The DOI matches its Crossref record; 78 of the 78 references it cites were found in a registry or an index.
Contracts and Exits in Venture Capital Finance
Open accessAbstract
Using a sample of European venture capital (VC) investments, I study the relation between VC contracts and exits. The data indicate that ex ante, stronger VC control rights increase the likelihood that an entrepreneurial firm will exit by an acquisition, rather than through a write-off or an IPO. My findings are robust to controls for a variety of factors, including endogeneity and cases in which the VC preplans the exit at the time of contract choice. My findings are consistent with control-based theories of financial contracting, such as Aghion and Bolton (1992).
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Sample Selection Bias as a Specification Error
Heckman, J. J. (1979) · Econometrica · doi:10.2307/1912352 · Cited by 28,779
A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
White, H. (1980) · Econometrica · doi:10.2307/1912934 · Cited by 25,861
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025
Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches
Petersen, M. A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn053 · Cited by 10,746
(1976) · Annals of Economic and Social Measurement · Cited by 5,035
The structure and governance of venture-capital organizations
Sahlman, W. A. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90065-8 · Cited by 2,609
Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence
Hellmann, T., & Puri, M. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00419 · Cited by 2,425
Venture Capitalist Certification in Initial Public Offerings
MEGGINSON, W. L., & WEISS, K. A. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb03770.x · Cited by 2,315
An Incomplete Contracts Approach to Financial Contracting
Aghion, P., & Bolton, P. (1992) · The Review of Economic Studies · doi:10.2307/2297860 · Cited by 2,128
Assessing the Contribution of Venture Capital to Innovation
Kortum, S., & Lerner, J. (2000) · The RAND Journal of Economics · doi:10.2307/2696354 · Cited by 2,094
Cited by
Drover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin, A., & Dushnitsky, G. (2017) · Journal of Management · doi:10.1177/0149206317690584 · Cited by 629
Private equity returns and disclosure around the world
Cumming, D., & Walz, U. (2010) · Journal of International Business Studies · doi:10.1057/jibs.2009.62 · Cited by 447
Self-citationPublic policy and the creation of active venture capital markets
Da Rin, M., Nicodano, G., & Sembenelli, A. (2006) · Journal of Public Economics · doi:10.1016/j.jpubeco.2005.09.013 · Cited by 403
Legality and venture capital exits
Cumming, D., Fleming, G., & Schwienbacher, A. (2006) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2004.12.004 · Cited by 309
Self-citationIPOs, trade sales and liquidations: Modelling venture capital exits using survival analysis
Giot, P., & Schwienbacher, A. (2007) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2006.06.010 · Cited by 300
Metadata
- Authors
- Cumming, D.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2008-08-28
- Volume
- 21
- Issue
- 5
- Pages
- 1947-1982
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3123318070
- Cited by
- 559
- References
- 78
- FWCI
- 100.92
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Contracts and Exits in Venture Capital Finance. https://app.cochat.ai/papers/10.1093/rfs/hhn072
- The paper
- Cumming, D. (2008). Contracts and Exits in Venture Capital Finance. Review of Financial Studies. https://doi.org/10.1093/rfs/hhn072
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
