Bargaining with Venture Capitalists when Bank Financing is an Endogenous Option
Renucci, Antoine (2011), Bargaining with Venture Capitalists when Bank Financing is an Endogenous Option, 2011 Annual Meeting of the Midwest Finance Association, 2011-03, Chicago, Etats-Unis
TypeCommunication / Conférence
Conference title2011 Annual Meeting of the Midwest Finance Association
MetadataShow full item record
Abstract (EN)In this theoretical paper, I examine bargaining over the financial terms of a contract between an entrepreneur willing to realize a project and a supportive financier such as a venture capitalist. I study the impact of the endogenous opportunity to resort to non-supportive financiers such as banks as an alternative to the supportive financier on the outcome of the negotiation. I show that the entrepreneur's personal wealth, even when it is not dedicated to the project, is crucial in determining the outcome of the negotiation.
Subjects / KeywordsSupporting Financing; Non-Supporting Financing; Competition; Bank; Venture Capital
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