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Stage Financing and the Role of Convertible Debt

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  • Cornelli, F.
  • Yosha, O.
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    Abstract

    We have argued that convertible debt can be better than a simple mixture of debt and equity in stage financing situations. When the venture capitalist retains the option to abandon the project if in the medium term he receives a negative signal, the entrepreneur has an incentive to engage in "window dressing" or short-termism , i.e. to bias the signal towards positive values, in order to reduce the probability that the project will be liquidated.

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    Bibliographic Info

    Paper provided by Tel Aviv in its series Papers with number 23-97.

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    Length: 36 pages
    Date of creation: 1997
    Date of revision:
    Handle: RePEc:fth:teavfo:23-97

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    Web page: http://econ.tau.ac.il/research/foerder.asp
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    Keywords: FINANCIAL MARKET ; DEBT ; ENTERPRISES;

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