| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2305 |
| DP2305 Geographical Disadvantage: A Heckscher-Ohlin-Von Thunen model of International Specialization | |
| Anthony Venables; Nuno Limão | |
| 发表日期 | 1999-12-17 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double moral hazard problem between the entrepreneur and the venture capitalist. It is shown that an optimally designed convertible security outperforms any mixture of debt and equity and that it can induce both parties to invest efficiently. The result is robust to renegotiation and to changes in the timing of investments and information flows. |
| 主题 | Industrial Organization |
| 关键词 | Convertible securities Corporate finance Double moral hazard problem Incomplete contracts Venture capital |
| URL | https://cepr.org/publications/dp2305 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531396 |
| 推荐引用方式 GB/T 7714 | Anthony Venables,Nuno Limão. DP2305 Geographical Disadvantage: A Heckscher-Ohlin-Von Thunen model of International Specialization. 1999. |
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