Working Paper

01 February 2005

What Role of Legal Systems in Financial Intermediation? Theory and Evidence

We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions...

Laura Bottazzi | Marco Da Rin | Thomas Hellmann
01 September 2004

Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital

Financial intermediaries can choose the extent to which they want to be active investors, providing valuable services like advice, support and corporate governance. We examine the determinants of the decision to become an active...

Laura Bottazzi | Marco Da Rin | Thomas Hellmann