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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. Andrea Caggese & Vicente Cuñat & Daniel Metzger, 2018. "Firing the Wrong Workers: Financing Constraints and Labor Misallocation," Working Papers 1057, Barcelona School of Economics.
    2. 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.
    3. Hans K. Hvide & Paul Oyer, 2018. "Dinner Table Human Capital and Entrepreneurship," NBER Working Papers 24198, National Bureau of Economic Research, Inc.

  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.

    Cited by:

    1. Truong, Huynh Sang & Walz, Uwe, 2022. "Spillovers of PE Investments," SAFE Working Paper Series 357, Leibniz Institute for Financial Research SAFE.
    2. Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
    3. 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.
    4. Jia, Xiao & McCourt, Maurice, 2022. "Global leveraged buyout deal performance: A cross-border cross-cultural perspective," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
    5. Chen, Jun & Ewens, Michael, 2021. "Venture Capitalists' Access to Finance and Its Impact on Startups," SocArXiv 8tpux, Center for Open Science.
    6. Tåg, Joacim, 2010. "The Real Effects of Private Equity Buyouts," Working Paper Series 851, Research Institute of Industrial Economics.
    7. Axelson, Ulf & Jenkinson, Tim & Strömberg, Per & Weisbach, Michael S., 2012. "Borrow cheap, buy high? The determinants of leverage and pricing in buyouts," LSE Research Online Documents on Economics 43088, London School of Economics and Political Science, LSE Library.
    8. Marco Da Rin & Thomas F. Hellmann & Manju Puri, 2011. "A survey of venture capital research," NBER Working Papers 17523, National Bureau of Economic Research, Inc.
    9. Troy D. Smith, 2015. "Private Equity Investment in India: Efficiency vs Expansion," Discussion Papers 15-011, Stanford Institute for Economic Policy Research.
    10. Karakaya, Neslihan & Michalski, Tomasz K. & Örs, Evren, 2022. "Banking integration and growth: Role of banks' previous industry exposure," Journal of Financial Intermediation, Elsevier, vol. 49(C).
    11. Popov, Alexander & Roosenboom, Peter, 2013. "Venture capital and new business creation," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4695-4710.
    12. 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).
    13. 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.
    14. 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.
    15. Sorin Gabriel ANTON, 2013. "Development Financial Institutions And Their Role In Supporting Emerging Markets Private Equity Funds," Journal of Public Administration, Finance and Law, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 4(4), pages 126-133, December.
    16. Feng, Hongrui & Rao, Ramesh P., 2022. "The positive externalities of leveraged buyouts," Journal of Banking & Finance, Elsevier, vol. 135(C).
    17. 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.
    18. 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.
    19. 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.
    20. 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.
    21. 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.).
    22. Mohamad Helmi bin Hidthiir & Muhammad Farhan Basheer & Saira Ghulam Hassan, 2019. "The Simultaneity of Corporate Financial Decisions Under Different Levels of Managerial Ownership: A Case of Pakistani Listed Firms," Research in World Economy, Research in World Economy, Sciedu Press, vol. 10(2), pages 147-159, July.

  3. Ulf Axelson & Tim Jenkinson & Per Strömberg & Michael S. Weisbach, 2010. "Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts," NBER Working Papers 15952, National Bureau of Economic Research, Inc.

    Cited by:

    1. 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.
    2. 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).
    3. Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
    4. 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.
    5. 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.
    6. 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.
    7. Jia, Xiao & McCourt, Maurice, 2022. "Global leveraged buyout deal performance: A cross-border cross-cultural perspective," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
    8. 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.
    9. Grupp, Marcel, 2015. "Taking the lead: When non-banks arrange syndicated loans," SAFE Working Paper Series 100, Leibniz Institute for Financial Research SAFE.
    10. 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).
    11. 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.
    12. 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.
    13. 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.
    14. 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.
    15. 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).
    16. 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).
    17. Gompers, Paul A. & Kaplan, Steven N. & Mukharlyamov, Vladimir, 2022. "Private equity and Covid-19," Journal of Financial Intermediation, Elsevier, vol. 51(C).
    18. Gompers, Paul & Kaplan, Steven N. & Mukharlyamov, Vladimir, 2016. "What do private equity firms say they do?," Journal of Financial Economics, Elsevier, vol. 121(3), pages 449-476.
    19. 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.
    20. Lai, Shaojie & Pu, Xiaoling, 2020. "Mispricing or growth? an empirical analysis of acquisition premium," Finance Research Letters, Elsevier, vol. 37(C).
    21. Ljungqvist, Alexander & Bircan, Cagatay & Biesinger, Markus, 2020. "Value Creation in Private Equity," CEPR Discussion Papers 14676, C.E.P.R. Discussion Papers.
    22. 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.
    23. 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.
    24. Tykvová, Tereza & Borell, Mariela, 2011. "Do private equity owners increase risk of financial distress and bankruptcy?," ZEW Discussion Papers 11-076, ZEW - Leibniz Centre for European Economic Research.
    25. 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.
    26. 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.
    27. Massa, Massimo & Zhang, Lei, 2021. "Bank credit tightening, debt market frictions, and corporate yield spreads," Journal of Financial Markets, Elsevier, vol. 55(C).
    28. Mao, Yaping & Renneboog, Luc, 2015. "Do managers manipulate earnings prior to management buyouts?," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 43-61.
    29. 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.
    30. 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.).
    31. 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.
    32. 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.
    33. 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.).
    34. 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.
    35. Bernstein, Shai & Lerner, Josh & Mezzanotti, Filippo, 2018. "Private Equity and Financial Fragility during the Crisis," Research Papers repec:ecl:stabus:3563, Stanford University, Graduate School of Business.
    36. Sirio Aramonte & Fernando Avalos, 2021. "The rise of private markets," BIS Quarterly Review, Bank for International Settlements, December.
    37. Wright, Nataliya Langburd & Nagle, Frank & Greenstein, Shane, 2023. "Open source software and global entrepreneurship," Research Policy, Elsevier, vol. 52(9).
    38. 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.
    39. 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.
    40. 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.
    41. 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.
    42. Buehlmaier, Matthias M. M. & Zechner, Josef, 2016. "Financial media, price discovery, and merger arbitrage," CFS Working Paper Series 551, Center for Financial Studies (CFS).
    43. Gao, Jingyi, 2022. "Global value chain and firms’ leverage: The mediator role of foreign ownership," Finance Research Letters, Elsevier, vol. 48(C).
    44. 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.
    45. Olsson, Martin & Tåg, Joacim, 2015. "Private Equity, Layoffs, and Job Polarization," Working Paper Series 1068, Research Institute of Industrial Economics.
    46. Erel, Isil & Jang, Yeejin & Minton, Bernadette A. & Weisbach, Michael S., 2021. "Corporate Liquidity, Acquisitions, and Macroeconomic Conditions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(2), pages 443-474, March.
    47. 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.
    48. Mike Wright & Nick Wilson, 2013. "Private Equity, Buy-outs, and Insolvency Risk," Research Papers 0008, Enterprise Research Centre.
    49. Davis, Steven J. & Haltiwanger, John C. & Handley, Kyle & Lerner, Joshua & Lipsius, Ben & Miranda, Javier, 2022. "The (heterogenous) economic effects of private equity buyouts," IWH Discussion Papers 10/2022, Halle Institute for Economic Research (IWH).
    50. 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.
    51. 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.
    52. 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.
    53. Grupp, Marcel, 2015. "On the impact of leveraged buyouts on bank systemic risk," SAFE Working Paper Series 101, Leibniz Institute for Financial Research SAFE.
    54. 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.
    55. 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.
    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. Hege, Ulrich & Lovo, Stefano & Slovin, Myron B. & Sushka, Marie E., 2018. "Divisional Buyouts by Private Equity and the Market for Divested Assets," TSE Working Papers 18-948, Toulouse School of Economics (TSE).
    58. Valentin Haddad & Erik Loualiche & Matthew Plosser, 2016. "Buyout Activity: The Impact of Aggregate Discount Rates," NBER Working Papers 22414, National Bureau of Economic Research, Inc.
    59. 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.
    60. 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.
    61. 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.
    62. Victoria Ivashina & Boris Vallee, 2020. "Weak Credit Covenants," NBER Working Papers 27316, National Bureau of Economic Research, Inc.
    63. 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.
    64. 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).
    65. Andrea Frazzini & Lasse H. Pedersen, 2012. "Embedded Leverage," NBER Working Papers 18558, National Bureau of Economic Research, Inc.
    66. 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).
    67. Cao, Jerry X. & Cumming, Douglas & Qian, Meijun & Wang, Xiaoming, 2015. "Cross-border LBOs," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 69-80.
    68. 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).
    69. Golubov, Andrey & Xiong, Nan, 2020. "Post-acquisition performance of private acquirers," Journal of Corporate Finance, Elsevier, vol. 60(C).
    70. 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.
    71. 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.
    72. Gregory, David, 2013. "Private equity and financial stability," Bank of England Quarterly Bulletin, Bank of England, vol. 53(1), pages 38-47.
    73. 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.
    74. 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.
    75. 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.
    76. 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.
    77. 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.
    78. 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.
    79. 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.
    80. 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.
    81. 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.
    82. 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.
    83. 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).
    84. 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.
    85. 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.
    86. Ding Du & Mason Gerety, 2018. "Credit spreads and merger pricing," Journal of Asset Management, Palgrave Macmillan, vol. 19(3), pages 169-178, May.
    87. 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.
    88. 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.
    89. Brown, Gregory W. & Gredil, Oleg R. & Kaplan, Steven N., 2019. "Do private equity funds manipulate reported returns?," Journal of Financial Economics, Elsevier, vol. 132(2), pages 267-297.
    90. Phalippou, Ludovic & Rauch, Christian & Umber, Marc, 2018. "Private equity portfolio company fees," Journal of Financial Economics, Elsevier, vol. 129(3), pages 559-585.
    91. 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.
    92. 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.
    93. Martin Oehmke & Hongda Zhong & Chong Huang, 2017. "A Theory of Multi-Period Debt Structure," 2017 Meeting Papers 1645, Society for Economic Dynamics.
    94. 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.
    95. Ewens, Michael & Gupta, Arpit & Howell, Sabrina, 2021. "Local Journalism under Private Equity Ownership," SocArXiv 6ynf4, Center for Open Science.
    96. Benjamin Hammer & Nils Janssen & Bernhard Schwetzler, 2021. "Cross-border buyout pricing," Journal of Business Economics, Springer, vol. 91(5), pages 705-731, July.
    97. 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.
    98. 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.
    99. 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.
    100. 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.
    101. 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).
    102. 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.
    103. 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.).
    104. 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.
    105. Jenkinson, Tim & Sousa, Miguel, 2015. "What determines the exit decision for leveraged buyouts?," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 399-408.
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    1. 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).
    2. 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.
    3. 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).
    4. Ni, Xiaoran, 2020. "Does stakeholder orientation matter for earnings management: Evidence from non-shareholder constituency statutes," Journal of Corporate Finance, Elsevier, vol. 62(C).
    5. Giovanni Favara & Erwan Morellec & Enrique J. Schroth & Philip Valta, 2013. "Debt Enforcement, Investment, and Risk Taking Across Countries," Swiss Finance Institute Research Paper Series 13-64, Swiss Finance Institute.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. Sterling Huang & Gilles Hilary, 2018. "Zombie Board: Board Tenure and Firm Performance," Journal of Accounting Research, Wiley Blackwell, vol. 56(4), pages 1285-1329, September.
    11. 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.
    12. 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.
    13. 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).
    14. 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).
    15. 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.
    16. 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.
    17. Chu, Yongqiang, 2016. "Debt renegotiation and debt overhang: Evidence from lender mergers," MPRA Paper 72403, University Library of Munich, Germany.
    18. 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.
    19. Raff, Konrad & Siming, Linus, 2019. "Knighthoods, damehoods, and CEO behaviour," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 302-319.
    20. 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.
    21. 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.
    22. Peydró, José-Luis & Polo, Andrea & Sette, Enrico & Vanasco, Victoria, 2023. "Risk mitigating versus risk shifting: Evidence from banks security trading in crises," EconStor Preprints 226219, ZBW - Leibniz Information Centre for Economics.
    23. Rossi, Stefano & Grinstein, Yaniv, 2014. "Good Monitoring, Bad Monitoring," CEPR Discussion Papers 9960, C.E.P.R. Discussion Papers.
    24. 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.
    25. 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.
    26. Erwan Morellec & Boris Nikolov & Norman Schürhoff, 2015. "Agency Conflicts Around the World," Swiss Finance Institute Research Paper Series 15-21, Swiss Finance Institute, revised Apr 2016.
    27. 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.
    28. 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.
    29. Sandvik, Jason, 2020. "Board monitoring, director connections, and credit quality☆," Journal of Corporate Finance, Elsevier, vol. 65(C).
    30. 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).
    31. Stefano Colonnello & Christoph Herpfer, 2021. "Do Courts Matter for Firm Value? Evidence from the US Court System," Journal of Law and Economics, University of Chicago Press, vol. 64(2), pages 403-438.
    32. Rao, Sandeep & Koirala, Santosh & Thapa, Chandra & Neupane, Suman, 2022. "When rain matters! Investments and value relevance," Journal of Corporate Finance, Elsevier, vol. 73(C).
    33. 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.
    34. 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.
    35. 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).
    36. 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.
    37. 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).
    38. Benjamin Iverson, 2018. "Get in Line: Chapter 11 Restructuring in Crowded Bankruptcy Courts," Management Science, INFORMS, vol. 64(11), pages 5370-5394, November.
    39. 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.
    40. 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.
    41. 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.
    42. Daniel Ferreira & Miguel A. Ferreira & Beatriz Mariano, 2018. "Creditor Control Rights and Board Independence," Journal of Finance, American Finance Association, vol. 73(5), pages 2385-2423, October.
    43. Giambona, Erasmo & Lopez-de-Silanes, Florencio & Matta, Rafael, 2022. "Stiffing the creditor: Asset verifiability and bankruptcy," Journal of Financial Intermediation, Elsevier, vol. 52(C).
    44. 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.
    45. 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.
    46. 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.
    47. 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.
    48. 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.
    49. 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.
    50. 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.
    51. 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.

