 2011. "Adverse Selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany," European Financial Management, European Financial Management Association, vol. 17(3), pages 464-499, June.
    43. Miguel Meuleman & Mike Wright, 2011. "Cross-border private equity syndication : Institutional context and learning," Post-Print hal-02312594, HAL.
    44. Roman Kraussl & Stefan Krause, 2013. "Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985-2009," DEM Discussion Paper Series 13-6, Department of Economics at the University of Luxembourg.
    45. Cerqueiro, G.M., 2009. "Information asymmetries, banking markets, and small business lending," Other publications TiSEM 6b448af8-d15e-4862-923f-2, Tilburg University, School of Economics and Management.
    46. Aggarwal, Dhruv & Eldar, Ofer & Hochberg, Yael V. & Litov, Lubomir P., 2022. "The rise of dual-class stock IPOs," Journal of Financial Economics, Elsevier, vol. 144(1), pages 122-153.
    47. Inderst, Roman & Vladimirov, Vladimir, 2019. "Growth Firms and Relationship Finance: A Capital Structure Approach," CEPR Discussion Papers 13640, C.E.P.R. Discussion Papers.
    48. Cumming, Douglas & Johan, Sofia Atiqah binti, 2008. "Preplanned exit strategies in venture capital," European Economic Review, Elsevier, vol. 52(7), pages 1209-1241, October.
    49. Julia Hirsch & Uwe Walz, 2013. "Why do contracts differ between venture capital types?," Small Business Economics, Springer, vol. 40(3), pages 511-525, April.
    50. Cumming, Douglas & Schmidt, Daniel & Walz, Uwe, 2010. "Legality and venture capital governance around the world," Journal of Business Venturing, Elsevier, vol. 25(1), pages 54-72, January.
    51. Roman Kräussl & Stefan Krause, 2014. "Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985–2009," European Financial Management, European Financial Management Association, vol. 20(1), pages 179-205, January.
    52. Luc Armel G. Da Gbadji & Benoit Gailly & Armin Schwienbacher, 2015. "International Analysis of Venture Capital Programs of Large Corporations and Financial Institutions," Entrepreneurship Theory and Practice, , vol. 39(5), pages 1213-1246, September.
    53. Tereza Tykvová, 2018. "Venture capital and private equity financing: an overview of recent literature and an agenda for future research," Journal of Business Economics, Springer, vol. 88(3), pages 325-362, May.

  9. Steven N. Kaplan & Per Strömberg, 2003. "Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 70(2), pages 281-315.
    See citations under working paper version above.
  10. Steven N. Kaplan & Per Stromberg, 2001. "Venture Capitals As Principals: Contracting, Screening, and Monitoring," American Economic Review, American Economic Association, vol. 91(2), pages 426-430, May.

    Cited by:

