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dc.contributor.authorJouaber, Kaouther*
dc.contributor.authorMehri, Meryem*
dc.date.accessioned2014-07-02T08:31:18Z
dc.date.available2014-07-02T08:31:18Z
dc.date.issued2012-11
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/13635
dc.language.isoenen
dc.subjectVenture capital contractsen
dc.subjectAgency problemsen
dc.subjectProfit sharing ratioen
dc.subjectCarried interesten
dc.subject.ddc332en
dc.subject.classificationjelD.D8.D82en
dc.subject.classificationjelG.G2.G21en
dc.subject.classificationjelG.G2.G23en
dc.subject.classificationjelG.G2.G24en
dc.titleAgency Problems in Venture Capital Contracts: Islamic Profit Sharing Ratio as a Screening Deviceen
dc.typeDocument de travail / Working paper
dc.description.abstractenBoth Islamic and classical venture contracts suffer from information asymmetry and incentive problems. Venture capitalist and Entrepreneur have an agency relationship because of the insufficient information about the funded project and/or the entrepreneur type. Referring to the literature, this paper presents a theory of Profit Sharing Ratio (PSR) for PLS contracts with adverse selection about the entrepreneur type. In order to avoid the agency problem, this paper proposes a theoretical framework in which the negotiated profit sharing ratio (PSR) acts as a screening device. We show that agency problems are signaled when the entrepreneur accepts a PSR set beyond a given threshold. This critical value of the PSR corresponds to the maximum payoff to the venture capitalist. We suggest that the optimal PSR level may complete the carried interest in classical venture contracts and offers a new tool for screening entrepreneurs’ type.en
dc.identifier.citationpages33en
dc.identifier.urlsitehttp://dx.doi.org/10.2139/ssrn.2181416en
dc.subject.ddclabelEconomie financièreen
dc.description.submittednonen
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
hal.person.labIds1032*
hal.person.labIds1032*
hal.identifierhal-01525794*


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