Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity

By Josh Lerner, Antoinette Schoar. 2005

523 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/14160d4bb60fcad5630b7bcfed0c0aeb20b08c50

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Citations in the corpus

Public Policy and the Creation of Active Venture Capital Markets (2006, background): “[61] Lerner, Josh, and Antoinette Schoar (2005) ’Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity,’ in Quarterly Journal of Economics, 120 (1), 223—46.”
Debt Enforcement around the World (2008, unknown): “Recent research shows that ﬁnancial contracts indeed adjust to the legal environment but also that judges in poor countries often fail to enforce them (Lerner and Schoar 2005; Gennaioli and Rossi 2007; Qian and Strahan 2007).”
Giants at the Gate: Investment Returns and Diseconomies of Scale in Private Equity (2015, unknown): “The low returns of these deals may be the result of a combination of such factors as costly learning, lower leverage, poorer legal environments, and limited exit routes (Lerner and Schoar (2005)).13 Panel D of Table 2 shows statistics by year of investment inception.”
Institutions and the internationalization of US venture capital firms (2010, unknown): “Thus the transfer of the contractual arrangements to other countries may prove problematic (Bottazzi, Da Rin, & Hellmann, 2008; Kaplan, Martel, & Stromberg, 2007; Lerner & Schoar, 2005).”
How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans (2007, unknown): “Outside of lending, Kaplan, Martel, and Stromberg (2006) and Lerner and Schoar (2005) examine private equity contracts in developed and developing countries.”
Regulatory Harmonization and the Development of Private Equity Markets (2006, background): “…the law in influencing venture capital and private equity investment (e.g., Bigus, 2006; Hege et al., 2003; Kanniainen and Keuschnigg, 2004; Keuschnigg, 2003, 2004; Keuschnigg and Nielsen, 2001, 2003a,b, 2004; Mayer et al., 2005; Schwienbacher, 2002; Lerner and Schoar, 2005; Cumming et al., 2006).”
Financial Contracting: A Survey of Empirical Research and Future Directions (2009, background): “Lerner and Schoar (2005) also find that transactions in higher enforcement countries have higher valuations and returns.”
Collateral spread and financial development (2010, background): “While recent work by Qian and Strahan (2007) and Lerner and Schoar (2005) shows that nancial development lowers the interest and contracting costs of nancing respectively, not much is known about the impact of nancial development on the collateral cost of capital.”
Institutions and Venture Capital (2013, background): “Mann and Sager (2007) found for a sample of software startup firms that patenting activities positively correlate with firm performance, as measured by total investment and number of rounds of investments by venture capital firms, the exit status, and how much late stage financing is obtained.(12) T”