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Real option financing under asymmetric information

Bouvard, Matthieu - ;

This study examines the financing of innovation in the presence of adverse selection in the capital market. An entrepreneur with private information needs outside funding for a project requiring costly experimentation. Equilibrium contracts use the duration of the experimentation period, together with pay-for-performance, to signal information to outside investors. As a result, investment is delayed, entrepreneurs with stronger growth options receive vested stock options, and entrepreneurs with a lower probability of success are compensated in case of failure. These predictions are in line with empirical evidence on venture capital contracts, and on the impact of internal financing on risk taking. .Printed Journal, baca ditempat


Ketersediaan

Call NumberLocationAvailable
TRFS2701PSB lt.dasar - Pascasarjana1
Penerbit: The Society of Financial Studies
Edisi-
SubjekInvestment banking
Venture capital
Rating agencies
Brokerage
ISBN/ISSN8939454
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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