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Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts
Abstract
We compare the characteristics of real-world financial contracts to their counterparts in financial contracting theory. We do so by studying the actual contracts between venture capitalists (VCs) and entrepreneurs. The distinguishing characteristic of VC financings is that they allow VCs to separately allocate cash flow rights, board rights, voting rights, liquidation rights, and other control rights. We describe and measure these rights. We then interpret our results in relation to existing financial contracting theories. We also describe the interrelation and the evolution across financing rounds of the different rights.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
The Provision of Incentives in Firms
Prendergast, C. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.1.7 · Cited by 3,338
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Chod, J., Trichakis, N., & Yang, S. A. (2022) · Management Science · doi:10.1287/mnsc.2021.4225 · Cited by 134
Habitual entrepreneurs: possible cases of entrepreneurship addiction?
Spivack, A. J., McKelvie, A., & Haynie, J. M. (2014) · Journal of Business Venturing · doi:10.1016/j.jbusvent.2013.11.002 · Cited by 124
Ghio, N., Guerini, M., & Rossi-Lamastra, C. (2019) · Small Business Economics · doi:10.1007/s11187-017-9958-3 · Cited by 82
Metadata
- Authors
- Kaplan, S. N., & Stromberg, P.
- Venue
- Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2003-04
- Volume
- 70
- Issue
- 2
- Pages
- 281-315
- ISSN
- 0034-6527 (ISSN-L)
- 1467-937X
- OpenAlex
- W2913527708
- Cited by
- 1,533
- References
- 2
- FWCI
- 195.20
- Type
- journal article
- Language
- en
- Open access
- closed
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- Kaplan, S. N., & Stromberg, P. (2003). Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts. Review of Economic Studies. https://doi.org/10.1111/1467-937x.00245
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