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Why do venture capital firms exist? Theory and Canadian evidence

Author: Zott, Christoph ; Amit, Raphael ; Brander, JamesINSEAD Area: Entrepreneurship and Family EnterpriseIn: Journal of Business Venturing, vol. 13, 1998 Language: EnglishDescription: p. 441-466.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: This paper investigates the role of venture capitalists. We view their "raison d'être" as their ability to reduce the cost of informational asymmetries. Our theoretical framework focuses on two major forms of asymmetric information: "hidden information" (leading to adverse selection) and "hiddenaction" (leading to moral hazard)
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This paper investigates the role of venture capitalists. We view their "raison d'être" as their ability to reduce the cost of informational asymmetries. Our theoretical framework focuses on two major forms of asymmetric information: "hidden information" (leading to adverse selection) and "hiddenaction" (leading to moral hazard)

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