Carsten Bienz's research while affiliated with NHH Norwegian School of Economics and other places

... It worth noting that equity-based compensation first of all link the managers and firm's outcomes by the means of the "skin-in-the-game". In particular circumstances, this might lead to a lower level of risk-taking (seeBienz et al. (2018) for the case of private equity industry). However, the empirical evidence for the bank industry prior to 2008 financial crisis seems to indicate that equity-based compensation led to an increased risk taken by bank managers.12 ...

... The model shows that in equilibrium risky projects are financed by more experienced VC firms using simple equity contracts. 11 Bienz and Hirsch (2012) argue that the degree of contractual completeness is to some degree endogenous: investors can specify objective milestones for future financing (complete contract), instead of negotiating the follow-on financing once required at a later point in time (incomplete contract). Using data on German VC financing, they find that the use of milestones (complete contract) is more common for portfolio companies that have fewer alternative financing options. ...

... Tag-along právo možno jednoducho vymedziť̌ ako právo, ktoré oprávnenému umožňuje participovať na obchode (spočívajúceho v predaji účasti v spoločnosti) za rovnakú cenu, ako je cena účasti povinného. (Bienz, Walz, 2010). Uvedenému vymedzeniu zodpovedá aj zákonná úprava predmetného práva v § 220x ods. 1 a 2 OBZ, ktorá znie nasledujúco: "Právo pridať sa k prevodu akcií oprávňuje akcionára (oprávnený) previesť svoje akcie zároveň s akciami iného akcionára (povinný). ...

... Studying on factors affecting the sources of venture capital in 21 countries, Jeng and Wells noted that the IPO (Initial Public Offering) exit mode has the greatest influence on venture capital [2]. A combination of modeling and empirical evidence, Carsten Bienz concluded that while highly profitable companies choose IPOs as an exit method, companies with low profitability usually choose sales as an exit method, and unprofitable companies or companies that are even losing their capital choose liquidation as an exit method in order to avoid greater losses [3]. Kaplan et al. conducted an empirical example of combining several venture capital projects in several countries and found that differences in the financial system of each country, which could led to differences in their choice of venture capital exit [4]. ...

... The The coefficient on Turnover rate is positive and significant in the pre-SOX LBO and Exit sample (t = 2.14) and negative in the post-SOX LBO and Exit sample (t =-3.48). The results imply that prior to the implementation of SOX, firms that generate more revenue per dollar of total assets (operating performance) are more likely to exit as IPO, consistent with Bienz et al (2008) who find that firms that are highly profitable are more likely to go public. In contrast, even firms that have high operating performance are less likely to exit as IPO post-SOX. ...

... Titular prava povlačenja može da fingira prodaju udela, odnosno prodaju svog udela fiktivnom kupcu i da na taj način istiskuje manjinskog člana, odnosno članove, iz društva i to uz značajno niže troškove nego što bi to bio slučaj da direktno od njih otkupljuje udele. Rizik od zloupotrebe ovog prava se može otkloniti ugovaranjem prava preče kupovine za člana čiji se udeo povlači (Bienz & Walz, 2010, p. 1077. Međutim, kod nas ne postoji potreba za posebnim ugovaranjem ovog prava za članove društva s ograničenom odgovornošću s obzirom na to da prema Zakonu o privrednim društvima članovi društva s ograničenom odgovornošću imaju pravo preče kupovine. ...

... Finally, collaborations with start-ups are often broadly communicated by corporations to signal their innovativeness and openness to collaborate with other market players (Anokhin et al., 2016;Belderbos et al., 2018). Such reputation effects are especially strong in the case of successful investment exits (Bienz & Walz, 2006). ...

... Since in equilibrium the two parties will always come to an agreement ex post on buyback, by condition (2), no matter what is, as long as the contract imposes * the EN will always invest such that * That is, will be chosen such that * Hence, we do not need to know what is as long as the VC exits at (which happens in equilibrium). ...