  5. 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. 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.
    2. Robin Greenwood & Samuel G. Hanson, 2011. "Issuer Quality and the Credit Cycle," NBER Working Papers 17197, National Bureau of Economic Research, Inc.
    3. Shai Bernstein & Josh Lerner & Morten Sørensen & Per Strömberg, 2010. "Private Equity and Industry Performance," NBER Working Papers 15632, National Bureau of Economic Research, Inc.
    4. 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.
    5. 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.
    6. 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).
    7. 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.
    8. 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).
    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. 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.
    11. Alexander Peter Groh & Oliver Gottschalg, 2008. "The Opportunity Cost of Capital of US Buyouts," NBER Working Papers 14148, National Bureau of Economic Research, Inc.
    12. 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.
    13. Eileen Appelbaum & Rosemary Batt, 2012. "A Primer on Private Equity at Work," Challenge, Taylor & Francis Journals, vol. 55(5), pages 5-38.
    14. Steven N. Kaplan & Per Strömberg, 2008. "Leveraged Buyouts and Private Equity," NBER Working Papers 14207, National Bureau of Economic Research, Inc.

  6. Josh Lerner & Morten Sørensen & Per Strömberg, 2008. "Private Equity and Long-Run Investment: The Case of Innovation," NBER Working Papers 14623, National Bureau of Economic Research, Inc.

    Cited by:

    1. Ying Wang & Jing Zhao, 2015. "Hedge Funds and Corporate Innovation," Financial Management, Financial Management Association International, vol. 44(2), pages 353-385, June.
    2. Dong, Ming & Hirshleifer, David & Teoh, Siew Hong, 2021. "Misvaluation and Corporate Inventiveness," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(8), pages 2605-2633, December.
    3. Obrimah, Oghenovo A., 2016. "Information production within the venture capital market: Implications for economic growth and development," Journal of Economics and Business, Elsevier, vol. 87(C), pages 1-17.
    4. Manuel Ammann & Philipp Horsch & David Oesch, 2016. "Competing with Superstars," Management Science, INFORMS, vol. 62(10), pages 2842-2858, October.
    5. 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.
    6. Sheng-Syan Chen & Chia-Wei Huang & Chuan-Yang Hwang & Yanzhi Wang, 2022. "Voluntary disclosure and corporate innovation," Review of Quantitative Finance and Accounting, Springer, vol. 58(3), pages 1081-1115, April.
    7. Truong, Huynh Sang & Walz, Uwe, 2022. "Spillovers of PE Investments," SAFE Working Paper Series 357, Leibniz Institute for Financial Research SAFE.
    8. Balsmeier, Benjamin & Fleming, Lee & Manso, Gustavo, 2017. "Independent boards and innovation," Journal of Financial Economics, Elsevier, vol. 123(3), pages 536-557.
    9. James Driver & Adam Kolasinski & Jared Stanfield, 2020. "R&D or R vs. D? Firm Innovation Strategy and Equity Ownership," Working Papers 20-14, Center for Economic Studies, U.S. Census Bureau.
    10. Xu, Mingli & Kong, Gaowen & Kong, Dongmin, 2017. "Does wage justice hamper creativity? Pay gap and firm innovation in China," China Economic Review, Elsevier, vol. 44(C), pages 186-202.
    11. Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
    12. Viral V. Acharya & Zhaoxia Xu, 2013. "Financial Dependence and Innovation: The Case of Public versus Private Firms," NBER Working Papers 19708, National Bureau of Economic Research, Inc.
    13. Fu, Xiaolan & Yang, Qing Gong, 2009. "Exploring the cross-country gap in patenting: A Stochastic Frontier Approach," Research Policy, Elsevier, vol. 38(7), pages 1203-1213, September.
    14. Arqué-Castells, Pere, 2012. "How venture capitalists spur invention in Spain: Evidence from patent trajectories," Research Policy, Elsevier, vol. 41(5), pages 897-912.
    15. Erkko Autio & Martin Kenney & Philippe Mustar & Don Siegel & Mike Wright, 2014. "Entrepreneurial innovation: The importance of context," Post-Print hal-03600852, HAL.
    16. Lei Gao & Leo L. Yang & Joseph H. Zhang, 2016. "Corporate patents, R&D success, and tax avoidance," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1063-1096, November.
    17. KAWANISHI Takuya, 2021. "Going-Private Transactions and Ex-Post Firm Behaviors: Evidence from Japanese Management Buyouts," Discussion papers 21067, Research Institute of Economy, Trade and Industry (RIETI).
    18. Lee, Yun-Chi, 2020. "Does staying private longer affect innovation of VC-backed IPOs and outcomes of VC investments?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 66(C).
    19. Kaplan, Steven N. & Strömberg, Per, 2008. "Leveraged Buyouts and Private Equity," Working Papers 228, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    20. Vikas A. Aggarwal & David H. Hsu, 2014. "Entrepreneurial Exits and Innovation," Management Science, INFORMS, vol. 60(4), pages 867-887, April.
    21. Anne-Laure Le Nadant & Frédéric Perdreau, 2012. "Do Private Equity Firms Foster Innovation? Evidence from French LBOs," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201209, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
    22. Billett, Matthew T. & Elkamhi, Redouane & Floros, Ioannis V., 2015. "The influence of investor identity and contract terms on firm value: Evidence from PIPEs," Journal of Financial Intermediation, Elsevier, vol. 24(4), pages 564-589.
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    28. S. Katie Moon & Gordon M. Phillips, 2014. "Outside Purchase Contracts, Human Capital and Firm Capital Structure," NBER Working Papers 20579, National Bureau of Economic Research, Inc.
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    30. Li, Yunhe & Liu, Yu & Xie, Feixue, 2019. "Technology directors and firm innovation," Journal of Multinational Financial Management, Elsevier, vol. 50(C), pages 76-88.
    31. Stephen G. Dimmock & Jiekun Huang & Scott J. Weisbenner, 2019. "Give Me Your Tired, Your Poor, Your High-Skilled Labor: H-1B Lottery Outcomes and Entrepreneurial Success," NBER Working Papers 26392, National Bureau of Economic Research, Inc.
    32. Clò, Stefano & Frigerio, Marco & Vandone, Daniela, 2022. "Financial support to innovation: The role of European development financial institutions," Research Policy, Elsevier, vol. 51(10).
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    34. David Hirshleifer & Po-Hsuan Hsu & Dongmei Li, 2017. "Innovative Originality, Profitability, and Stock Returns," NBER Working Papers 23432, National Bureau of Economic Research, Inc.
    35. Onur Bayar & Thomas J. Chemmanur & Mark H. Liu, "undated". "How to Motivate Fundamental Innovation: Subsidies versus Prizes and the Role of Venture Capital," Working Papers 0175fin, College of Business, University of Texas at San Antonio, revised 06 Jan 2016.
    36. Fabio Bertoni & Annalisa Croce & Diego d'Adda, 2010. "Venture capital investments and patenting activity of high-tech start-ups : a micro-econometric firm-level analysis," Post-Print hal-02312960, HAL.
    37. Suqin Shen & Sunil Venaik & Yunxia Zhu, 2023. "A Dynamic Model of Internationalization and Innovation in Emerging Market Enterprises: Knowledge Exploration, Transformation, and Exploitation," Management International Review, Springer, vol. 63(4), pages 561-601, August.
    38. Dutta, Sourish, 2015. "Financing Innovation: A Complex Nexus of Risk & Reward," EconStor Preprints 231356, ZBW - Leibniz Information Centre for Economics.
    39. Dong, Qi & Slovin, Myron B. & Sushka, Marie E., 2020. "Private equity exits after IPOs," Journal of Corporate Finance, Elsevier, vol. 64(C).
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    41. 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.
    42. Troy D. Smith, 2015. "Private Equity Investment in India: Efficiency vs Expansion," Discussion Papers 15-011, Stanford Institute for Economic Policy Research.
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    44. Lyu, Xiaoliang & Ma, Jiameng & Zhang, Xiaochen, 2023. "Social trust and corporate innovation: An informal institution perspective," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
    45. Wang, Lanfang & Wang, Yue & Zhou, Jing, 2022. "Political connection,government R&D subsidies and innovation efficiency: Evidence from China," Finance Research Letters, Elsevier, vol. 48(C).
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    51. 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.
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    53. Kai Li & Jiaping Qiu & Jin Wang, 2019. "Technology Conglomeration, Strategic Alliances, and Corporate Innovation," Management Science, INFORMS, vol. 65(11), pages 5065-5090, November.
    54. Shai Bernstein & Timothy McQuade & Richard R. Townsend, 2017. "Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession," NBER Working Papers 24011, National Bureau of Economic Research, Inc.
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    Cited by:

