The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
Optimal Investment, Monitoring, and the Staging of Venture Capital
Abstract
This paper examines the structure of staged venture capital investments when agency and monitoring costs exist. Expected agency costs increase as assets become less tangible, growth options increase, and asset specificity rises. Data from a random sample of 794 venture capital‐backed firms support the predictions. Venture capitalists concentrate investments in early stage and high technology companies where informational asymmetries are highest. Decreases in industry ratios of tangible assets to total assets, higher market‐to‐book ratios, and greater R&D intensities lead to more frequent monitoring. Venture capitalists periodically gather information and maintain the option to discontinue funding projects with little probability of going public.
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Cites
What Do We Know about Capital Structure? Some Evidence from International Data
RAJAN, R. G., & ZINGALES, L. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05184.x · Cited by 6,538
The Determinants of Capital Structure Choice
TITMAN, S., & WESSELS, R. (1988) · The Journal of Finance · doi:10.1111/j.1540-6261.1988.tb02585.x · Cited by 6,112
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
Some evidence on the uniqueness of bank loans
James, C. (1987) · Journal of Financial Economics · doi:10.1016/0304-405x(87)90003-1 · Cited by 1,610
What do venture capitalists do?
Gorman, M., & Sahlman, W. A. (1989) · Journal of Business Venturing · doi:10.1016/0883-9026(89)90014-1 · Cited by 1,371
Cited by
N. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690
“…assure optimal exercise of production options and efficient stopping (Sahlman 1988, 1990, Chan, Siegel, and Thakor 1990, Admati and Pfleiderer 1994, Gompers 1995, Bergemann and Hege 1998),'7 control and the choice of equity/debt instrument (Gompers 1993, Marx 1993, Comelli and Yosha 1997, Trester…”
Interorganizational Endorsements and the Performance of Entrepreneurial Ventures
Stuart, T. E., Hoang, H., & Hybels, R. C. (1999) · Administrative Science Quarterly · doi:10.2307/2666998 · Cited by 2,751
Grandstanding in the venture capital industry
Gompers, P. A. (1996) · Journal of Financial Economics · doi:10.1016/0304-405x(96)00874-4 · Cited by 1,347
Self-citationCrowdfunding: Geography, Social Networks, and the Timing of Investment Decisions
Agrawal, A., Catalini, C., & Goldfarb, A. (2015) · Journal of Economics & Management Strategy · doi:10.1111/jems.12093 · Cited by 1,019
Full Disclosure: The Perils and Promise of Transparency
Fung, A., Graham, M., & Weil, D. (2007) · doi:10.1017/cbo9780511510533 · Cited by 752
Metadata
- Authors
- GOMPERS, P. A.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1995-12
- Volume
- 50
- Issue
- 5
- Pages
- 1461-1489
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2031877412
- Cited by
- 2,053
- References
- 5
- FWCI
- 82.71
- Type
- journal article
- Language
- en
- Open access
- closed
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