---
_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. <i>European
    Financial Management (VHB-JOURQUAL 4 Ranking B)</i>. 2011;17(3):464-499. doi:<a
    href="https://doi.org/10.1111/j.1468-036X.2010.00568.x">10.1111/j.1468-036X.2010.00568.x</a>'
  apa: 'Hartmann-Wendels, T., Keienburg, G., &#38; Sievers, S. (2011). Adverse selection,
    investor experience and security choice in venture capital finance: evidence from
    Germany. <i>European Financial Management (VHB-JOURQUAL 4 Ranking B)</i>, <i>17</i>(3),
    464–499. <a href="https://doi.org/10.1111/j.1468-036X.2010.00568.x">https://doi.org/10.1111/j.1468-036X.2010.00568.x</a>'
  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={<a href="https://doi.org/10.1111/j.1468-036X.2010.00568.x">10.1111/j.1468-036X.2010.00568.x</a>},
    number={3}, journal={European Financial Management (VHB-JOURQUAL 4 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.” <i>European Financial Management (VHB-JOURQUAL 4 Ranking
    B)</i> 17, no. 3 (2011): 464–99. <a href="https://doi.org/10.1111/j.1468-036X.2010.00568.x">https://doi.org/10.1111/j.1468-036X.2010.00568.x</a>.'
  ieee: 'T. Hartmann-Wendels, G. Keienburg, and S. Sievers, “Adverse selection, investor
    experience and security choice in venture capital finance: evidence from Germany,”
    <i>European Financial Management (VHB-JOURQUAL 4 Ranking B)</i>, vol. 17, no.
    3, pp. 464–499, 2011, doi: <a href="https://doi.org/10.1111/j.1468-036X.2010.00568.x">10.1111/j.1468-036X.2010.00568.x</a>.'
  mla: 'Hartmann-Wendels, Thomas, et al. “Adverse Selection, Investor Experience and
    Security Choice in Venture Capital Finance: Evidence from Germany.” <i>European
    Financial Management (VHB-JOURQUAL 4 Ranking B)</i>, vol. 17, no. 3, Wiley Online
    Library, 2011, pp. 464–99, doi:<a href="https://doi.org/10.1111/j.1468-036X.2010.00568.x">10.1111/j.1468-036X.2010.00568.x</a>.'
  short: T. Hartmann-Wendels, G. Keienburg, S. Sievers, European Financial Management
    (VHB-JOURQUAL 4 Ranking B) 17 (2011) 464–499.
date_created: 2018-10-31T11:39:27Z
date_updated: 2026-04-09T08:01:03Z
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 4 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: '115848'
volume: 17
year: '2011'
...