    1. 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.
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    6. Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
    7. Datta, Sudip & Gruskin, Mark & Iskandar-Datta, Mai, 2015. "On post-IPO stock price performance: A comparative analysis of RLBOs and IPOs," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 187-203.
    8. Roberto Piazza, 2010. "Financial innovation and risk: the role of information," Temi di discussione (Economic working papers) 759, Bank of Italy, Economic Research and International Relations Area.
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    11. 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.
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    21. Gompers, Paul A. & Kaplan, Steven N. & Mukharlyamov, Vladimir, 2022. "Private equity and Covid-19," Journal of Financial Intermediation, Elsevier, vol. 51(C).
    22. 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.
    23. Steven J. Davis & John Haltiwanger & Kyle Handley & Ron Jarmin & Josh Lerner & Javier Miranda, 2014. "Private Equity, Jobs, and Productivity," American Economic Review, American Economic Association, vol. 104(12), pages 3956-3990, December.
    24. Benmelech, Efraim & Dlugosz, Jennifer, 2009. "The alchemy of CDO credit ratings," Journal of Monetary Economics, Elsevier, vol. 56(5), pages 617-634, July.
    25. Yao Li & Mike Wright & Louise Scholes, 2010. "Chinese Management Buyouts and Board Transformation," Journal of Business Ethics, Springer, vol. 95(2), pages 361-380, September.
    26. Gompers, Paul & Kaplan, Steven N. & Mukharlyamov, Vladimir, 2016. "What do private equity firms say they do?," Journal of Financial Economics, Elsevier, vol. 121(3), pages 449-476.
    27. Cao, Kien & Coy, Jeffrey & Nguyen, Thuy, 2016. "The likelihood of management involvement, offer premiums, and target shareholder wealth effects: Evidence from the 2002–2007 LBO wave," Research in International Business and Finance, Elsevier, vol. 36(C), pages 641-655.
    28. Robert Couch & Michael Dothan & Wei Wu, 2012. "Interest Tax Shields: A Barrier Options Approach," Review of Quantitative Finance and Accounting, Springer, vol. 39(1), pages 123-146, July.
    29. Lai, Shaojie & Pu, Xiaoling, 2020. "Mispricing or growth? an empirical analysis of acquisition premium," Finance Research Letters, Elsevier, vol. 37(C).
    30. Boyan Jovanovic & Sai Ma & Peter L. Rousseau, 2020. "Private Equity and Growth," NBER Working Papers 28030, National Bureau of Economic Research, Inc.
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    32. 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.
    33. 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.
    34. Robert S. Harris & Tim Jenkinson & Steven N. Kaplan & Ruediger Stucke, 2020. "Has Persistence Persisted in Private Equity? Evidence from Buyout and Venture Capital Funds," NBER Working Papers 28109, National Bureau of Economic Research, Inc.
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    185. Brown, Gregory W. & Gredil, Oleg R. & Kaplan, Steven N., 2019. "Do private equity funds manipulate reported returns?," Journal of Financial Economics, Elsevier, vol. 132(2), pages 267-297.
    186. 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.
    187. Ted Hayduk & Matthew Walker, 2018. "Mapping the strategic factor market for sport entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 14(3), pages 705-724, September.
    188. Sharjil M. Haque & Anya V. Kleymenova, 2023. "Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations," Finance and Economics Discussion Series 2023-018, Board of Governors of the Federal Reserve System (U.S.).
    189. Martin Tao-Schuchardt & Frederik J. Riar & Nadine Kammerlander, 2023. "Family Firm Value in the Acquisition Context: A Signaling Theory Perspective," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1200-1232, July.
    190. Wang, Tao, 2023. "The ownership structure of corporate venture capital financing and innovation," Technovation, Elsevier, vol. 123(C).
    191. Phalippou, Ludovic & Rauch, Christian & Umber, Marc, 2018. "Private equity portfolio company fees," Journal of Financial Economics, Elsevier, vol. 129(3), pages 559-585.
    192. Tim N. Nolte & Felix Miedaner & Sandra Sülz, 2022. "Physicians’ Perspectives Regarding Private Equity Transactions in Outpatient Health Care—A Scoping Review and Qualitative Analysis," IJERPH, MDPI, vol. 19(23), pages 1-13, November.
    193. 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.
    194. Geczy, Christopher & Jeffers, Jessica S. & Musto, David K. & Tucker, Anne M., 2021. "Contracts with (Social) benefits: The implementation of impact investing," Journal of Financial Economics, Elsevier, vol. 142(2), pages 697-718.
    195. 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.
    196. Ruth Moore & Simon Kerr, 2014. "On a highway to help: multilateral development bank financing and support for infrastructure," Economic Roundup, The Treasury, Australian Government, issue 1, pages 21-32, April.
    197. Ewens, Michael & Gupta, Arpit & Howell, Sabrina, 2021. "Local Journalism under Private Equity Ownership," SocArXiv 6ynf4, Center for Open Science.
    198. Henrik CRONQVIST & Rüdiger FAHLENBRACH, 2011. "CEO Contract Design: How Do Strong Principals Do It?," Swiss Finance Institute Research Paper Series 11-14, Swiss Finance Institute.
    199. Maryam Farboodi & Péter Kondor, 2020. "Rational Sentiments and Economic Cycles," NBER Working Papers 27472, National Bureau of Economic Research, Inc.
    200. 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.
    201. 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.
    202. 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.
    203. Ayash, Brian & Schütt, Harm, 2016. "Does going private add value through operating improvements?," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 192-215.
    204. 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.
    205. 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).
    206. 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.
    207. 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.
    208. 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).
    209. 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.
    210. Stefano Bonini, 2015. "Secondary Buyouts: Operating Performance and Investment Determinants," Financial Management, Financial Management Association International, vol. 44(2), pages 431-470, June.
    211. 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.
    212. Ranko Jelic & Mike Wright, 2011. "Exits, Performance, and Late Stage Private Equity: the Case of UK Management Buy†outs," European Financial Management, European Financial Management Association, vol. 17(3), pages 560-593, June.
    213. Antoni, Manfred & Maug, Ernst & Obernberger, Stefan, 2019. "Private equity and human capital risk," Journal of Financial Economics, Elsevier, vol. 133(3), pages 634-657.
    214. 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.
    215. 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.
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    217. Baziki, Selva & Norbäck, Pehr-Johan & Persson, Lars & Tåg, Joacim, 2015. "Cross-Border Acquisitions and Restructuring: Multinational Enterprises versus Private Equity-Firms," Working Paper Series 1057, Research Institute of Industrial Economics.
    218. Dahiya, Sandeep & Klapper, Leora & Parthasarathy, Harini & Singer, Dorothe, 2017. "Equity raising by Asian firms: Choosing between PIPEs and SEOs," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 64-83.
    219. Holcomb, Alex & Mason, Paul & Zhang, Harold H., 2020. "Investment income taxes and private equity acquisition activity," Journal of Empirical Finance, Elsevier, vol. 59(C), pages 25-51.
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    225. 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.
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  8. 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. 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.
    2. 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.
    3. 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.
    4. Andrew Metrick & Ayako Yasuda, 2007. "The economics of private equity funds," Proceedings, Federal Reserve Bank of San Francisco, issue Oct.
    5. 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.
    6. 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.
    7. 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.
    8. Ulf Axelson & Tim Jenkinson & Per Stromberg, 2008. "Leverage and Pricing in Buyouts: An Empirical Analysis," Economics Series Working Papers 2008fe20, University of Oxford, Department of Economics.
    9. 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.
    10. Alexander Ljungqvist & Matthew Richardson & Daniel Wolfenzon, 2020. "The investment behavior of buyout funds: Theory and evidence," Financial Management, Financial Management Association International, vol. 49(1), pages 3-32, March.

