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dc.contributor.authorDietz, Martin D.en_US
dc.date.accessioned2006-07-31en_US
dc.date.accessioned2009-07-24T13:34:48Z-
dc.date.available2009-07-24T13:34:48Z-
dc.date.issued2003en_US
dc.identifier.piurn:nbn:de:hebis:30-10528-
dc.identifier.urihttp://hdl.handle.net/10419/25406-
dc.description.abstractThis paper proposes an intertemporal model of venture capital investment with screening and advising where the venture capitalist’s time endowment is the scarce input factor. Screening improves the selection of firms receiving finance, advising allows firms to develop a marketable product, both have a variable intensity. In our setup, optimal linear contracts solves the moral hazard problem. Screening however asks for an entrepreneur wage and does not allow for upfront payments which would cause severe adverse selection. Project characteristics have implications for screening and advising intensity and the distribution of profits. Finally, we develop a formal version of the ”venture capital cycle” by extending the basic setup to a simple model of venture capital supply and demand.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2003/48en_US
dc.subject.jelD82en_US
dc.subject.jelG24en_US
dc.subject.jelL19en_US
dc.subject.ddc330en_US
dc.subject.keywordVenture capitalen_US
dc.subject.keywordmarket structureen_US
dc.subject.keywordproduct developmenten_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwUnternehmensgründungen_US
dc.subject.stwLieferanten-Kunden-Beziehungen_US
dc.subject.stwAgency Theoryen_US
dc.subject.stwBetriebliche Terminplanungen_US
dc.subject.stwUnternehmensberatungen_US
dc.subject.stwTheorieen_US
dc.titleScreening and advising by a venture capitalist with a time constrainten_US
dc.typeWorking Paperen_US
dc.identifier.ppn383914361en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200348-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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