Comment on Bergemann and Hege

Article Abstract:

The dynamic agency model adopted by Dirk Bergemann and Ulrich Hege in explaining the nature of venture capital firms raises a number of refutable arguments. By relating poor business prospects with lack of investor discovery, the authors readily ruled out that unsuccessful projects are the ones likely to receive increased funding. This assumption is contrary to widely accepted notion of staged financing. The information structure outlined in Bergemann and Hege's research is also improbable since business prospects can not directly be linked with uniform probability over time.

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Early warning models in real time

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Early warning models are more accurate when based on real-time data than when based on revised data.

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Effects of venture capitalists' participation in listed companies

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Listed companies financed by venture capitalists perform better with older venture capital firms.

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