  9. Ulf Axelson & Per Stromberg & Michael S. Weisbach, 2007. "Why are Buyouts Levered: The Financial Structure of Private Equity Funds," NBER Working Papers 12826, National Bureau of Economic Research, Inc.

    Cited by:

    1. 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.
    2. Degeorge, Francois & Martin, Jens & Phalippou, Ludovic, 2016. "On secondary buyouts," Journal of Financial Economics, Elsevier, vol. 120(1), pages 124-145.
    3. 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.
    4. 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.
    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. Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
    7. 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.
    8. 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.
    9. 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).
    10. Bottazzi, L. & Da Rin, M. & Hellmann, T., 2008. "What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence," Discussion Paper 2008-30, Tilburg University, Center for Economic Research.
    11. 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.
    12. Inderst, Roman & Vladimirov, Vladimir, 2014. "Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information," CEPR Discussion Papers 9923, C.E.P.R. Discussion Papers.
    13. 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.
    14. 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.
    15. 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.
    16. 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.
    17. 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.
    18. 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).
    19. 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.
    20. Axelson, Ulf & Jenkinson, Tim & Strömberg, Per & Weisbach, Michael S., 2012. "Borrow cheap, buy high? The determinants of leverage and pricing in buyouts," LSE Research Online Documents on Economics 43088, London School of Economics and Political Science, LSE Library.
    21. 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.).
    22. Wang, Yingdi, 2012. "Secondary buyouts: Why buy and at what price?," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1306-1325.
    23. 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.
    24. Sheridan Titman, 2017. "Does Ownership Structure Matter?," European Financial Management, European Financial Management Association, vol. 23(3), pages 357-375, June.
    25. Andrew Metrick & Ayako Yasuda, 2007. "The economics of private equity funds," Proceedings, Federal Reserve Bank of San Francisco, issue Oct.
    26. 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.
    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. Axelson, Ulf & Baliga, Sandeep, 2007. "Liquidity and Manipulation of Executive Compensation Schemes," SIFR Research Report Series 54, Institute for Financial Research.
    29. Shin, Hyun Song & Acharya, Viral & Yorulmazer, Tanju, 2007. "Fire-sale FDI," CEPR Discussion Papers 6319, C.E.P.R. Discussion Papers.
    30. Morten Sorensen & Neng Wang & Jinqiang Yang, 2013. "Valuing Private Equity," NBER Working Papers 19612, National Bureau of Economic Research, Inc.
    31. Erel, Isil & Jang, Yeejin & Minton, Bernadette A. & Weisbach, Michael S., 2021. "Corporate Liquidity, Acquisitions, and Macroeconomic Conditions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(2), pages 443-474, March.
    32. 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.
    33. 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.
    34. Mohammad Abbas Rezaei, 2021. "Optimal Design of Limited Partnership Agreements," Papers 2104.07049, arXiv.org.
    35. 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.
    36. 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.
    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. 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.
    39. 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.
    40. Ulf Axelson & Tim Jenkinson & Per Stromberg, 2008. "Leverage and Pricing in Buyouts: An Empirical Analysis," Economics Series Working Papers 2008fe20, University of Oxford, Department of Economics.
    41. 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.
    42. Valentin Haddad & Erik Loualiche & Matthew Plosser, 2016. "Buyout Activity: The Impact of Aggregate Discount Rates," NBER Working Papers 22414, National Bureau of Economic Research, Inc.
    43. 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.
    44. 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.
    45. Roman Inderst & Vladimir Vladimirov, 2019. "Growth Firms and Relationship Finance: A Capital Structure Perspective," Management Science, INFORMS, vol. 65(11), pages 5411-5426, November.
    46. 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.
    47. Gregory, David, 2013. "Private equity and financial stability," Bank of England Quarterly Bulletin, Bank of England, vol. 53(1), pages 38-47.
    48. 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.
    49. 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.
    50. 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.
    51. 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.
    52. 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.
    53. 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.
    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. 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.
    56. Alexander Ljungqvist & Matthew Richardson & Daniel Wolfenzon, 2020. "The investment behavior of buyout funds: Theory and evidence," Financial Management, Financial Management Association International, vol. 49(1), pages 3-32, March.
    57. Steven N. Kaplan & Per Strömberg, 2008. "Leveraged Buyouts and Private Equity," NBER Working Papers 14207, National Bureau of Economic Research, Inc.
    58. 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.
    59. 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.
    60. 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.
    61. Phalippou, Ludovic & Rauch, Christian & Umber, Marc, 2018. "Private equity portfolio company fees," Journal of Financial Economics, Elsevier, vol. 129(3), pages 559-585.
    62. Jason Roderick Donaldson & Giorgia Piacentino & Anjan Thakor, 2021. "Intermediation Variety," Journal of Finance, American Finance Association, vol. 76(6), pages 3103-3152, December.
    63. 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.
    64. 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.
    65. 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).
    66. 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.
    67. Stefano Bonini, 2015. "Secondary Buyouts: Operating Performance and Investment Determinants," Financial Management, Financial Management Association International, vol. 44(2), pages 431-470, June.
    68. 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.
    69. 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.
    70. 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.
    71. 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.
    72. 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.
    73. 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.

  10. Steven N. Kaplan & Berk A. Sensoy & Per Strömberg, 2005. "What Are Firms? Evolution from Birth to Public Companies," NBER Working Papers 11581, National Bureau of Economic Research, Inc.

    Cited by:

    1. 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.
    2. Geir H. Bjønnes & Steinar Holden & Dagfinn Rime & Haakon O. Aa. Solheim, 2009. "'Large' vs. 'Small' Players: A Closer Look at the Dynamics of Speculative Attacks," CESifo Working Paper Series 2518, CESifo.
    3. Benjamin E. Hermalin & Michael S. Weisbach, 2012. "Information Disclosure and Corporate Governance," Journal of Finance, American Finance Association, vol. 67(1), pages 195-234, February.
    4. Akram, Q. Farooq & Rime, Dagfinn & Sarno, Lucio, 2006. "Arbitrage in the Foreign Exchange Market: Turning on the Microscope," SIFR Research Report Series 42, Institute for Financial Research.
    5. Axelson, Ulf & Baliga, Sandeep, 2007. "Liquidity and Manipulation of Executive Compensation Schemes," SIFR Research Report Series 54, Institute for Financial Research.
    6. Rydqvist, Kristian, 2010. "Tax Arbitrage with Risk and Effort Aversion - Swedish Lottery Bonds 1970-1990," SIFR Research Report Series 70, Institute for Financial Research.
    7. Philippe Aghion & Mathias Dewatripont & Jeremy C. Stein, 2008. "Academic freedom, private‐sector focus, and the process of innovation," RAND Journal of Economics, RAND Corporation, vol. 39(3), pages 617-635, September.
    8. 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.
    9. 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.
    10. van Hemert, Otto, 2006. "Life-Cycle Housing and Portfolio Choice with Bond Markets," SIFR Research Report Series 44, Institute for Financial Research.

  11. Steven N. Kaplan & Frederic Martel & Per Stromberg, 2003. "How Do Legal Differences and Learning Affect Financial Contracts?," NBER Working Papers 10097, National Bureau of Economic Research, Inc.

    Cited by:

