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Journal Article
The emergence of the venture capital industry
Henderson, Yolanda K. (1989-07)
New England Economic Review , Issue Jul , Pages 64-79

Conference Paper
Biotechnology and government funding: economic motivation and policy models
Lawlor, Michael S. (2003-09)
Proceedings , Issue Sep , Pages 131-146

Conference Paper
Financing biotechnology research: a firsthand perspective
Howe, Timothy F. (2003-09)
Proceedings , Issue Sep , Pages 119-130

Journal Article
Preface--Venture capital and technology: What's next?
Wheatley, Anna C. (2002-10)
During the 1990s venture capitalists transformed entrepreneurs into corporate entities, and these companies in turn have funded increased productivity that has helped to accelerate U.S. economic growth. This success has spawned an interest in tracking information about the industry. These new resources provide an important perspective for understanding how venture capital works.
Economic Review , Volume 87 , Issue Q4 , Pages v-vi

Journal Article
Boom and bust in the venture capital industry and the impact on innovation
Lerner, Joshua (2002-10)
After more than two decades of dramatic growth in the venture capital industry, the recent sharp decline in venture capital activity has raised concerns about the implications for technological innovation. This article argues that venture capital may have a powerful impact on innovation, but this effect is far from uniform. ; The author uses a supply and demand framework to consider the cyclical nature of the venture industry and explore why shifts in opportunities often do not rapidly translate into increased fund-raising. The discussion shows how the structure of venture funds and the ...
Economic Review , Volume 87 , Issue Q4 , Pages 25-39

Journal Article
California IPO wealth effects: what's left?
Furlong, Frederick T.; Mattey, Joe P. (2000)
FRBSF Economic Letter

Working Paper
Optimal financial contracts for large investors: the role of lender liability
Mester, Loretta J.; Berlin, Mitchell (2000)
This paper explores the optimal financial contract for a large investor with potential control over a firm's investment decisions. The authors show that an optimally designed menu of claims for a large investor will include features resembling a U.S. version of lender liability doctrine, equitable subordination. This doctrine permits a firm's claimants to seek to subordinate a controlling investor's financial claim in bankruptcy court, but only under well-specified conditions. Specifically, the authors show that this doctrine allows a firm to strike an efficient balance between two concerns: ...
Working Papers , Paper 00-1

Journal Article
Private equity industry: Southwest firms draw on regional expertise
Robinson, Kenneth J.; Musatov, Alex (2011-10)
Neiman Marcus, Harrah?s, Petco, J. Crew?these well-known names are among the holdings of companies owned or co-owned by private equity (PE) firms in the Federal Reserve?s Eleventh District. The region is home to more than 175 PE firms, including the world?s third-largest, Fort Worth-based TPG Capital.[1] Together, these entities have raised more than $109 billion over the past 10 years and sit on $31 billion pending investment. ; While the PE business model goes back to the times of early seafaring enterprises funded by limited private partners, its modern U.S. iteration dates back to the ...
Southwest Economy , Issue Q4 , Pages 10-13

Journal Article
How are small firms financed? Evidence from small business investment companies
Jackson, William E.; Worthington, Paula R.; Brewer, Elijah; Genay, Hesna (1996-11)
This article examines the investment decisions of small business investment companies (SBICs). The results indicate that potential costs of contracting among SBICs, small firms, and others may have significant effects on how small firms are funded. For instance, projects generating tangible assets and firms operating in industries with few growth opportunities are more likely to be financed with debt than nondebt.
Economic Perspectives , Volume 20 , Issue Nov , Pages 2-18

Report
Vesting and control in venture capital contracts
Skeie, David R. (2007)
Vesting of equity payments to an entrepreneur, which is a form of time-contingent compensation, is very common in venture capital contracts. Empirical research suggests that vesting is used to help overcome asymmetric information and agency problems. We show in a theoretical model that vesting equity to an entrepreneur over a long period of time acts as a screening device against a bad entrepreneur type. But incomplete contracts due to hold-up by the venture capitalist imply that equity compensation, in the form of either short-term or long-term vesting, cannot provide standard contractible ...
Staff Reports , Paper 297

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