Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/25406 
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dc.contributor.authorDietz, Martin D.en
dc.date.accessioned2006-07-31-
dc.date.accessioned2009-07-24T13:34:48Z-
dc.date.available2009-07-24T13:34:48Z-
dc.date.issued2003-
dc.identifier.piurn:nbn:de:hebis:30-10528en
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
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2003/48en
dc.subject.jelD82en
dc.subject.jelG24en
dc.subject.jelL19en
dc.subject.ddc330en
dc.subject.keywordVenture capitalen
dc.subject.keywordmarket structureen
dc.subject.keywordproduct developmenten
dc.subject.stwRisikokapitalen
dc.subject.stwUnternehmensgründungen
dc.subject.stwLieferanten-Kunden-Beziehungen
dc.subject.stwAgency Theoryen
dc.subject.stwBetriebliche Terminplanungen
dc.subject.stwUnternehmensberatungen
dc.subject.stwTheorieen
dc.titleScreening and advising by a venture capitalist with a time constraint-
dc.typeWorking Paperen
dc.identifier.ppn383914361en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200348en

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