    1. 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.
    2. Laura Bottazzi & Marco Da Rin & Thomas Hellmann, 2007. "The Importance of Trust for Investment: Evidence from Venture Capital," Working Papers 325, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    3. Bottazzi, L. & Da Rin, M. & Hellmann, T., 2008. "What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence," Discussion Paper 2008-30, Tilburg University, Center for Economic Research.
    4. 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.
    5. Jun Qian & Philip E. Strahan, 2005. "How Law and Institutions Shape Financial Contracts: The Case of Bank Loans," NBER Working Papers 11052, National Bureau of Economic Research, Inc.
    6. Josh Lerner & Antoinette Schoar, 2004. "Transaction Structures in the Developing World," NBER Working Papers 10348, National Bureau of Economic Research, Inc.
    7. Cumming, Douglas J., 2005. "Capital structure in venture finance," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 550-585, June.
    8. John Armour & Douglas Cumming, 2006. "The legislative road to Silicon Valley," Oxford Economic Papers, Oxford University Press, vol. 58(4), pages 596-635, October.
    9. 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.
    10. 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.
    11. 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.
    12. Douglas Cumming, 2005. "Review Essay: Global Venture Capital Transactions," Venture Capital, Taylor & Francis Journals, vol. 7(2), pages 185-201, January.
    13. 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.
    14. Dessi, Roberta, 2011. "Innovation, Spillovers and Venture Capital Contracts," TSE Working Papers 11-253, Toulouse School of Economics (TSE), revised Dec 2013.
    15. 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.
    16. Julia Hirsch & Carsten Bienz, 2005. "The Dynamics of Venture Capital Contracts," FMG Discussion Papers dp552, Financial Markets Group.
    17. 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.
    18. 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.
    19. 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.
    20. 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.
    21. 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.
    22. 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.
    23. 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.
    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. 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.
    2. 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.
    3. 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.
    4. 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.
    5. Laura Bottazzi & Marco Da Rin & Thomas Hellmann, 2007. "The Importance of Trust for Investment: Evidence from Venture Capital," Working Papers 325, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    6. Bottazzi, L. & Da Rin, M. & Hellmann, T., 2008. "What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence," Discussion Paper 2008-30, Tilburg University, Center for Economic Research.
    7. Geir H. Bjønnes & Steinar Holden & Dagfinn Rime & Haakon O. Aa. Solheim, 2009. "'Large' vs. 'Small' Players: A Closer Look at the Dynamics of Speculative Attacks," CESifo Working Paper Series 2518, CESifo.
    8. Mathias Dewatripont & Patrick Legros & Steven A. Matthews, 2003. "Moral Hazard and Capital Structure Dynamics," Journal of the European Economic Association, MIT Press, vol. 1(4), pages 890-930, June.
    9. 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.
    10. 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.
    11. 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.
    12. Dessein, Wouter, 2002. "Information and Control in Alliances and Ventures," CEPR Discussion Papers 3418, C.E.P.R. Discussion Papers.
    13. 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.
    14. Junfu Zhang, 2011. "The advantage of experienced start-up founders in venture capital acquisition: evidence from serial entrepreneurs," Small Business Economics, Springer, vol. 36(2), pages 187-208, February.
    15. Roland Strausz, 2007. "Entrepreneurial Financing, Advice, and Agency Costs," NBER Chapters, in: Entrepreneurship: Strategy and Structure, National Bureau of Economic Research, Inc.
    16. Akram, Q. Farooq & Rime, Dagfinn & Sarno, Lucio, 2006. "Arbitrage in the Foreign Exchange Market: Turning on the Microscope," SIFR Research Report Series 42, Institute for Financial Research.
    17. 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.
    18. Axelson, Ulf & Baliga, Sandeep, 2007. "Liquidity and Manipulation of Executive Compensation Schemes," SIFR Research Report Series 54, Institute for Financial Research.
    19. 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.
    20. 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.
    21. 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.
    22. 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.
    23. 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.
    24. 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.
    25. Laura Bottazzi & Marco Da Rin & Thomas Hellmann, 2004. "Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital," Working Papers 266, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    26. 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.
    27. Cécile Carpentier & Jean-Marc Suret, 2004. "Bypassing the Financial Growth Cycle: Evidence from Capital Pool Companies," CIRANO Working Papers 2004s-48, CIRANO.
    28. Douglas Cumming & Sofia Johan, 2007. "Advice and monitoring in venture finance," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 21(1), pages 3-43, March.
    29. 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.
    30. Thomas Hellman & Laura Lindsey & Manju Puri, 2004. "Building Relationships Early: Banks in Venture Capital," NBER Working Papers 10535, National Bureau of Economic Research, Inc.
    31. 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.
    32. 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.
    33. 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.
    34. 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.
    35. van Hemert, Otto, 2006. "Life-Cycle Housing and Portfolio Choice with Bond Markets," SIFR Research Report Series 44, Institute for Financial Research.
    36. 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).
    37. Anderson, Anders E.S., 2004. "All Guts, No Glory: Trading and Diversification among Online Investors," SIFR Research Report Series 25, Institute for Financial Research.

