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|a Adverse selection, Investor Experience and Security Choice in Venture Capital Finance
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|a This article analyzes 336 German venture capital transactions between 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used covering straight equity, mezzanine and debt like securities. Based on the chosen financial securities' upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors' deal experience, adverse selection risks, and economic prospects in the public equity market influence the selection of financial securities
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Hartmann-Wendels, Thomas |
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Keienburg, Georg, Sievers, Soenke |
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This article analyzes 336 German venture capital transactions between 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used covering straight equity, mezzanine and debt like securities. Based on the chosen financial securities' upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors' deal experience, adverse selection risks, and economic prospects in the public equity market influence the selection of financial securities |
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Hartmann-Wendels, Thomas aut, Adverse selection, Investor Experience and Security Choice in Venture Capital Finance Evidence from Germany, [S.l.] SSRN [2010], 1 Online-Ressource (47 p), Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 29, 2010 erstellt, Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 unrestricted online access, This article analyzes 336 German venture capital transactions between 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used covering straight equity, mezzanine and debt like securities. Based on the chosen financial securities' upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors' deal experience, adverse selection risks, and economic prospects in the public equity market influence the selection of financial securities, Keienburg, Georg oth, Sievers, Soenke oth, https://ssrn.com/abstract=1282241 X:ELVSSRN Verlag kostenfrei, https://doi.org/10.2139/ssrn.1282241 X:ELVSSRN Resolving-System kostenfrei, https://doi.org/10.2139/ssrn.1282241 LFER, https://ssrn.com/abstract=1282241 LFER, LFER 2022-01-17T19:06:32Z |
spellingShingle |
Hartmann-Wendels, Thomas, Adverse selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany, This article analyzes 336 German venture capital transactions between 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used covering straight equity, mezzanine and debt like securities. Based on the chosen financial securities' upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors' deal experience, adverse selection risks, and economic prospects in the public equity market influence the selection of financial securities |
title |
Adverse selection, Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany |
title_auth |
Adverse selection, Investor Experience and Security Choice in Venture Capital Finance Evidence from Germany |
title_full |
Adverse selection, Investor Experience and Security Choice in Venture Capital Finance Evidence from Germany |
title_fullStr |
Adverse selection, Investor Experience and Security Choice in Venture Capital Finance Evidence from Germany |
title_full_unstemmed |
Adverse selection, Investor Experience and Security Choice in Venture Capital Finance Evidence from Germany |
title_short |
Adverse selection, Investor Experience and Security Choice in Venture Capital Finance |
title_sort |
adverse selection investor experience and security choice in venture capital finance evidence from germany |
title_sub |
Evidence from Germany |
url |
https://ssrn.com/abstract=1282241, https://doi.org/10.2139/ssrn.1282241 |