منابع مشابه
Venture Capital Exits in Emerging Markets
We analyze a sample of 336 venture capital exits from 12 Asia -Pacific countries: Australia, China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan and Thailand. The data also comprise these countries’ venture capitalists’ investments in U.S.-based entrepreneurial firms. We consider the determinants of the types of entrepreneurial firms receiving ...
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Field Editor: G. Cassar This paper develops a theory of the participating convertible preferred (PCP) stock commonly used in venture capital settings. I show that the participation and convertibility features of PCP stock can be used to reduce information asymmetry between the venture and potential investors at the time of exit. Further, the convertibility feature of PCP helps in alleviating th...
متن کاملThe Impact of Venture Capital on Innovation
Does venture capital foster productive innovation, and if so, how? Is the impact of venture capital on innovation very large? These questions are not only of theoretical interest: answering them correctly is crucial for designing the best public policies on innovation. Although it accounts for a rather low proportion of total entrepreneurial financing, notably compared to bank finance1, venture...
متن کاملA pecking order of venture capital exits - What determines the optimal exit channel for venture capital backed ventures?
I develop a model of exits from venture capital backed companies based on moral hazard. The focus is on two alternatives: a trade sale and an IPO. The alternatives differ in their governance structure. The model shows that highly profitable companies that need few oversight will go public, while less profitable companies that require more control will be sold. This suggests that the common noti...
متن کاملEntrepreneurial Exits and Innovation
W examine how initial public offerings (IPOs) and acquisitions affect entrepreneurial innovation as measured by patent counts and forward patent citations. We construct a firm-year panel data set of all venture capital-backed biotechnology firms founded between 1980 and 2000, tracked yearly through 2006. We address the possibility of unobserved self-selection into exit mode by using coarsened e...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2004
ISSN: 1556-5068
DOI: 10.2139/ssrn.597441