  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. 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.
    2. 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.
    3. 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.
    4. 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.
    5. Beuselinck, C. & Manigart, S., 2006. "Financial reporting quality in privaty equity backed companies: the impact of ownership concentration," Vlerick Leuven Gent Management School Working Paper Series 2005-23, Vlerick Leuven Gent Management School.
    6. Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
    7. 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.
    8. Kwanghui Lim & Brian Cu, 2012. "The effects of social networks and contractual characteristics on the relationship between venture capitalists and entrepreneurs," Asia Pacific Journal of Management, Springer, vol. 29(3), pages 573-596, September.
    9. Michael Manove & A. Jorge Padilla & Marco Pagano, 1998. "Collateral Vs. Project Screening: A Model of Lazy Banks," Working Papers wp1998_9807, CEMFI.
    10. Thomas Hellmann & Manju Puri, 2002. "Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence," Journal of Finance, American Finance Association, vol. 57(1), pages 169-197, February.
    11. Christopoulos, Dimitris & Köppl, Stefan & Köppl-Turyna, Monika, 2021. "Syndication networks and company survival: Evidence from European venture-capital deals," Research Papers 16, EcoAustria – Institute for Economic Research.
    12. Xiao Hu & Jiayi Wang & Banggang Wu & Taiyang Zhao, 2022. "Specialist or new entrant: Who is the ideal investor for a new venture?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 2055-2065, September.
    13. Egli, D. & Ongena, S. & Smith, D.C., 2001. "On the Sequencing of Projects, Reputation Building and Relationship Finance," Other publications TiSEM e2ae0542-fa14-4e34-b221-0, Tilburg University, School of Economics and Management.
    14. Christian Keuschnigg, 2003. "Public Policy and Venture Capital Backed Innovation," CESifo Working Paper Series 1066, CESifo.
    15. Gary Gorton & Andrew Winton, 2002. "Financial Intermediation," Center for Financial Institutions Working Papers 02-28, Wharton School Center for Financial Institutions, University of Pennsylvania.
    16. Zarutskie, Rebecca, 2010. "The role of top management team human capital in venture capital markets: Evidence from first-time funds," Journal of Business Venturing, Elsevier, vol. 25(1), pages 155-172, January.
    17. Valérie Revest & Christophe Le Guehennec, 2007. "Capital risque, intervention publique et marché : le cas des biotechnologies françaises," Working Papers halshs-00200839, HAL.
    18. María Jesús Rodríguez-Gulías & David Rodeiro-Pazos & Sara Fernández-López & Christian Corsi & Antonio Prencipe, 2018. "The role of venture capitalist to enhance the growth of Spanish and Italian university spin-offs," International Entrepreneurship and Management Journal, Springer, vol. 14(4), pages 1111-1130, December.
    19. Dominique Demougin & Oliver Fabel, 2007. "Entrepreneurship and the Division of Ownership in New Ventures," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 16(1), pages 111-128, March.
    20. Christian Keuschnigg & Soren Bo Nielsen, 2003. "Taxes and Venture Capital Support," Review of Finance, Springer, vol. 7(3), pages 515-539.
    21. Fisch, Christian & Momtaz, Paul P., 2020. "Institutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs)," Journal of Corporate Finance, Elsevier, vol. 64(C).
    22. Luca Di Corato & Michele Moretto & Gianpaolo Rossini, 2016. "Financing ?exibility: the case of outsourcing," "Marco Fanno" Working Papers 0206, Dipartimento di Scienze Economiche "Marco Fanno".
    23. Lu, Qing & Hwang, Peter & Wang, Clement K., 2006. "Agency risk control through reprisal," Journal of Business Venturing, Elsevier, vol. 21(3), pages 369-384, May.
    24. Svensson, Roger, 2004. "Commercialization of Patents and External Financing during the R&D-Phase," Working Paper Series 624, Research Institute of Industrial Economics.
    25. Gustafsson, Anders & Stephan, Andreas & karlson, Nils & Hallman, Alice, 2016. "The "Sugar Rush" from Innovation Subsidies. A Robust Political Economy Perspective," Ratio Working Papers 270, The Ratio Institute.
    26. Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2008. "Stock Exchange Markets for New Ventures," CIRANO Working Papers 2008s-12, CIRANO.
    27. Ufuk Akcigit & Douglas Hanley & Stefanie Stantcheva, 2016. "Optimal Taxation and R&D Policies," Working Papers 2016-031, Human Capital and Economic Opportunity Working Group.
    28. Bat Batjargal & Mannie (Manhong) Liu, 2004. "Entrepreneurs’ Access to Private Equity in China: The Role of Social Capital," Organization Science, INFORMS, vol. 15(2), pages 159-172, April.
    29. Yuji Honjo & Sadao Nagaoka & Kenta Nakamura & Serguey Braguinsky, 2011. "Science-Based Business: Knowledge Capital or Entrepreneurial Ability? Theory and Evidence from a Survey of Biotechnology Start-ups," 2011 Meeting Papers 1270, Society for Economic Dynamics.
    30. Yuen Ping Ho & Poh Kam Wong, 2005. "Availability of Financing, Regulatory Business Costs and National Entrepreneurial Propensity," Industrial Organization 0504025, University Library of Munich, Germany, revised 03 Aug 2005.
    31. Andrew Toole & Calum Turvey, 2009. "How does initial public financing influence private incentives for follow-on investment in early-stage technologies?," The Journal of Technology Transfer, Springer, vol. 34(1), pages 43-58, February.
    32. Michael M. Moedl, 2021. "Two’s a company, three’s a crowd: Deal breaker terms in equity crowdfunding for prospective venture capital," Small Business Economics, Springer, vol. 57(2), pages 927-952, August.
    33. Steven N. Kaplan & Josh Lerner, 2010. "It Ain't Broke: The Past, Present, and Future of Venture Capital," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(2), pages 36-47, April.
    34. Julian Kaboth & Arnd Lodowicks & Maximilian Schreiter & Bernhard Schwetzler, 2023. "Same same but different: how preferential claims trigger valuation discounts in equity tranches of VC-backed firms," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 877-914, April.
    35. Denis, David J., 2004. "Entrepreneurial finance: an overview of the issues and evidence," Journal of Corporate Finance, Elsevier, vol. 10(2), pages 301-326, March.
    36. Roger Svensson, 2013. "Publicly-funded R&D programs and survival of patents," Applied Economics, Taylor & Francis Journals, vol. 45(10), pages 1343-1358, April.
    37. 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).
    38. Svensson, Roger, 2015. "Measuring Innovation Using Patent Data," Working Paper Series 1067, Research Institute of Industrial Economics.
    39. Christof Beuselinck & Marc Deloof & Sophie Manigart, 2004. "Venture Capital, Private Equity and Earnings Quality," Vlerick Leuven Gent Management School Working Paper Series 2004-02, Vlerick Leuven Gent Management School.
    40. 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.
    41. Balboa, Marina & Marti, Jose, 2007. "Factors that determine the reputation of private equity managers in developing markets," Journal of Business Venturing, Elsevier, vol. 22(4), pages 453-480, July.
    42. Fabio Bertoni & Annalisa Croce & Diego d'Adda, 2010. "Venture capital investments and patenting activity of high-tech start-ups : a micro-econometric firm-level analysis," Post-Print hal-02312960, HAL.
    43. LESHCHINSKII, Dima, 2002. "Indulgent angels or stingy venture capitalists? The entrepreneurs' choice," HEC Research Papers Series 769, HEC Paris.
    44. Vesa Kanniainen & Christian Keuschnigg, 2000. "The Optimal Portfolio of Start-Up Firms in Venture Capital Finance," CESifo Working Paper Series 381, CESifo.
    45. Paul Gompers & William Gornall & Steven N. Kaplan & Ilya A. Strebulaev, 2016. "How Do Venture Capitalists Make Decisions?," NBER Working Papers 22587, National Bureau of Economic Research, Inc.
    46. Kanniainen, V. & Keuschnigg, C., 2001. "Start-up Investment With Scarce Venture Capital Support," University of Helsinki, Department of Economics 503, Department of Economics.
    47. Azmat, Saad & Skully, Michael & Brown, Kym, 2015. "Can Islamic banking ever become Islamic?," Pacific-Basin Finance Journal, Elsevier, vol. 34(C), pages 253-272.
    48. Junfu Zhang, 2011. "The advantage of experienced start-up founders in venture capital acquisition: evidence from serial entrepreneurs," Small Business Economics, Springer, vol. 36(2), pages 187-208, February.
    49. Fabio Bertoni & Massimo G. Colombo & Annalisa Croce, 2010. "The Effect of Venture Capital Financing on the Sensitivity to Cash Flow of Firm's Investments," European Financial Management, European Financial Management Association, vol. 16(4), pages 528-551, September.
    50. 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.
    51. Chaigneau, Pierre, 2010. "The optimal timing of executive compensation," LSE Research Online Documents on Economics 119081, London School of Economics and Political Science, LSE Library.
    52. 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.
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    552. Paul Gompers & Anna Kovner & Josh Lerner & David Scharfstein, 2006. "Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs," NBER Working Papers 12592, National Bureau of Economic Research, Inc.
    553. S. Ramakrishna Velamuri & Wilson Liu, 2017. "Ownership structure, insider behavior, and IPO performance of SMEs in China," Small Business Economics, Springer, vol. 48(3), pages 771-793, March.
    554. Gloor, Peter A. & Fronzetti Colladon, Andrea & Grippa, Francesca & Hadley, Beth Marie & Woerner, Stephanie, 2020. "The impact of social media presence and board member composition on new venture success: Evidences from VC-backed U.S. startups," Technological Forecasting and Social Change, Elsevier, vol. 157(C).
    555. Fried, Jesse & Broughman, Brian, 2007. "Power and Payouts in the Sale of Startups," Berkeley Olin Program in Law & Economics, Working Paper Series qt6sm713kb, Berkeley Olin Program in Law & Economics.
    556. Chortareas, Georgios E. & Girardone, Claudia & Ventouri, Alexia, 2013. "Financial freedom and bank efficiency: Evidence from the European Union," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1223-1231.
    557. Megginson, William L. & Meles, Antonio & Sampagnaro, Gabriele & Verdoliva, Vincenzo, 2019. "Financial distress risk in initial public offerings: How much do venture capitalists matter?," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 10-30.
    558. Masahiko Aoki & Hirokazu Takizawa, 2002. "Incentives and Option Value in the Silicon-Valley Tournament Game (Revised)," Discussion papers 02001, Research Institute of Economy, Trade and Industry (RIETI).
    559. Bijapur, Mohan, 2011. "Moral hazard and renegotiation of multi-signal contracts," LSE Research Online Documents on Economics 56619, London School of Economics and Political Science, LSE Library.
    560. 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.
    561. Fabio Buttignon & Marco Vedovato & Paolo Bortoluzzi, 2005. "Family business investor byouts: the Italian case," "Marco Fanno" Working Papers 0004, Dipartimento di Scienze Economiche "Marco Fanno".
    562. Arping, Stefan, 2005. "Protective interests and creative destruction," Journal of Financial Intermediation, Elsevier, vol. 14(4), pages 401-431, October.
    563. Teng Wang, 2017. "To Build or to Buy? The Role of Local Information in Credit Market Development," Finance and Economics Discussion Series 2017-013, Board of Governors of the Federal Reserve System (U.S.).
    564. 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, pages 461-490, March.
    565. Steven Matthews, 2002. "Moral Hazard and Capital Structure Dynamics (joint with Mathias Dewatripont and Patrick Legros) Note the special time," Theory workshop papers 357966000000000095, UCLA Department of Economics.
    566. Jakob Müllner, 2017. "International project finance: review and implications for international finance and international business," Management Review Quarterly, Springer, vol. 67(2), pages 97-133, April.
    567. Shih-Chung Chang, 2009. "The Role of Convertible Securities in Venture Capital Financing," Finance Working Papers 22886, East Asian Bureau of Economic Research.
    568. Vikas Mehrotra & Randall Morck, 2017. "Governance and Stakeholders," NBER Working Papers 23460, National Bureau of Economic Research, Inc.
    569. Massimo G. Colombo & Luca Grilli & Cinzia Verga, 2007. "High-tech Start-up Access to Public Funds and Venture Capital: Evidence from Italy," International Review of Applied Economics, Taylor & Francis Journals, vol. 21(3), pages 381-402.
    570. Farag, Hisham & Johan, Sofia, 2021. "How alternative finance informs central themes in corporate finance," Journal of Corporate Finance, Elsevier, vol. 67(C).
    571. de Bettignies, Jean-Etienne & Brander, James A., 2007. "Financing entrepreneurship: Bank finance versus venture capital," Journal of Business Venturing, Elsevier, vol. 22(6), pages 808-832, November.
    572. Shivaram V. Devarakonda & Jeffrey J. Reuer, 2019. "Safeguarding from the Sharks: Board Representation in Minority Equity Partnerships," Organization Science, INFORMS, vol. 30(5), pages 981-999, September.
    573. Güçbilmez, Ufuk, 2014. "Why do some Chinese technology firms avoid ChiNext and go public in the US?," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 179-194.
    574. Dang, Viet Anh, 2010. "Optimal financial contracts with hidden effort, unobservable profits and endogenous costs of effort," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(1), pages 75-89, February.
    575. 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.
    576. Gurupdesh Pandher, 2019. "Financier Search and Boundaries of the Angel and VC Markets," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1223-1249, November.
    577. Jelic, Ranko & Zhou, Dan & Ahmad, Wasim, 2021. "Do stressed PE firms misbehave?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    578. 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.

  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. 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.
    2. Pasadilla, Gloria, 2005. "Special Purpose Vehicles and Insolvency Reforms in the Philippines," Discussion Papers DP 2005-06, Philippine Institute for Development Studies.
    3. 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.
    4. 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.
    5. 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.
    6. Franks, Julian & Lóránth, Gyöngyi, 2005. "A Study of Inefficient Going Concerns in Bankruptcy," CEPR Discussion Papers 5035, C.E.P.R. Discussion Papers.
    7. Acharya, Viral & Naqvi, Hassan, 2012. "The seeds of a crisis: A theory of bank liquidity and risk taking over the business cycle," Journal of Financial Economics, Elsevier, vol. 106(2), pages 349-366.
    8. Viral V. Acharya & Hyun Song Shin & Tanju Yorulmazer, 2009. "Crisis Resolution and Bank Liquidity," NBER Working Papers 15567, National Bureau of Economic Research, Inc.
    9. Acharya, Viral V. & Sundaram, Rangarajan K. & John, Kose, 2011. "Cross-country variations in capital structures: The role of bankruptcy codes," Journal of Financial Intermediation, Elsevier, vol. 20(1), pages 25-54, January.
    10. Shleifer, Andrei & McLiesh, Caralee & Hart, Oliver & Djankov, Simeon, 2008. "Debt Enforcement Around the World," Scholarly Articles 2961825, Harvard University Department of Economics.
    11. 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.
    12. 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.
    13. 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.
    14. Zakolyukina Anastasia, 2006. "Bankrtuptcy in Russia: External Management Performance," EERC Working Paper Series 06-09e, EERC Research Network, Russia and CIS.
    15. 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.
    16. 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.
    17. 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.
    18. 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).
    19. Buttwill, Klas & Wihlborg, Clas, 2005. "The Efficiency of the Bankruptcy Process. An International Comparison," Ratio Working Papers 65, The Ratio Institute.
    20. Hotchkiss, Edith S. & Mooradian, Robert M., 2003. "Auctions in bankruptcy," Journal of Corporate Finance, Elsevier, vol. 9(5), pages 555-574, November.

