Convertible securities and optimal exit decisions in venture capital finance

By A. Bascha, U. Walz. 2001

222 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/67c31a3e878ae7cf542a842c93b5beaa9583cafc

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

Contracts and Exits in Venture Capital Finance (2008, unknown): “The VC funds are based in Austria (1 fund), Belgium (1), Czech Republic (1), Denmark (1), France (1), Germany (4), Italy (2), Poland (1), Switzerland (1) and The Netherlands (4).”
An Empirical Analysis of Venture Capital Exits in Europe and in the United States (2005, unknown): “Without monitoring, by distorting the E will choose to maximize E(U) = p(e) [α (V (e)−Ω) + (e+ ω) b] +B − 1 2 e(2) (3)”
IPOs, trade sales and liquidations: Modelling venture capital exits using survival analysis (2007, unknown): “Several studies have therefore concluded that an IPO tends to be the most preferred exit route for venture capitalists (Lerner, 1994, Bascha and Walz, 2001, Cumming and MacIntosh, 2001, Darby and Zucker, 2002, and Schwienbacher, 2002).”
Preplanned Exit Strategies in Venture Capital (2008, unknown): “1, these results provide a unique test and of theories linking exit to contract formation (Aghion and Bolton, 1992; Berglöf, 1994; Black and Gilson, 1998; Bascha and Walz, 2001; Neus and Walz, 2005; Hellmann, 2006).”
Innovation And Venture Capital Exits (2004, unknown): “Bascha and Walz (2001) extend this analysis to the venture capital context.”
Information asymmetries, agency costs and venture capital exit outcomes (2008, unknown): “As such, convertible securities could be associated with lower moral hazard problems, higher valuations, and a greater probability of an IPO (Bascha and Walz, 2001; Bayar and Chemmanur, 2007).”
Regulatory Harmonization and the Development of Private Equity Markets (2006, background): “(2005), Lerner and Schoar (2005), Black and Gilson (1998), Gilson (2003), Bascha and Walz (2001b), Bigus (2004), Gilson and Schizer (2003), Lockett et al. (2002), Manigart et al.”
Liquidity Risk and Venture Capital Finance (2005, unknown): “Black and Gilson (1998) discuss the relation between exit market liquidity, VC contracting, and the development of VC markets.”
Small and Medium-Sized Enterprises Financing: A Review of Literature (2013, background): “Bascha and Walz (2001) asserted that unlike traditional debt and/or equity instruments, convertible securities have the ability to mitigate the agency problem effects by leaving the owner–manager with some control during the investment period.”
Financing technology-based small firms in Europe: what do we know? (2012, background): “This “regional” use of national funding has succeeded, as it has allowed to construct markets where none existed (Bascha and Walz 2001, Lehrer and Asakawa 2004).”
Venture Capital Performance: the Disparity Between Europe and the United States (2009, background): “…involvement of VCs. Schwienbacher (2004) analyzes the determinants of VC exit decisions in a comparison of US and European VC rms and nds signi cant di¤erences, for example on the use of convertibles and syndicate size, con rming and extending ndings of Bascha and Walz (2001) for Germany.”