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Convertible Notes in Early-Stage Financing
Loutskina, Elena; Chaplinsky, SusanNota técnica DARDEN-F-2063FinanzasThis technical note introduces convertible note financing for early-stage start-up companies. These unpriced securities offer significant advantages related to delayed valuation, greater speed, and lower cost of completion compared to venture capital financing. As a result, the number of early-stage companies raising capital through convertible notes over the past decade has greatly increased. The note discusses the most frequently used terms an...Desde 8,20 €
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Convertible Notes in Early-Stage Financing
Loutskina, Elena; Chaplinsky, SusanNota técnica DARDEN-F-2063-EFinanzasThis technical note introduces convertible note financing for early-stage start-up companies. These unpriced securities offer significant advantages related to delayed valuation, greater speed, and lower cost of completion compared to venture capital financing. As a result, the number of early-stage companies raising capital through convertible notes over the past decade has greatly increased. The note discusses the most frequently used terms an...Desde 8,20 €
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Valuing Late-Stage Companies and Leveraged Buyouts
Chaplinsky, SusanNota técnica DARDEN-F-1846-EFinanzasThis note replaces "Valuation of Late-Stage Companies and Buyouts" (UVA-F-1639). This note focuses on the valuation of late-stage companies with a particular emphasis on leveraged buyouts (LBOs). In contrast to venture capital, where firms are typically at an early stage of development, late-stage investments involve more-established businesses that have an ability to take on higher levels of debt to augment investor returns. The note provides a ...Desde 8,20 €
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Early-Stage Term Sheets
Chaplinsky, SusanNota técnica DARDEN-F-1730-EFinanzasThis note was written as an updated version of "The Early-Stage Term Sheet" (UVA-F-1444) and may be used in its place.In seeking funding for an early-stage company, the entrepreneur and investor will confront choices about the amount, terms, and conditions of the financing. These terms are usually set forth in a term sheet that contains a host of provisions designed to protect the value of an investor’s capital. These terms define the investor’s ...Desde 8,20 €
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Convertible Notes: A Form of Early-Stage Financing
Chaplinsky, Susan; Becker, Joseph M.Nota técnica DARDEN-F-1925-EFinanzasConvertible notes are often used to raise early-stage financing for start-up companies, frequently due to their advantages related to delayed valuation, greater speed, and lower cost of completion compared to venture capital financing. As a result, there has been a large increase in the number of early-stage companies raising capital through convertible notes over the past decade. Investors have made this form of financing more available, believi...Desde 8,20 €
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Assessing Private Equity Performance
Chaplinsky, Susan; Loutskina, ElenaNota técnica DARDEN-F-1895FinanzasAssessing the performance of private equity (PE) and venture capital (VC) investment vehicles is a challenging task. It starts with the fact that the assets are privately held and illiquid. By contrast, PE valuations are determined in a vast open market populated largely by disinterested investors acting on publicly available information. As PE and VC have grown as asset classes, investors have pushed for greater disclosure and more standardizati...Desde 8,20 €
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MedMetric, LLC: Seed-Round Convertible Note Financing
Chaplinsky, SusanNota técnica DARDEN-F-1924-EFinanzasIn April 2016, Mark Parker, an experienced private-equity investor, is considering an investment in MedMetric, LLC (MedMetric), a seed-stage health care information technology company. The company has a Software-as-a-Service (SaaS) product that facilitated reimbursement for Medicare Advantage companies (MAs), private firms that provided an alternative way for senior citizens in the United States to receive Medicare coverage. The Centers for Medic...Desde 8,20 €
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The Shelf Registration Process
Chaplinsky, SusanNota técnica DARDEN-F-1701-EFinanzasThis note covers U.S. SEC Rule 415, more widely known as shelf registration. It briefly discusses the rationale and historical origins of the rule in 1982 and then discusses several reforms-the introduction of universal registration statements in 1992 and well-known seasoned issuers in 2005-which have greatly expanded shelf-registered equity issuance. The more frequent use of shelf registration has led to the development of alternative methods of...Desde 8,20 €
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The High-Yield Debt Market
Chaplinsky, SusanNota técnica DARDEN-F-1702-EFinanzasHigh-yield debt is an important provider of financing for a broad range of corporate purposes. This note discusses the basic features of high-yield debt, some of its advantages and disadvantages, and the market in which it is primarily issued in the United States: the Rule 144A market. Because the market serves more speculative and volatile companies, the characteristics of the debt differ in pricing, availability, and risk compared with investme...Desde 8,20 €
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The Basics of Private Equity Funds
Chaplinsky, SusanNota técnica DARDEN-F-1731-EFinanzasPrivate equity (PE) refers to illiquid investments or securities that are not publicly traded on an exchange, such as venture capital, mezzanine or distressed debt, leveraged buyouts, timber, oil and gas properties, and real estate. A limited partnership agreement (LPA) defines the terms of the relationship between the general partners (GPs) and the limited partners (LPs). The structure and compensation arrangements used by PE firms are highly st...Desde 8,20 €