---
_id: '5195'
abstract:
- lang: eng
text: 'This article analyses 336 German venture capital transactions from 1990 to
2005 and seeks to determine why selected financial securities differ across deals.
We find that a broad array of financial instruments is used, covering straight
equity, mezzanine and debt‐like securities. Based on the chosen financial securities’
upside potential and downside protection characteristics, we provide an explanation
for the differing use of these securities. Our results show that investors’ deal
experience, adverse selection risks and economic prospects in the public equity
market influence the selection of financial securities. '
article_type: original
author:
- first_name: Thomas
full_name: Hartmann-Wendels, Thomas
last_name: Hartmann-Wendels
- first_name: Georg
full_name: Keienburg, Georg
last_name: Keienburg
- first_name: Sönke
full_name: Sievers, Sönke
id: '46447'
last_name: Sievers
citation:
ama: 'Hartmann-Wendels T, Keienburg G, Sievers S. Adverse selection, investor experience
and security choice in venture capital finance: evidence from Germany. European
Financial Management (VHB-JOURQUAL 3 Ranking B). 2011;17(3):464-499. doi:10.1111/j.1468-036X.2010.00568.x'
apa: 'Hartmann-Wendels, T., Keienburg, G., & Sievers, S. (2011). Adverse selection,
investor experience and security choice in venture capital finance: evidence from
Germany. European Financial Management (VHB-JOURQUAL 3 Ranking B), 17(3),
464–499. https://doi.org/10.1111/j.1468-036X.2010.00568.x'
bibtex: '@article{Hartmann-Wendels_Keienburg_Sievers_2011, title={Adverse selection,
investor experience and security choice in venture capital finance: evidence from
Germany}, volume={17}, DOI={10.1111/j.1468-036X.2010.00568.x},
number={3}, journal={European Financial Management (VHB-JOURQUAL 3 Ranking B)},
publisher={Wiley Online Library}, author={Hartmann-Wendels, Thomas and Keienburg,
Georg and Sievers, Sönke}, year={2011}, pages={464–499} }'
chicago: 'Hartmann-Wendels, Thomas, Georg Keienburg, and Sönke Sievers. “Adverse
Selection, Investor Experience and Security Choice in Venture Capital Finance:
Evidence from Germany.” European Financial Management (VHB-JOURQUAL 3 Ranking
B) 17, no. 3 (2011): 464–99. https://doi.org/10.1111/j.1468-036X.2010.00568.x.'
ieee: 'T. Hartmann-Wendels, G. Keienburg, and S. Sievers, “Adverse selection, investor
experience and security choice in venture capital finance: evidence from Germany,”
European Financial Management (VHB-JOURQUAL 3 Ranking B), vol. 17, no.
3, pp. 464–499, 2011.'
mla: 'Hartmann-Wendels, Thomas, et al. “Adverse Selection, Investor Experience and
Security Choice in Venture Capital Finance: Evidence from Germany.” European
Financial Management (VHB-JOURQUAL 3 Ranking B), vol. 17, no. 3, Wiley Online
Library, 2011, pp. 464–99, doi:10.1111/j.1468-036X.2010.00568.x.'
short: T. Hartmann-Wendels, G. Keienburg, S. Sievers, European Financial Management
(VHB-JOURQUAL 3 Ranking B) 17 (2011) 464–499.
date_created: 2018-10-31T11:39:27Z
date_updated: 2022-01-06T07:01:43Z
department:
- _id: '275'
doi: 10.1111/j.1468-036X.2010.00568.x
extern: '1'
intvolume: ' 17'
issue: '3'
jel:
- G24
- G32
keyword:
- venture capital
- capital structure
- contract theory
- deal experience
language:
- iso: eng
main_file_link:
- url: https://onlinelibrary.wiley.com/doi/full/10.1111/j.1468-036X.2010.00568.x
page: 464-499
publication: European Financial Management (VHB-JOURQUAL 3 Ranking B)
publication_status: published
publisher: Wiley Online Library
quality_controlled: '1'
status: public
title: 'Adverse selection, investor experience and security choice in venture capital
finance: evidence from Germany'
type: journal_article
user_id: '46447'
volume: 17
year: '2011'
...