Zobrazeno 1 - 10
of 96
pro vyhledávání: '"Veikko Thiele"'
Publikováno v:
Journal of Economics & Management Strategy. 29:741-791
We examine the effect of a competitive supply of venture capital (VC) on the exits (initial public offering or mergers and acquisitions) of startups. We develop a matching model with double‐sided moral hazard, and identify a novel differential effe
Autor:
Veikko Thiele, Thomas Hellmann
Publikováno v:
Journal of public economic theory.
Beyond Covid-19, there is a growing interest in what economic structures will be needed to face ongoing pandemics. In this paper, we focus on the diagnostic problem and examine a new paradigm of voluntary self-testing by private individuals. We devel
Autor:
Veikko Thiele, Thomas Hellmann
Publikováno v:
American Economic Journal: Microeconomics. 9:277-302
We develop a new theory of the dynamic boundary of the firm where asset owners may want to change partners ex post. We identify a fundamental trade-off between (i) a “displacement externality” under non-integration, where a partner leaves a relat
Autor:
Veikko Thiele, Thomas Hellmann
Publikováno v:
Management Science. 65(6)
Governments across the globe are eager to foster entrepreneurial ecosystems, yet there is no consensus on what policies to use. We develop a theory about the equilibrium consequences of two canonical types of entrepreneurship policies: policies that
Autor:
Veikko Thiele, Thomas Hellmann
This paper examines the effect of investor power in a model of staged equity financing. It shows how the usual effect where market power reduces valuations can be reversed in later rounds. Once they become insiders, powerful investors may use their m
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=doi_dedup___::d801076c471df8f0075c2f42e0bd408e
https://doi.org/10.3386/w25211
https://doi.org/10.3386/w25211
Autor:
Thomas Hellmann, Veikko Thiele
Publikováno v:
Journal of Financial Economics. 115:639-653
This paper develops a theory of how angel and venture capital markets interact. Entrepreneurs first receive angel then venture capital funding. The two investor types are 'friends' in that they rely upon each other's investments. However, they are al
Autor:
Thomas Hellmann, Veikko Thiele
Publikováno v:
Journal of Law, Economics, and Organization. 31:629-661
This paper develops a theory of contracting among founders of a new firm. It asks at what stage founders agree to commit to each other, how they structure optimal founder contracts, and how this affects team formation, ownership, incentives, and perf
Autor:
Veikko Thiele, Thomas Hellmann
Publikováno v:
American Economic Journal: Microeconomics. 3:78-128
This paper develops a multitask model where employees make choices between their assigned standard tasks, for which the firm has a performance measure and provides incentives, and privately observed innovation opportunities that fall outside of the p
Autor:
Veikko Thiele
Publikováno v:
Labour Economics. 17:690-698
This paper analyzes a multi-task agency framework where the agent exhibits task-specific abilities. It illustrates how incentive contracts account for the agent's task-specific abilities if contractible performance measures do not reflect the agent's
Autor:
Veikko Thiele
Publikováno v:
Economics Bulletin. 29(4):2693-2699
It has been argued in the multi-task agency literature that effort distortion can be mitigated by applying several performance measures in incentive contracts. This paper analyzes the efficient aggregation of multiple performance measures aimed at mo