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ID:39565426
大小:566.24 KB
页数:47页
时间:2019-07-06
《The New Exit in Venture Capital - January 2012 paper》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、1b.Ibrahim_PAGE(DoNotDelete)1/31/20123:23PMVANDERBILTLAWREVIEW_________________________________________________________________VOLUME65JANUARY2012NUMBER1_________________________________________________________________TheNewExitinVentureCapitalDarianM.IbrahimINTRODU
2、CTION.................................................................................2I.THEECONOMICPROBLEMOFLOCK-ININVENTURECAPITAL................................................................................6A.LockinginCapitalorInvestors?........................
3、.........6B.TheMoreExtremeInvestorLock-ininVentureCapital.......................................................................8II.SECONDARYMARKETSINVENTURECAPITAL:DESCRIPTIONANDFRAMEWORKFORANALYSIS....................15A.TheSecondaryMarketforStart-upStock(theDirect
4、Market)..........................................................16B.BenefitsoftheDirectMarket....................................201.IncreasingLiquidity......................................212.ImprovingStart-upGovernance....................243.MitigatingVC-Entrepre
5、neurConflictsOverTraditionalExits..................................27C.TheDirectMarket’sPotentialtoMuteHigh-PoweredIncentives...................................................30AssociateProfessor,UniversityofWisconsinLawSchool.MythankstoBobbyBartlett,BrianBroughman
6、,VicFleischer,JoanHeminway,DougMoll,DonnaNagy,LarryRibstein,BillSjostrom,andGordonSmithfortheirhelpfulcomments.IthankWisconsinlawstudentsMeganArrogante,AdrienneBlais,andAngelaBricklandWisconsinlawlibrarianCherylO’Connorforvaluableresearchassistance.Specialthankstothe
7、participantsinsecondarymarketswhoagreedtobeinterviewedforthisproject.Mypromisesofanonymitypreventmefromnamingthemhere,buttheirinsightswerecrucialtounderstandingthisemergingmarketactivity.Finally,IthankparticipantsattheSearle-KauffmanInstituteonLaw,Innovation,andGrowt
8、hatChapmanLawSchoolandthe2010LawandSocietyAnnualMeetinginChicago.11b.Ibrahim_PAGE(DoNotDelete)1/31/20123:23PM2VANDERBILTLAWREVIEW[V
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