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.. Le-double-problème-d-'aléa-moral, 18 a) Le risque de comportement opportuniste de l'entrepreneur 18 b) L'incitation du capital-risqueur

.. Le-contrat-optimal-les-titres-convertibles, 20 a) Proximité de la relation et titres convertibles 21 b) Les instruments contingents associés aux conseils, p.23

.. Le-financement-par-Étapes-staged-financing, 24 a) L'échelonnement du financement comme protection pour le capital-risqueur 24 b) L'échelonnement et la syndication, garanties contre le risque de « hold-up, p.25

.. Le-contrôle-de-l-'incertitude, 28 a) Le financement échelonné 28 b) Le conseil d'administration des firmes à forte asymétrie d'information, p.30

.. La-syndication-de-l-'investissement, 30 a) La syndication des opinions 31 b) Le maintien d'un niveau de participation constant 32 c) La syndication cosmétique, p.32

». Le-modèle-systémique-de-la-silicon-valley-la-gouvernance-par-tournoi, 41 a) Le rôle médiateur du VC dans la recherche et développement 42 b) La modularité des projets à haut risque 44 c) La gouvernance par tournoi, p.44

C. Internationale and D. , 46 2.2.1 L'impact du système fiscal48 a) Le Canada : différences et similitudes 48 b) La diversité des instruments utilisés, .47 2.2.2 La diversité du capital-risque en dehors des Etats- 49 c) Les autres différences............ 50 d) Les caractéristiques macroéconomiques, p.51

H. Du and C. , 56 1.1.1 La première vague, une initiative mort-née, p.57

.. La-seconde-vague-produit-de-la-libéralisation, 58 a) Le marché de l'introduction en bourse, un gigantesque gisement, 58 b) Les conséquences sur les structures du capital-risque, p.59

L. Internet and .. , 61 a) Nouvelles réglementations 61 b) De nouveaux comportements ?, p.62

L. Fruits-de-la-vague and I. , 68 a) La modification de l'environnement réglementaire 68 b) Les modifications institutionnelles, .66 2.1.2 Quelques changements structurels, p.69

L. 'hétérogénéité-du-capital-risque-japonais and .. , 71 a) La typologie de Sako 71 b) Une approche organisationnelle, p.73, 2003.

L. Limites-des-initiatives-formelles, .. La-loi-et-la-coutume, and .. , 75 a) 75 b) La dépendance de sentier, la restriction des stratégies, p.76

L. Spécificités-institutionnelles-du-japon, .. Conservateur, and ». , 78 a) Un capital-risque plutôt «, 80 c) La marque de l'économie japonaise, le poids des relations de long terme, p.82

U. Lecture and I. , 83 2.3.1 Les sources de financement du capital-risque japonais, p.85

L. Modeles, D. Structure, and O. , 98 a) Une information vérifiable, CHAPITRE, vol.3, p.99

.. Les-différents-systèmes-organisationnels, 101 a) Le système hiérarchique 101 b) Le système décentralisé, 103 c) Délégation et, p.106

.. Les-stades-de-développement and .. Accompagner-la-croissance, 111 b) middle stage 112 c) later stage, phase de maturité 113 a) Sélection 114 b) 115 c) Préparer la liquidation, 111 a) early stage, phase119 a) L'information soft et l'opacité de la, p.119, 2002.

L. Noeuds-de-contrats-dans-berger, &. Udell, and ). , 121 a) Délégation et coûts d'agence dans la relation de crédit 121 b) Environnement et financement relationnel, p.122, 2002.

M. De and S. , 124 a) Les acteurs : l'intérêt de la structure organisationnelle, .123 2.2.1 Description du modèle de Stein 124 b) Les hypothèses du, p.125, 2002.

R. Et-conclusions-du-modèle and .. , 126 a) Le cas de l'information soft 127 b) Le cas de l'information hard, p.128

.. Application-au-capital-risque, 129 a) Comprendre l'hétérogénéité des firmes de capital-risque 130 b) Une modélisation au-delà du screening, p.131

.. Le-contexte-de-l-'étude and .. Le-biais-linguistique, 142 a) La sélection des firmes 142 b) Deux vagues d'entretiens non comparables, p.146

.. Plus-que-du-financier, 151 b) Les formes de contribution, p.152

L. Carrières-dans-le-capital-risque and .. , 155 a) Gestion de la carrière dans les firmes de capital-risque 156 b) Les méthodes d'incitations, p.157

.. Le-comité-d-'investissement, 161 a) Les comités hiérarchiques 162 b) Les comités décentralisés, 165 c) Analyse du droit de veto, p.166

D. La-diligence, 170 a) Différentes approches de la diligence des dossiers 171 b) Forces et faiblesses de l'expertise externe, p.174

.. Transmission-de-l-'information, 176 a) Canal standardisé 177 b) La circulation de l'information soft, p.178

V. La-relation, 185 a) Les VC hands-off 185 b) Les VC plutôt hand-on, p.186

L. , P. La-résolution, and .. , 207 a) Description du modèle, p.208, 1977.

A. Approches and D. , 211 1.2.1 Talmor (1981) un modèle à plusieurs signaux, 211 1.2.2 Grinblatt et Hwang, p.211, 1989.

.. Les-deux-signaux-séparés, 212 b) Le modèle général à deux signaux, p.213

.. Les-acteurs-du-modèle and .. Le-paramètre-non-connu, 216 b) La séquence des actions, p.218

L. Dans-le-capital-risque and .. , 219 a) Le coût du capital-risque 219 b) La relation avec la qualité de, p.221

D. La-fonction, 227 a) Calcul de la dérivée, 228 b) Analyse du signe de la fonction, p.229

.. Simulations-numériques-de-la-fonction-primitive, 230 a) Le choix des constantes 230 b) Le cas de base : ?=A 231 c) variations sur le facteur ?, p.233

.. Le-cas-de-la-silicon-valley, 233 a) La sélection des candidats 233 b) l'investissement 234 c) Le coût de l, investissement hands on, p.236

.. Le-cas-du-japon, V. Du, and .. Un-coût-peu-important, 236 a) La due diligence : le coeur du travail 237 b), p.239

L. Nature and D. , 243 a) Le modèle de base : Rock (1986), CHAPITRE, vol.6, p.244

L. Certification and E. , 249 a) L'effet certification de la maison de titres 249 b) La présence du capital-risque, p.250

.. Entre-la-firme-et-la-maison-de-titres and .. Le-pouvoir-de-la-maison-de-titres, 252 a) 252 b) Le pouvoir de négociation du VC, p.254

L. 'alignement-d-'intérêts, .. L-'intérêt-du-cas-japonais, and .. , 255 a) 255 b) Alignement d'intérêts et nature de l'information, p.257

.. La-fenêtre-de-cinq-ans, 258 a) La collecte manuelle des données 258 b) Les critères d'exclusion, p.260

I. La-maison-de-titres-et-le-vc-de-l-', .. La-maison-de-titres, and V. Du, 261 b) Les variables exprimant la participation 263 c) Les variables exprimant la concentration du marché, p.265

.. Les-variables-de-contrôle and .. De-la-firme, 267 a) Le contrôle des caractéristiques 267 b) Les caractéristiques de l'opération 269 c) Les variables de contrôle de l'environnement, p.272

A. Des and S. , 275 2.2275 a) 275 b) La participation du capital-risque, 276 c) Les Maisons de titres, p.277

.. Analyse-bi-variée, Les grandes maisons de titres : une certification ?, p.283