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Convertibles and milestones in staged financing

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  • Lanfang Wang
  • Susheng Wang

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  • Lanfang Wang & Susheng Wang, 2009. "Convertibles and milestones in staged financing," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 33(2), pages 189-221, April.
    • Handle: RePEc:spr:jecfin:v:33:y:2009:i:2:p:189-221
    DOI: 10.1007/s12197-008-9057-z
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    References listed on IDEAS

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    2. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
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    11. Mayers, David, 1998. "Why firms issue convertible bonds: the matching of financial and real investment options," Journal of Financial Economics, Elsevier, vol. 47(1), pages 83-102, January.
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    13. Rajan, Raghuram G & Zingales, Luigi, 1995. "What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-1460, December.
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    15. Philippe Aghion & Stephen Bond & Alexander Klemm & Ioana Marinescu, 2004. "Technology and Financial Structure: Are Innovative Firms Different?," Journal of the European Economic Association, MIT Press, vol. 2(2-3), pages 277-288, 04/05.
    16. Nöldeke, Georg & Schmidt, Klaus M., 1995. "Option contracts and renegotiation," Munich Reprints in Economics 19329, University of Munich, Department of Economics.
    17. Edlin, Aaron S & Hermalin, Benjamin E, 2000. "Contract Renegotiation and Options in Agency Problems," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 16(2), pages 395-423, October.
    18. Georg Noldeke & Klaus M. Schmidt, 1995. "Option Contracts and Renegotiation: A Solution to the Hold-Up Problem," RAND Journal of Economics, The RAND Corporation, vol. 26(2), pages 163-179, Summer.
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    23. repec:bla:jfinan:v:43:y:1988:i:2:p:271-81 is not listed on IDEAS
    24. Philippe Aghion & Patrick Bolton, 1992. "An Incomplete Contracts Approach to Financial Contracting," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 59(3), pages 473-494.
    25. Lockett, Andy & Wright, Mike, 2001. "The syndication of venture capital investments," Omega, Elsevier, vol. 29(5), pages 375-390, October.
    26. Hellmann, Thomas, 2006. "IPOs, acquisitions, and the use of convertible securities in venture capital," Journal of Financial Economics, Elsevier, vol. 81(3), pages 649-679, September.
    27. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October.
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    30. Donald B. Hausch & Yeon-Koo Che, 1999. "Cooperative Investments and the Value of Contracting," American Economic Review, American Economic Association, vol. 89(1), pages 125-147, March.
    31. Francesca Cornelli & Oved Yosha, 2003. "Stage Financing and the Role of Convertible Securities," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 70(1), pages 1-32.
    32. Gompers, Paul A, 1995. "Optimal Investment, Monitoring, and the Staging of Venture Capital," Journal of Finance, American Finance Association, vol. 50(5), pages 1461-1489, December.
    33. David Mayers, 2000. "Convertible Bonds: Matching Financial And Real Options," Journal of Applied Corporate Finance, Morgan Stanley, vol. 13(1), pages 8-21, March.
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    Citations

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    Cited by:

    1. Wang, Lanfang & Wang, Susheng, 2011. "Cross-border venture capital performance: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 71-97, January.

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    More about this item

    Keywords

    Convertibles; Staged Financing; Milestones; G32; G31;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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