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

  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. Max Berre, 2022. "Cross-Border Venture Capital Valuation: Business-Cycle, Institutional Factors, and Distance," Post-Print hal-03834620, HAL.
    2. Gompers, Paul A. & Mukharlyamov, Vladimir & Xuan, Yuhai, 2016. "The cost of friendship," Journal of Financial Economics, Elsevier, vol. 119(3), pages 626-644.
    3. Ewens, Michael & Malenko, Nadya, 2020. "Board Dynamics over the Startup Life Cycle," SocArXiv t96yq, Center for Open Science.
    4. 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.
    5. Phumlani Nkontwana & Erik Stam, 2023. "Entrepreneurial Ecosystems for the Africa we want," Working Papers 2305, Utrecht School of Economics.
    6. Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
    7. 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.
    8. Becker, Sascha O. & Hvide, Hans K., 2013. "Do entrepreneurs matter?," CEPR Discussion Papers 9295, C.E.P.R. Discussion Papers.
    9. 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.
    10. Ramana Nanda & Matthew Rhodes-Kropf, 2016. "Financing Entrepreneurial Experimentation," Innovation Policy and the Economy, University of Chicago Press, vol. 16(1), pages 1-23.
    11. Huang, Winifred & Vismara, Silvio & Wei, Xingjie, 2022. "Confidence and capital raising," Journal of Corporate Finance, Elsevier, vol. 77(C).
    12. Nanda, Ramana & Samila, Sampsa & Sorenson, Olav, 2020. "The persistent effect of initial success: Evidence from venture capital," Journal of Financial Economics, Elsevier, vol. 137(1), pages 231-248.
    13. Esen, Tekin & Dahl, Michael S. & Sorenson, Olav, 2023. "Jockeys, horses or teams? The selection of startups by venture capitalists," Journal of Business Venturing Insights, Elsevier, vol. 19(C).
    14. Gompers, Paul A. & Kaplan, Steven N. & Mukharlyamov, Vladimir, 2022. "Private equity and Covid-19," Journal of Financial Intermediation, Elsevier, vol. 51(C).
    15. Haemin Dennis Park & Daniel Tzabbar, 2016. "Venture Capital, CEOs’ Sources of Power, and Innovation Novelty at Different Life Stages of a New Venture," Organization Science, INFORMS, vol. 27(2), pages 336-353, April.
    16. Gompers, Paul & Kaplan, Steven N. & Mukharlyamov, Vladimir, 2016. "What do private equity firms say they do?," Journal of Financial Economics, Elsevier, vol. 121(3), pages 449-476.
    17. Waldron, Theodore L. & McMullen, Jeffery S. & Petrenko, Oleg V. & Tribble Trudell, Lori & Aronson, Olivia, 2022. "Entrepreneur-investor rivalry over new venture control: The battle for Balcones Distilling," Journal of Business Venturing, Elsevier, vol. 37(4).
    18. Rafał Morawczyński, 2020. "Venture Capitalists’ Investment Criteria in Poland: Entrepreneurial Opportunities, Entrepreneurs, and Founding Teams," Administrative Sciences, MDPI, vol. 10(4), pages 1-30, October.
    19. Yuji Honjo & Sadao Nagaoka & Kenta Nakamura & Serguey Braguinsky, 2011. "Science-Based Business: Knowledge Capital or Entrepreneurial Ability? Theory and Evidence from a Survey of Biotechnology Start-ups," 2011 Meeting Papers 1270, Society for Economic Dynamics.
    20. Achleitner, A.-K. & Bock, Carolin & Watzinger, M., 2013. "The Capital Gains Tax: A Curse but also a Blessing for Venture Capital Investment," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 77320, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    21. Michael Ewens & Charles M. Jones & Matthew Rhodes-Kropf, 2013. "The Price of Diversifiable Risk in Venture Capital and Private Equity," The Review of Financial Studies, Society for Financial Studies, vol. 26(8), pages 1854-1889.
    22. Colombelli, Alessandra, 2014. "The Impact of Top Management Team Characteristics on Firms Growth," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201412, University of Turin.
    23. Steven N. Kaplan & Josh Lerner, 2010. "It Ain't Broke: The Past, Present, and Future of Venture Capital," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(2), pages 36-47, April.
    24. An, Jiafu & Duan, Tinghua & Hou, Wenxuan & Liu, Xianda, 2021. "Cyber risks and initial coin offerings: Evidence from the world," Finance Research Letters, Elsevier, vol. 41(C).
    25. 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.
    26. 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.
    27. 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.
    28. 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.
    29. Sahuguet, Nicolas & Chaigneau, Pierre, 2021. "The Complementarity between Signal Informativeness and Monitoring," CEPR Discussion Papers 15625, C.E.P.R. Discussion Papers.
    30. Max Berre, 2022. "Which Factors Matter Most? Can Startup Valuation be Micro-Targeted?," Post-Print hal-03829877, HAL.
    31. Bengtsson, Ola & Hand, John R. M., 2012. "Employee Compensation in Entrepreneurial Companies," Working Paper Series 922, Research Institute of Industrial Economics.
    32. Banal-Estañol, Albert & Macho-Stadler, Inés & Nieto-Postigo, Jonás & Pérez-Castrillo, David, 2023. "Early individual stakeholders, first venture capital investment, and exit in the UK startup ecosystem," Journal of Corporate Finance, Elsevier, vol. 80(C).
    33. 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.
    34. 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.
    35. 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.
    36. 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.
    37. 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).
    38. Hanlon, Michelle & Heitzman, Shane, 2010. "A review of tax research," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 127-178, December.
    39. Barg, Johannes A. & Drobetz, Wolfgang & Momtaz, Paul P., 2021. "Valuing start-up firms: A reverse-engineering approach for fair-value multiples from venture capital transactions," Finance Research Letters, Elsevier, vol. 43(C).
    40. Tania Babina & Paige P. Ouimet & Rebecca Zarutskie, 2017. "Going Entrepreneurial? IPOs and New Firm Creation," Finance and Economics Discussion Series 2017-022, Board of Governors of the Federal Reserve System (U.S.).
    41. Marco Da Rin & Thomas F. Hellmann & Manju Puri, 2011. "A survey of venture capital research," NBER Working Papers 17523, National Bureau of Economic Research, Inc.
    42. Paul Gompers & William Gornall & Steven N. Kaplan & Ilya A. Strebulaev, 2016. "How Do Venture Capitalists Make Decisions?," NBER Working Papers 22587, National Bureau of Economic Research, Inc.
    43. 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.
    44. Annamaria Conti & Stuart J. H. Graham, 2020. "Valuable Choices: Prominent Venture Capitalists’ Influence on Startup CEO Replacements," Management Science, INFORMS, vol. 66(3), pages 1325-1350, March.
    45. Ramana Nanda & Matthew Rhodes-Kropf, 2012. "Innovation Policies," Harvard Business School Working Papers 13-038, Harvard Business School, revised Mar 2017.
    46. 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.
    47. Violetta Bacon-Gerasymenko & Jonathan D. Arthurs & Sam Y. Cho, 2020. "How and When Investment Horizons Determine Venture Capital Firms’ Attention Breadth to Portfolio Companies," Entrepreneurship Theory and Practice, , vol. 44(3), pages 475-503, May.
    48. Max Berre, 2022. "Which Factors Matter Most? Can Startup Valuation be Micro-Targeted?," Papers 2210.14518, arXiv.org.
    49. 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.
    50. 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.
    51. Parida, Vinit & George, Nerine Mary & Wincent, Joakim, 2018. "Strategic diagnosis of information processing structures and commercialization in new ventures," Journal of Business Research, Elsevier, vol. 85(C), pages 83-90.
    52. Howell, Sabrina T., 2020. "Reducing information frictions in venture capital: The role of new venture competitions," Journal of Financial Economics, Elsevier, vol. 136(3), pages 676-694.
    53. William R. Kerr & Josh Lerner & Antoinette Schoar, 2010. "The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis," NBER Working Papers 15831, National Bureau of Economic Research, Inc.
    54. Cho, Chanho & Halford, Joseph T. & Hsu, Scott & Ng, Lilian, 2016. "Do managers matter for corporate innovation?," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 206-229.
    55. Mao, Y., 2013. "Essays on leveraged buyouts," Other publications TiSEM 55806b61-eacb-4ba2-97c6-8, Tilburg University, School of Economics and Management.
    56. 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.
    57. 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.
    58. 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.
    59. 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.
    60. Bengtsson, Ola, 2013. "Relational venture capital financing of serial founders," Journal of Financial Intermediation, Elsevier, vol. 22(3), pages 308-334.
    61. Roche, Maria P. & Conti, Annamaria & Rothaermel, Frank T., 2020. "Different founders, different venture outcomes: A comparative analysis of academic and non-academic startups," Research Policy, Elsevier, vol. 49(10).
    62. Fazekas Balazs & Becsky-Nagy Patricia, 2015. "The Role Of Venture Capital In The Bridging Of Funding Gaps – A Real Options Reasoning," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 825-830, July.
    63. Raghuram Rajan, 2012. "The Corporation in Finance," NBER Working Papers 17760, National Bureau of Economic Research, Inc.
    64. Arcot, Sridhar, 2014. "Participating convertible preferred stock in venture capital exits," Journal of Business Venturing, Elsevier, vol. 29(1), pages 72-87.
    65. Brian Akins & David De Angelis & Maclean Gaulin, 2020. "Debt Contracting on Management," Journal of Finance, American Finance Association, vol. 75(4), pages 2095-2137, August.
    66. Nofsinger, John R. & Wang, Weicheng, 2011. "Determinants of start-up firm external financing worldwide," Journal of Banking & Finance, Elsevier, vol. 35(9), pages 2282-2294, September.
    67. Alicia M. Robb & David T. Robinson, 2014. "The Capital Structure Decisions of New Firms," The Review of Financial Studies, Society for Financial Studies, vol. 27(1), pages 153-179, January.
    68. 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.
    69. Ramana Nanda & Matthew Rhodes-Kropf, 2011. "Investment Cycles and Startup Innovation," Harvard Business School Working Papers 12-032, Harvard Business School, revised Dec 2012.
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    71. 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.
    72. 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.
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    74. Hirsch, Julia & Walz, Uwe, 2016. "The financing dynamics of newly founded firms," SAFE Working Paper Series 153, Leibniz Institute for Financial Research SAFE.
    75. 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).
    76. 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.
    77. 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.
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    See citations under working paper version above.
  8. Kaplan, Steven N. & Martel, Frederic & Stromberg, Per, 2007. "How do legal differences and experience affect financial contracts?," Journal of Financial Intermediation, Elsevier, vol. 16(3), pages 273-311, July.

