Venture capital and private equity contracting : an international perspective

著者

    • Cumming, Douglas J.
    • Johan, Sofia A.

書誌事項

Venture capital and private equity contracting : an international perspective

Douglas J. Cumming, Sofia A. Johan

(Elsevier insights)

Elsevier, 2014

2nd ed

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注記

Bibliography: p. [729]-756

内容説明・目次

内容説明

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.

目次

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

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