How do legal differences and experience affect financial contracts?

被引：97

作者：

Kaplan, Steven N.

Martel, Frederic

Stromberg, Per

机构：

[1] Swedish Inst Financial Res, SE-11359 Stockholm, Sweden

[2] Univ Lausanne, CH-1015 Lausanne, Switzerland

[3] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

来源：

JOURNAL OF FINANCIAL INTERMEDIATION | 2007年 / 16卷 / 03期

关键词：

venture capital; financial contracting; law and finance; empirical corporate finance;

D O I：

10.1016/j.jfi.2007.03.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze venture capital (VC) investments in twenty-three non-US countries and compare them to US VC investments. We describe how the contracts allocate cash flow, board, liquidation, and other control rights. In univariate analyses, contracts differ across legal regimes. However, more experienced VCs implement US style contracts regardless of legal regime. In most specifications, legal regime becomes insignificant controlling for VC experience. VC firms that do not use US style contracts fail significantly more often, even controlling for VC experience. The results are consistent with US style contracts being efficient across a wide range of legal regimes. (c) 2007 Elsevier Inc. All rights reserved.

引用

页码：273 / 311

页数：39

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