Syndication Of Venture Capital Investments
DOWNLOAD
Download Syndication Of Venture Capital Investments PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Syndication Of Venture Capital Investments book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Syndication Of Venture Capital Investments
DOWNLOAD
Author : Finn Rieder
language : en
Publisher: diplom.de
Release Date : 2003-09-03
Syndication Of Venture Capital Investments written by Finn Rieder and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-03 with Business & Economics categories.
Inhaltsangabe:Abstract: Cooperation among financial institutions is a persistent feature of the equity issuance process. Also, the syndication of venture capital investments is common practice among venture capitalists. Despite the importance of syndication, surprisingly little is known on the motives and structure of syndication. Further-more, there is hardly any empirical evidence for Europe or particularly Germany on the syndication behaviour of VC organisations and the factors influencing their overall propensity to co-invest. On the one hand, the purpose of this paper is to compile and summarise all aspects of the existing theory on VC syndication. Therefore, the evidence from the few empirical studies that were so far carried out on this topic is discussed. Thus, the general theory on syndication, which is thought to be independent from peculiar VC industries, serves as the framework throughout this paper which is complemented by the results of the empirical analyses done so far by different authors. On the other hand, this text has also an explorative component where it is analysed if and to what degree findings of the existing studies also hold for the German VC market. This analysis is done by the use of a data base listing a total of 3,230 VC investments in German portfolio companies. The nature of the data base at hand is not designed to allow for conclusions on all relevant aspects of syndication. But the claim of this paper is to use and analyse it whenever it is possible and the data base can be linked to aspects on syndication discussed throughout the different chapters. Firstly, this paper gives a theoretical overview on general motives behind VC syndication which leads to a discussion which rational is more important in explaining VC syndicates and if there are differences between the North American and European VC market with regards to this. Then, as the principal part of this paper, various factors influencing the propensity of VC investors to syndicate are analysed and, whenever possible and appropriate, also reviewed based on the data base. The next part examines the process of forming and managing a syndicate, after the decision to co-invest a deal was made built upon the motives and factors of influence, and to what extent networking activities play a role in it. After this, it is discussed if syndicates enhance the firm value If the portfolio company and whether there is a difference between the value added of syndicates [...]
Learning And Syndication In Venture Capital Investments
DOWNLOAD
Author : Catherine Casamatta
language : en
Publisher:
Release Date : 2003
Learning And Syndication In Venture Capital Investments written by Catherine Casamatta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Economics categories.
Venture Capital
DOWNLOAD
Author : Douglas Cumming
language : en
Publisher: John Wiley & Sons
Release Date : 2010-04-29
Venture Capital written by Douglas Cumming and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-29 with Business & Economics categories.
An essential guide to venture capital Studies have shown that venture capital backed entrepreneurial firms are on average significantly more successful than non-venture capital backed entrepreneurial firms in terms of innovativeness, profitability, and share price performance upon going public. Understanding the various aspects of venture capital is something anyone in any industry should be familiar with. This reliable resource provides a comprehensive view of venture capital by describing the current state of research and best practices in this arena. Issues addressed include sources of capital-such as angel investment, corporate funds, and government funds-financial contracts and monitoring, and the efficiency implications of VC investment, to name a few. Opens with a review of alternative forms of venture capital Highlights the structure of venture capital investments Examines the role venture capitalists play in adding value to their investee firms This informative guide will help you discover the true potential of venture capital.
Venture Capital Syndication In Germany
DOWNLOAD
Author : Erik E. Lehmann
language : en
Publisher:
Release Date : 2003
Venture Capital Syndication In Germany written by Erik E. Lehmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
This paper analyzes the determinants and performance of syndication of venture capital investments. Using a dataset of 153 venture-backed small and medium sized firms listed on the Neuer Markt in Germany we show that neither the selection hypothesis suggested by Lerner (1994) nor the value-added hypothesis introduced by Brander et al. (2002) could be confirmed with this data. Although firms with multiple venture capitalists differ from standalone investments in such characteristics as firm size and age, the study finds no impact of syndication on different performance measures. Again, the major driving forces explaining the performance are firm age and size, as confirmed in the empirical work in industrial organization.
Raising Venture Capital
DOWNLOAD
Author : Rupert Pearce
language : en
Publisher: John Wiley & Sons
Release Date : 2006-05-16
Raising Venture Capital written by Rupert Pearce and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-05-16 with Business & Economics categories.
See:
Syndication Networks And The Spatial Distribution Of Venture Capital Investments
DOWNLOAD
Author : Olav Sorenson
language : en
Publisher:
Release Date : 2012
Syndication Networks And The Spatial Distribution Of Venture Capital Investments written by Olav Sorenson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Sociological investigations of economic exchange pay particular attention to the manner in which institutions and social structures shape transactions among economic actors. Extending this line of inquiry, we explore how interfirm networks in the US venture capital (VC) market from 1986 to 1998 affect the spatial patterns of exchange. We present evidence suggesting that geographic and industry spaces represent natural boundaries that contain the transmission of information about potential investment opportunities. In turn, the highly circumscribed flow of information within these spaces contributes to the geographic- and industry-localization of venture capital investments. After establishing this finding, the majority of our empirical analyses document that the social networks in the venture capital community ? built up through the industry's extensive use of syndicated investing ? facilitate the diffusion of information across geographic and industry boundaries and therefore expand the spatial radius of exchange. We show that VCs that build axial positions in the industry's co-investment network can obtain information from distant sources and hence expand the scope of their investments over time. Consistent with the sociologist's general view of markets, variation across actors in their positioning within the structure of a market appears to differentiate market participants in their ability to overcome boundaries that otherwise would curtail exchange.
