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When Do Firms Risk Shift? Evidence f...

ProQuest Information and Learning Co.

When Do Firms Risk Shift? Evidence from Venture Capital.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	When Do Firms Risk Shift? Evidence from Venture Capital./
Author:	Denes, Matthew R.
Description:	1 online resource (63 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-05(E), Section: A.
Contained By:	Dissertation Abstracts International79-05A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355597448

When Do Firms Risk Shift? Evidence from Venture Capital.
Denes, Matthew R.

When Do Firms Risk Shift? Evidence from Venture Capital. - 1 online resource (63 pages)

Source: Dissertation Abstracts International, Volume: 79-05(E), Section: A.

Thesis (Ph.D.)--University of Washington, 2017.

Includes bibliographical references

This paper studies the agency costs of debt and the role of risk shifting as firms face financial distress. The Small Business Investment Company (SBIC) program is a novel setting to evaluate the importance of these costs. It provides participating venture capital funds with debt financing from the U.S. government at a negligible premium to the 10-year Treasury Note. Economic mechanisms that might prevent risk shifting, such as covenants and reputation concerns, are primarily not present in this program. Using a difference-in-differences setting, I find that managers of distressed funds invest in firms with lower credit scores, sales, employment and patenting activity, and are more likely to use equity investments. Distressed funds reallocate capital to riskier firms in their portfolio, rather than searching for new investments. Equityholders respond positively to riskier investments for distressed funds and debtholder losses increase, consistent with the prediction that risk shifting transfers wealth from bondholders to equityholders.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355597448Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

When Do Firms Risk Shift? Evidence from Venture Capital.
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245 1 0 $a When Do Firms Risk Shift? Evidence from Venture Capital.
264 0 $c 2017
300 $a 1 online resource (63 pages)
336 $a text $b txt $2 rdacontent
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338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertation Abstracts International, Volume: 79-05(E), Section: A.
500 $a Adviser: Ran Duchin.
502 $a Thesis (Ph.D.)--University of Washington, 2017.
504 $a Includes bibliographical references
520 $a This paper studies the agency costs of debt and the role of risk shifting as firms face financial distress. The Small Business Investment Company (SBIC) program is a novel setting to evaluate the importance of these costs. It provides participating venture capital funds with debt financing from the U.S. government at a negligible premium to the 10-year Treasury Note. Economic mechanisms that might prevent risk shifting, such as covenants and reputation concerns, are primarily not present in this program. Using a difference-in-differences setting, I find that managers of distressed funds invest in firms with lower credit scores, sales, employment and patenting activity, and are more likely to use equity investments. Distressed funds reallocate capital to riskier firms in their portfolio, rather than searching for new investments. Equityholders respond positively to riskier investments for distressed funds and debtholder losses increase, consistent with the prediction that risk shifting transfers wealth from bondholders to equityholders.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Washington. $b Busines. $3 1179464
773 0 $t Dissertation Abstracts International $g 79-05A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10687712 $z click for full text (PQDT)

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