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Journal Article
Financing rural innovation with community development venture capital: models, options and obstacles
Growing local companies is essential to the economic prosperity for many rural regions and residents. Rural economies, however, rarely attract traditional venture capital. Given the important role that patient capital plays in entrepreneurial development, the future economic vitality of rural communities rests, at least in part, on their ability to access such capital. Community development venture capital (CDVC) is a particularly adept model for overcoming the structural obstacles that rural geographies present for venture capital investors. Rubin explores some of the obstacles this model ...
Journal Article
Private equity industry: Southwest firms draw on regional expertise
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 ...
Journal Article
The emergence of the venture capital industry
Journal Article
Venturing into rural America
Journal Article
Public venture, public gain?
Journal Article
Community development finance: challenges, choices, change
Working Paper
Optimal financial contracts for large investors: the role of lender liability
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: ...
Journal Article
Venture capital in the Philadelphia metro area
Many consider venture capital to be a barometer of innovation and economic growth. It is an important source of capital for startups that banks deem too risky to finance. Therefore, it would be useful to examine how the venture capital industry has fared during the recent recession. This report focuses on the Philadelphia metro area and how it compares with the nation. In particular, it highlights the fact that the area increased its share of the nation?s biotechnology deals during the recession.
Journal Article
Going public