Principal Agents In Venture Capital And Private Equity Contracting
DOWNLOAD
Author : Steffen Schupp
language : en
Publisher: GRIN Verlag
Release Date : 2006-10-25
Principal Agents In Venture Capital And Private Equity Contracting written by Steffen Schupp and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-10-25 with Business & Economics categories.
Seminar paper from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, Technical University of Darmstadt (Department of Banking and Finance), course: Venture Capital and Private Equity, 53 entries in the bibliography, language: English, abstract: In the last decades venture capital has emerged as the major source of financing for young and innovative firms, replacing more and more bank credits, but also creating a new market niche for start-ups with a high risk of failure that may create substantial returns. With success stories of companies like Apple Computer, Intel, Federal Express, Microsoft, Sun Mircosystem, Compaq or SAP, this form of funding is meanwhile widely accepted. In the late 1970s the venture capital industry increased dramatically in the United States. In contrast, the venture capital sector in continental Europe used to be a very small market up to 1990. Figure 1 in the appendix shows the development of funds committed to independent US and European venture capital funds.1Today the venture fund market in Germany has reached a managed fund size of US$ 43 billion, an increase of 13.2 percent in regard to the previous year.2Therefore venture capital plays a crucial role in respect to innovation of an economy and has significant positive effects on society and a country’s economy. According to Sahlmann (1990) the term “venture capital” is defined as a “professional managed pool of capital that is invested in equity linked securities of private ventures at various stages in their development”. Gompers and Lerner (2001a) limit the definition to investments in privately held, high growth companies. Originally, the intent of venture capital is to finance young innovative companies. The term private equity describes the investment of equity in companies that are already established, e.g. companies in later stages of their life cycle. Today the two terms are often used as synonyms. In this paper we keep focusing on companies in early stages of life and thus use the term venture capital only. It should be mentioned that the focus of venture capital firms can be quite different. First venture capitalists can concentrate on different stages of companies (seed, start-up, first, second, third, fourth stage, bridge stage and liquidity stage financing) and second, venture capitalist can finance different industries or focus on a special group. The specialization has the advantage to gather deepened technological knowledge about an industry that can be used within the “venture cycle”. The innovative high-tech sectors, such as biotech or nanotech, would be good examples.
Birds Of A Feather Or Celebrating Differences The Formation And Impact Of Venture Capital Syndication
DOWNLOAD
Author : Qianqian Du
language : en
Publisher:
Release Date : 2009
Birds Of A Feather Or Celebrating Differences The Formation And Impact Of Venture Capital Syndication written by Qianqian Du and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper examines venture capitalists' preferences for syndication partners. Do venture capital firms prefer partners that are similar to or different from them? How do venture capitalists' preferences for partners affect the performance of the syndicated investments? Will the choice of syndication partners have any impact on the venture capital firms themselves? Heterogeneity among syndication partners may increase transaction costs, but offers syndication partners valuable learning opportunities in the long run, suggesting a tradeoff between the short-term costs versus long-term benefits. Using data on U.S. venture capital investments, this paper shows that venture capital firms are less likely to syndicate with partners who are different from them. The preferences for syndication partners, however, have different implications for the portfolio companies and the venture capital firms. Companies funded by heterogeneous syndicates are less likely to go public or be acquired by other companies. However, venture capital firms that co-invest with more heterogeneous partners are more likely to survive. The paper develops a new method for empirically examining the formation of syndication among multiple firms. It also addresses issues of endogeneity.
Handbook Of Research On Venture Capital
DOWNLOAD
Author : Hans Landstr”m
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Handbook Of Research On Venture Capital written by Hans Landstr”m and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
ÔThis exciting second volume of cutting-edge research on venture capital takes up where volume one leaves off, bringing greater depth to topics covered in the first volume (such as angel investing) and adding new topics and insights. It poses interesting questions such as Ð Is venture capital in crisis? Are new models of early investing needed? Ð and offers carefully researched answers. Landstršm and Mason provide insightful commentary and skillfully pinpoint the contributions of a talented set of researchers. Both scholars and practitioners of venture capital will want to read this book.Õ Ð Harry J. Sapienza, University of Minnesota, US ÔThe second edition of the Handbook of Research on Venture Capital provides an important guidepost for venture capital researchers. As Landstršm and Mason point out, the nature of venture capital has changed dramatically over the last ten years. The asset class as a whole has failed to return principal and the old model is under tremendous strain. The contributors nicely highlight many of these changes, especially how venture capital has scaled beyond the US. For those of us active in venture capital research, the chapters raise many interesting research questions that deserve further attention.Õ Ð Andrew Zacharakis, Babson College, US This Handbook charts the development of venture capital research in light of the global financial crisis, starting with an analysis of the current venture capital market and the changing nature of the business angel market. Looking at governance structures, the performance of venture capitalists in terms of investments, economic impact and human capital, and the geographical organization of business angels and venture capital global ÔhotspotsÕ, this book also analyses the current state of venture capital research and offers a roadmap for the future.
Venture Capital
DOWNLOAD
Author : Mike Wright
language : en
Publisher: Routledge
Release Date : 2022-03-24
Venture Capital written by Mike Wright and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-24 with Business & Economics categories.
The International Library of Management is a comprehensive core reference series comprised of the most significant and influential articles by the leading authorities in the management studies field. The collections of essays is both international and interdisciplinary in scope and provides and entry point for investigating the myriad of study within the discipline.
