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- W2549202251 abstract "This article studies to what extend the affiliation of the venture capital firms has an influence on the supply and the quality of the financing of holders of innovative projects. In particular, this research has for objective to understand the relative merits of the financing by independent venture capital firms or by firms affiliated to a banking network. This article develops a model in which an entrepreneur is looking for a source of financing. He may be financed from an independent venture capital firm or from a bankaffiliated VC fund. I suppose that in case of financing by an independent fund, the cost of effort is lower thanks to more effective support. On the other hand, financing by a bankaffiliated VC fund eliminates asymmetry of information for the later investments. In this context, I study the terms of the optimal contracts offered to the entrepreneur. The entrepreneur determines his choice on the two contracts by comparing the gains of a better support with an independent, with the gains created with an affiliated firm which never takes ineffective continuation decisions unlike the independent VC firm. The affiliated firms of venture capital enhance the effort of the entrepreneur by tending to liquidate more but at the same time their slightest expertise reduce it. The model allows to suggest certain number of empirical predictions. I extend this analysis to the international differences between industries of venture capital dominated by independent or affiliated firms." @default.
- W2549202251 created "2016-11-30" @default.
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- W2549202251 date "2008-01-01" @default.
- W2549202251 modified "2023-09-27" @default.
- W2549202251 title "Choice of financing by independent or bank- affiliated venture capital firm" @default.
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