    1. Aleksandra Wąsowska, 2017. "The Internationalisation of Family Firms: the Role of the Ownership Structure and the Composition of Top Management Team," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 5(1), pages 169-185.
    2. Dong, Weijia & Li, Ye & Lv, Xin & Yu, Chang, 2021. "How does venture capital spur the innovation of environmentally friendly firms? Evidence from China," Energy Economics, Elsevier, vol. 103(C).
    3. Hoang, Huy Viet & Nguyen, Cuong & Nguyen, Duc Khuong, 2022. "Corporate immunity, national culture and stock returns: Startups amid the COVID-19 pandemic," International Review of Financial Analysis, Elsevier, vol. 79(C).
    4. Christopoulos, Dimitris & Köppl, Stefan & Köppl-Turyna, Monika, 2020. "Syndication networks and company survival: Evidence from European venture-capital deals," Working Papers 21, Agenda Austria.
    5. Massimo G. Colombo & Diego d'Adda & Anita Quas, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Post-Print hal-02312284, HAL.
    6. Andrew Metrick & Ayako Yasuda, 2011. "Venture Capital and Other Private Equity: a Survey," European Financial Management, European Financial Management Association, vol. 17(4), pages 619-654, September.
    7. Tumasjan, Andranik & Braun, Reiner & Stolz, Barbara, 2021. "Twitter sentiment as a weak signal in venture capital financing," Journal of Business Venturing, Elsevier, vol. 36(2).
    8. Shakhnov, Kirill, 2014. "The allocation of talent: finance versus entrepreneurship," Economics Working Papers ECO2014/13, European University Institute.
    9. Roma, Paolo & Vasi, Maria & Kolympiris, Christos, 2021. "On the signaling effect of reward-based crowdfunding: (When) do later stage venture capitalists rely more on the crowd than their peers?," Research Policy, Elsevier, vol. 50(6).
    10. Fabrizi, Simona & Lippert, Steffen & Norbäck, Pehr-Johan & Persson, Lars, 2008. "Venture Capitalists, Asymmetric Information, and Ownership in the Innovation Process," Working Paper Series 776, Research Institute of Industrial Economics.
    11. Hottenrott, Hanna & Berger, Marius, 2021. "Start-Up Subsidies and the Sources of Venture Capital," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242383, Verein für Socialpolitik / German Economic Association.
    12. Colombo, Massimo G. & Meoli, Michele & Vismara, Silvio, 2019. "Signaling in science-based IPOs: The combined effect of affiliation with prestigious universities, underwriters, and venture capitalists," Journal of Business Venturing, Elsevier, vol. 34(1), pages 141-177.
    13. Hernández, Juan & Wills, Daniel, 2024. "Fighting for the Best, Losing with the Rest: The Perils of Competition in Entrepreneurial Finance," IDB Publications (Working Papers) 13362, Inter-American Development Bank.
    14. Norbäck, Pehr-Johan & Persson, Lars, 2009. "The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists and Oligopolists," Working Paper Series 783, Research Institute of Industrial Economics.
    15. Svensson, Roger, 2015. "Measuring Innovation Using Patent Data," Working Paper Series 1067, Research Institute of Industrial Economics.
    16. Gonzalez-Uribe, Juanita, 2020. "Exchanges of innovation resources inside venture capital portfolios," LSE Research Online Documents on Economics 100924, London School of Economics and Political Science, LSE Library.
    17. Giot, Pierre & Hege, Ulrich & Schwienbacher, Armin, 2014. "Are novice private equity funds risk-takers? Evidence from a comparison with established funds," Journal of Corporate Finance, Elsevier, vol. 27(C), pages 55-71.
    18. Vladimir A. Shamakhov & Natalia V. Eremina & Nikolay M. Mezhevichc, 2019. "Main Characteristics of the Baltic Countries Political Development and their Economic Consequences," Administrative Consulting, Russian Presidential Academy of National Economy and Public Administration. North-West Institute of Management., issue 3.
    19. Jung, Kuk Mo & Pyun, Ju Hyun, 2015. "International Reserves for Emerging Economies: A Liquidity Approach," MPRA Paper 64235, University Library of Munich, Germany.
    20. Bertoni, Fabio & Croce, Annalisa & Guerini, Massimiliano, 2015. "Venture capital and the investment curve of young high-tech companies," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 159-176.
    21. Huo, Jingjing, 2015. "How Nations Innovate: The Political Economy of Technological Innovation in Affluent Capitalist Economies," OUP Catalogue, Oxford University Press, number 9780198735847.
    22. Block, Joern & Fisch, Christian & Vismara, Silvio & Andres, René, 2019. "Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 329-352.
    23. Li, Jiu-Jin & Xu, Chang & Fung, Hung-Gay & Chan, Kam C., 2021. "Do venture capital firms promote corporate social responsibility?," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 718-732.
    24. Rudra P. Pradhan & Mak B. Arvin & Mahendhiran Nair & Sara E. Bennett, 2017. "Venture capital investment, financial development, and economic growth: the case of European single market countries," Venture Capital, Taylor & Francis Journals, vol. 19(4), pages 313-333, October.
    25. Freudenberg, Felix & Imbierowicz, Björn & Saunders, Anthony & Steffen, Sascha, 2017. "Covenant violations and dynamic loan contracting," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 540-565.
    26. Hoch, Felix & Lohwasser, Todor S., 2019. "The influence of institutions on venture capital: How transaction costs, uncertainty, and change affect new ventures," Discussion Papers of the Institute for Organisational Economics 9/2019, University of Münster, Institute for Organisational Economics.
    27. Sewaid, Ahmed & Parker, Simon C. & Kaakeh, Abdulkader, 2021. "Explaining serial crowdfunders' dynamic fundraising performance," Journal of Business Venturing, Elsevier, vol. 36(4).
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