Staged financing: An agency perspective

Staged financing: An agency perspective

This paper investigates the structure of outside investment in a profitable entrepreneurial venture. Though efficient, financing the venture up front may be infeasible because the entrepreneur cannot commit to not renegotiate down the outside investor's claim once she's sunk her investment...

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Veröffentlicht in:The Review of economic studies 1999-04, Vol.66 (227), p.255-274
1. Verfasser: Neher, Darwin V
Format: Artikel
Sprache:eng
Schlagworte:
Capital
Capital markets
Collateral
Enterprises
Entrepreneurs
Entrepreneurship
Finance
Financial planning
Human capital
Investment
Investments
Investors
Liquidity
Profit
Time
Venture capital
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Beschreibung
Zusammenfassung:This paper investigates the structure of outside investment in a profitable entrepreneurial venture. Though efficient, financing the venture up front may be infeasible because the entrepreneur cannot commit to not renegotiate down the outside investor's claim once she's sunk her investment.
ISSN:0034-6527
1467-937X