--- _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' ...