Logo
EnglishCookie löschen - von nun an wird die Spracheinstellung Ihres Browsers verwendet.
Gebhardt, Georg; Schmidt, Klaus M. (Februar 2006): Conditional Allocation of Control Rights in Venture Capital Finance. SFB/TR 15 Discussion Paper No. 102
WarnungEs gibt eine neuere Version des Dokumentes.
[img]
Vorschau

PDF

268kB

Abstract

When a young entrepreneurial firm matures, it is often necessary to replace the founding entrepreneur by a professional manager. This replacement decision can be affected by the private benefits of control enjoyed by the entrepreneur which gives rise to a conflict of interest between the entrepreneur and the venture capitalist. We show that a combination of convertible securities and contingent control rights can be used to resolve this conflict efficiently. This contractual arrangement is frequently observed in venture capital finance.

Alle Versionen dieses Dokumentes