    Cited by:

    1. Max Berre, 2022. "Cross-Border Venture Capital Valuation: Business-Cycle, Institutional Factors, and Distance," Post-Print hal-03834620, HAL.
    2. 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.
    3. 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.
    4. Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
    5. Inderst, Roman & Vladimirov, Vladimir, 2014. "Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information," CEPR Discussion Papers 9923, C.E.P.R. Discussion Papers.
    6. Inderst, Roman & Vladimirov, Vladimir, 2019. "Growth Firms and Relationship Finance: A Capital Structure Approach," CEPR Discussion Papers 13640, C.E.P.R. Discussion Papers.
    7. Carsten Bienz & Uwe Walz, 2010. "Venture Capital Exit Rights," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 19(4), pages 1071-1116, December.
    8. 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.
    9. Schertler, Andrea & Tykvová, Tereza, 2011. "Venture capital and internationalization," International Business Review, Elsevier, vol. 20(4), pages 423-439, August.
    10. 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.
    11. 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.
    12. 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).
    13. Marco Da Rin & Thomas F. Hellmann & Manju Puri, 2011. "A survey of venture capital research," NBER Working Papers 17523, National Bureau of Economic Research, Inc.
    14. Patrick Bolton & Antoine Faure-Grimaud, 2009. "Satisficing Contracts," NBER Working Papers 14654, National Bureau of Economic Research, Inc.
    15. Cumming, Douglas & Johan, Sofia Atiqah binti, 2008. "Preplanned exit strategies in venture capital," European Economic Review, Elsevier, vol. 52(7), pages 1209-1241, October.
    16. 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.
    17. Schertler, Andrea & Tykvová, Tereza, 2010. "What lures cross-border venture capital inflows?," ZEW Discussion Papers 10-001, ZEW - Leibniz Centre for European Economic Research.
    18. 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.
    19. 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.
    20. 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.
    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. 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.
    23. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Post-Print halshs-00606802, HAL.
    24. 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.
    25. 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.
    26. Christophe J. GODLEWSKI, 2019. "How legal and institutional environments shape the private debt renegotiation process?," Working Papers of LaRGE Research Center 2019-08, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    27. 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.
    28. Cao, Mengyi & Xia, Qing, 2021. "Trust and use of covenants," Research in International Business and Finance, Elsevier, vol. 57(C).
    29. Juliano J. Assunção & Efraim Benmelech & Fernando S. S. Silva, 2014. "Repossession and the Democratization of Credit," The Review of Financial Studies, Society for Financial Studies, vol. 27(9), pages 2661-2689.
    30. 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.
    31. Roman Inderst & Vladimir Vladimirov, 2019. "Growth Firms and Relationship Finance: A Capital Structure Perspective," Management Science, INFORMS, vol. 65(11), pages 5411-5426, November.
    32. 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.
    33. 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.
    34. Cao, Jerry X. & Cumming, Douglas & Qian, Meijun & Wang, Xiaoming, 2015. "Cross-border LBOs," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 69-80.
    35. 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.
    36. Julia Hirsch & Uwe Walz, 2013. "Why do contracts differ between venture capital types?," Small Business Economics, Springer, vol. 40(3), pages 511-525, April.
    37. Mike Wright, 2007. "Venture capital in China: A view from Europe," Asia Pacific Journal of Management, Springer, vol. 24(3), pages 269-281, September.
    38. 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.
    39. 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.
    40. 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.
    41. Miguel Meuleman & Mike Wright, 2011. "Cross-border private equity syndication : Institutional context and learning," Post-Print hal-02312594, HAL.
    42. 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.
    43. 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.
    44. 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.
    45. 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.
    46. 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.
    47. Rishabh, Kumar, 2021. "Bank as a Venture Capitalist," Working papers 2021/09, Faculty of Business and Economics - University of Basel.
    48. 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.
    49. 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.
    50. 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.
    51. 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.
    52. 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.
    53. 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.

  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. Andrew Metrick & Ayako Yasuda, 2010. "Venture Capital and Other Private Equity: A Survey," NBER Working Papers 16652, National Bureau of Economic Research, Inc.
    2. 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.
    3. Thomas Hellmann & Manju Puri, 2002. "Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence," Journal of Finance, American Finance Association, vol. 57(1), pages 169-197, February.
    4. Christopoulos, Dimitris & Köppl, Stefan & Köppl-Turyna, Monika, 2021. "Syndication networks and company survival: Evidence from European venture-capital deals," Research Papers 16, EcoAustria – Institute for Economic Research.
    5. Xiao Hu & Jiayi Wang & Banggang Wu & Taiyang Zhao, 2022. "Specialist or new entrant: Who is the ideal investor for a new venture?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 2055-2065, September.
    6. Dominique Demougin & Oliver Fabel, 2007. "Entrepreneurship and the Division of Ownership in New Ventures," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 16(1), pages 111-128, March.
    7. Fisch, Christian & Momtaz, Paul P., 2020. "Institutional investors and post-ICO performance: an empirical analysis of investor returns in initial coin offerings (ICOs)," Journal of Corporate Finance, Elsevier, vol. 64(C).
    8. Svensson, Roger, 2004. "Commercialization of Patents and External Financing during the R&D-Phase," Working Paper Series 624, Research Institute of Industrial Economics.
    9. Gustafsson, Anders & Stephan, Andreas & karlson, Nils & Hallman, Alice, 2016. "The "Sugar Rush" from Innovation Subsidies. A Robust Political Economy Perspective," Ratio Working Papers 270, The Ratio Institute.
    10. Ufuk Akcigit & Douglas Hanley & Stefanie Stantcheva, 2016. "Optimal Taxation and R&D Policies," Working Papers 2016-031, Human Capital and Economic Opportunity Working Group.
    11. Yuji Honjo & Sadao Nagaoka & Kenta Nakamura & Serguey Braguinsky, 2011. "Science-Based Business: Knowledge Capital or Entrepreneurial Ability? Theory and Evidence from a Survey of Biotechnology Start-ups," 2011 Meeting Papers 1270, Society for Economic Dynamics.
    12. Michael M. Moedl, 2021. "Two’s a company, three’s a crowd: Deal breaker terms in equity crowdfunding for prospective venture capital," Small Business Economics, Springer, vol. 57(2), pages 927-952, August.
    13. Steven N. Kaplan & Josh Lerner, 2010. "It Ain't Broke: The Past, Present, and Future of Venture Capital," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(2), pages 36-47, April.
    14. Julian Kaboth & Arnd Lodowicks & Maximilian Schreiter & Bernhard Schwetzler, 2023. "Same same but different: how preferential claims trigger valuation discounts in equity tranches of VC-backed firms," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 877-914, April.
    15. Roger Svensson, 2013. "Publicly-funded R&D programs and survival of patents," Applied Economics, Taylor & Francis Journals, vol. 45(10), pages 1343-1358, April.
    16. 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).
    17. Svensson, Roger, 2015. "Measuring Innovation Using Patent Data," Working Paper Series 1067, Research Institute of Industrial Economics.
    18. Norbäck, Pehr-Johan & Persson, Lars, 2004. "The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists, and Oligopolists," Working Paper Series 626, Research Institute of Industrial Economics.
    19. Paul Gompers & William Gornall & Steven N. Kaplan & Ilya A. Strebulaev, 2016. "How Do Venture Capitalists Make Decisions?," NBER Working Papers 22587, National Bureau of Economic Research, Inc.
    20. Azmat, Saad & Skully, Michael & Brown, Kym, 2015. "Can Islamic banking ever become Islamic?," Pacific-Basin Finance Journal, Elsevier, vol. 34(C), pages 253-272.
    21. Fabio Bertoni & Massimo G. Colombo & Annalisa Croce, 2010. "The Effect of Venture Capital Financing on the Sensitivity to Cash Flow of Firm's Investments," European Financial Management, European Financial Management Association, vol. 16(4), pages 528-551, September.
    22. Chaigneau, Pierre, 2010. "The optimal timing of executive compensation," LSE Research Online Documents on Economics 119081, London School of Economics and Political Science, LSE Library.
    23. 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.
    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. David Cimon, 2023. "Crowdfunding and Risk," Staff Working Papers 23-28, Bank of Canada.
    27. Leonel Arango Vásquez & Eduardo Alexander Duque Grisales & Germán Horacio Cardona Vélez, 2014. "La teoría de la agencia en la industria del capital riesgo: mecanismos de alineación de intereses," Escenarios: Empresas y Territorio, Institución Universitaria ESUMER, January.
    28. Hans B. Christensen & Valeri V. Nikolaev & Regina Wittenberg‐Moerman, 2016. "Accounting Information in Financial Contracting: The Incomplete Contract Theory Perspective," Journal of Accounting Research, Wiley Blackwell, vol. 54(2), pages 397-435, May.
    29. Zhang, Yeqing & Zhang, Xueyong, 2020. "Patent growth and the long-run performance of VC-backed IPOs," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 33-47.
    30. Warren Boeker & Robert Wiltbank, 2005. "New Venture Evolution and Managerial Capabilities," Organization Science, INFORMS, vol. 16(2), pages 123-133, April.
    31. Victor Esteban Jarosiewicz, 2019. "CEO Compensation after Harvester Director Departure," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 1-21, March.
    32. Lin, Nan & Liu, Chengyi & Chen, Sicen & Pan, Jianping & Zhang, Pengdong, 2022. "The monitoring role of venture capital on controllers' tunneling: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 82(C).
    33. Fabio Bertoni & Annalisa Croce & Massimiliano Guerini, 2015. "Venture Capital and the Investment Curve of Young High-Tech Companies," Post-Print hal-02313325, HAL.
    34. Simon Kleinert & Christine Volkmann & Marc Grünhagen, 2020. "Third-party signals in equity crowdfunding: the role of prior financing," Small Business Economics, Springer, vol. 54(1), pages 341-365, January.
    35. Svensson, Roger, 2006. "Innovation Performance and Government Financing," Working Paper Series 664, Research Institute of Industrial Economics, revised 30 Sep 2006.
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