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- catalog abstract "This paper examines covenants in 140 partnership agreements establishing venture capital funds that were executed between 1978 and 1992. Despite the similar objectives and structures of these funds and the relatively limited number of contracting parties, the agreements are quite heterogenous in their inclusion of covenants. We examine two hypotheses that suggest when convenants will be included or omitted. First, covenant use may be determined by the extent of agency problems: because covenants are costly to negotiate and monitor, they will only be employed when these problems are severe. Alternatively, covenant use may reflect the venture capitalists' market power. Market power may shift if the demand for venture capital services changes while the supply of these services remains fixed in the short run. The evidence is consistent with both hypotheses. This is in contrast to previous results which have either focused exclusively on costly contracting or provided only weak support for market power.".
- catalog contributor b8781261.
- catalog contributor b8781262.
- catalog created "1995.".
- catalog date "1995".
- catalog date "1995.".
- catalog dateCopyrighted "1995.".
- catalog description "Includes bibliographical references (p. 37-38).".
- catalog description "This paper examines covenants in 140 partnership agreements establishing venture capital funds that were executed between 1978 and 1992. Despite the similar objectives and structures of these funds and the relatively limited number of contracting parties, the agreements are quite heterogenous in their inclusion of covenants. We examine two hypotheses that suggest when convenants will be included or omitted. First, covenant use may be determined by the extent of agency problems: because covenants are costly to negotiate and monitor, they will only be employed when these problems are severe. Alternatively, covenant use may reflect the venture capitalists' market power. Market power may shift if the demand for venture capital services changes while the supply of these services remains fixed in the short run. The evidence is consistent with both hypotheses. This is in contrast to previous results which have either focused exclusively on costly contracting or provided only weak support for market power.".
- catalog extent "38, [12] p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; HBS 95-047.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 95-047".
- catalog issued "1995".
- catalog issued "1995.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "The use of covenants : an empirical analysis of venture partnership agreements / Paul Gompers and Josh Lerner.".
- catalog type "text".