Paolo Fulghieri
Institution
University of North Carolina
PhD Year
1987
Phone
919 260 6730
paolo_fulghieri@unc.edu
FTG Membership
Fellow
Website
https://www.kenan-flagler.unc.edu/faculty/directory/paolo-fulghieri/
Featured Work
Mar 2, 2026
Multilateral Contracting in Stage Financing
Venture capital financing typically features complex securities and staging. We develop a dynamic contracting model where an entrepreneur seeks financing from active investors (who provide costly monitoring and screening) and passive investors (who offer cheaper capital). Under multilateral moral hazard, we show that the optimal contract can be implemented through a sequential offering of securities, including common and preferred equity, options, warrants, as well as...
