Empirical Analysis of Contracts in Venture Financing

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Observed characteristics among venture finance in Japan are different from those in Silicon Valley. We empirically investigate those characteristics and difficulties with frequently used framework of "contract theory". The theory suggests that in the presence of two fold principal-agent relations in between - "entrepreneur and venture capital" and "venture capital and end-investors" -, incentive machanisms have to be designed to make the financing process efficientWe mainly investigate how financial contracting theory meets the real contracting in Japan