Description
Venture Capital and Private Equity Contracting (2nd Ed.)
An International Perspective
Authors: Cumming Douglas J., Johan Sofia A.
Language: EnglishSubjects for Venture Capital and Private Equity Contracting:
Keywords
Acquisition; Adverse selection; Advice; Agency cost; Asset stripping; Bargaining power; Bilateral moral hazard; Board seats; Buyback; Capital structure; Cash flow and control rights; Contracts; Control rights; Corporate governance; Direct government investment programs; Duration; Econometrics; Empirical contracts; Empirical venture capital; Entrepreneurial finance; Entrepreneurship; Exit; Exits; Financial contract; Financial contracting; Financial contracts; Free riding; Fund size; Governance; Hold up; Home bias; IPO; Incentive contracts; Information asymmetry; Initial public offerings; Institutional investment; International financial reporting; International venture capital; Investment duration; Law and finance; Lemon; Limited attention; Liquidation; Listed private equity; Managerial compensation; Monitoring; Moral hazard; Multitask moral hazard; Nut; Pension funds; Preplanned exit; Private equity; Private equity and portfolio diversification; Private equity valuation; Public policy; Regulation; Returns to scale; Risk; Risk shifting; Secondary sale; Securities regulation; Security design; Socially responsible investment; Staging; Statistics; Style drift; Syndication; Taxation; Trilateral bargaining; Underinvestment; Venture capital; Venture capital contracts; Venture capital exit; Venture capital portfolio; Veto rights; Window dressing; Write-off; Write-offs
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Add to cart the book of Cumming Douglas J., Johan Sofia A.780 p. · 15x22.8 cm · Hardback
Description
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Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2e offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world.
In the 2e, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. With seven new or completely revised chapters covering a range of topics from Fund Size and Diseconomies of Scale to Fundraising and Regulation, this new edition will be essential for financial and legal students and researchers considering international venture capital and private equity.
Part I. Introduction1. Introduction and Overview2. Agency Costs and Forms of Finance 3. Overview of Institutional Contexts and Empirical Methods
Part II. Fund Structure and Governance4. Fundraising 5. Limited Partnership Agreements6. Compensation Contracts 7. Specialized Investment Mandates8. Style Drift9. The Role of Government and Alternative Policy Options
Part III. Financial Contracting between Funds and Entrepreneurs10. The Investment Process11. Security Design12. Preplanned Exits and Contract Design13. Legal Conditions and Venture Capital Governance
Part IV. Investor Effort14. Investor value-added15. Contracts and effort16. Local Bias17. Portfolio Size18. Fund Size
Part V. Divestment19. The Divestment Process20. Investment Duration21. Contracts and Exits22. Returns, Valuation and Disclosure
Part VI. Conclusion and Appendices23. Summary and Concluding Remarks
Online AppendicesAppendix 1: Sample Limited Partnership Fund AgreementAppendix 2: Sample Term SheetAppendix 3: Sample Shareholder AgreementAppendix 4: Sample Subscription Agreement
Undergraduates and graduate students of economics, law and business interested in studying financial and legal aspects of venture capital and private equity
Sofia Johan, LL.B (Liverpool), LL.M. in International Economic Law (Warwick), Ph.D. in Law and Economics (Tilburg), is an Assistant Professor of Finance and Fellow, Phil Smith Center for Free Enterprise, at the College of Business, Florida Atlantic University. She is also the AFM Senior Research Fellow at the Tilburg Law and Economics Centre (TILEC) in The Netherla
- An analysis of the structure and governance features of venture capital contracts
- In-depth study of contracts between different types of venture capital funds and entrepreneurial firms
- Presents international datasets from over 40 countries around the world
- Additional references on a companion website
- Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements