Arbeitspapier
Screening and advising by a venture capitalist with a time constraint
This paper proposes an intertemporal model of venture capital investment with screening and advising where the venture capitalist's time endowment is the scarce input factor. Screening improves the selection of firms receiving finance, advising allows firms to develop a marketable product, both have a variable intensity. In our setup, optimal linear contracts solves the moral hazard problem. Screening however asks for an entrepreneur wage and does not allow for upfront payments which would cause severe adverse selection. Project characteristics have implications for screening and advising intensity and the distribution of profits. Finally, we develop a formal version of the 'venture capital cycle' by extending the basic setup to a simple model of venture capital supply and demand.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper ; No. 2003/48
- Klassifikation
-
Wirtschaft
Asymmetric and Private Information; Mechanism Design
Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
Market Structure, Firm Strategy, and Market Performance: Other
- Thema
-
Venture capital
market structure
product development
Risikokapital
Unternehmensgründung
Lieferanten-Kunden-Beziehung
Agency Theory
Betriebliche Terminplanung
Unternehmensberatung
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dietz, Martin D.
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2003
- Handle
- URN
-
urn:nbn:de:hebis:30-10528
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Dietz, Martin D.
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2003
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