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Determinants Of The Round To Round Returns To Pre Ipo Venture Capital Investments In Us Biotechnology Companies
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Book Synopsis Determinants of the Round-to-Round Returns to Pre-Ipo Venture Capital Investments in U.S. Biotechnology Companies by : John R. M. Hand
Download or read book Determinants of the Round-to-Round Returns to Pre-Ipo Venture Capital Investments in U.S. Biotechnology Companies written by John R. M. Hand and published by . This book was released on 2014 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: I propose that pre-IPO venture-backed biotech companies offer a productive new setting through which to discriminate among theories of why firm size and book-to-market explain variation in expected stock returns. This is because pre-IPO biotech firms have large and rapidly evolving growth options relative to assets-in-place. Such attributes align closely with the key features of Berk, Green and Naik's (1999) model of the endogenous relations between growth options, optimal investment actions and expected equity returns, where firm size and book-to-market emerge as sufficient statistics for the aggregate risk of a firm's assets-in-place. Using venture capital investments in pre-IPO U.S. biotech companies during 1992-2001, I find that equity returns between financing rounds (quot;round-to-roundquot; returns) are reliably negatively related to firm size and positively related to book-to-market ratios. These results are consistent with Berk, Green and Naik's theory. They are less consistent with competing explanations such as financial distress, behaviorally biased investors or data snooping.
Book Synopsis The Oxford Handbook of Venture Capital by : Douglas Cumming
Download or read book The Oxford Handbook of Venture Capital written by Douglas Cumming and published by Oxford University Press. This book was released on 2012-04-20 with total page 1126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routes are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs often exit their investments by secondary sales, wherein the entrepreneur retains his or her share but the VC sells to another company or investor buybacks, where the entrepreneur repurchases the VC`s interest and write-offs (liquidations). The Oxford Handbook of Venture Capital provides a comprehensive picture of all the issues dealing with the structure, governance, and performance of venture capital from a global perspective. The handbook comprises contributions from 55 authors currently based in 12 different countries.
Book Synopsis Biotechnology Venture Capital Valuations by :
Download or read book Biotechnology Venture Capital Valuations written by and published by . This book was released on 2006 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Biotechnology Venture Capital Valuations is an authoritative, insider's perspective on biotech venture capital for both the venture capitalist and the entrepreneur. Featuring partners, presidents, and CEOs of top venture capital and investment firms, Biotechnology Venture Capital Valuations provides best practices for venture capitalists and entrepreneurs at all stages of investment with a focus on determining valuations and structuring deals. These industry experts discuss their strategies for considering a biotech investment, locating investment opportunity, assessing risk, and negotiating with the entrepreneur, as well as offering different valuation methods for a variety of common scenarios. This book provides valuable insight for those investing capital as well as those needing it, including explanation of the different goals of the venture capitalist and entrepreneur, common mistakes made on both sides, and how best to establish a productive relationship between the two.
Book Synopsis Private Equity Financing in Infrastructure and Real Estate by : Josephine Gemson
Download or read book Private Equity Financing in Infrastructure and Real Estate written by Josephine Gemson and published by Springer Nature. This book was released on 2023-04-08 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview of Private Equity (PE) financing in the infrastructure and real estate sectors. In doing so, it analyzes the impact of such investments in the two sectors, evaluates the types of financing strategies, and explores the value created by such investments. Infrastructure and Real Estate have emerged as a significant asset class for PE investors. In the last three decades, PE firms have invested significant amounts of capital in infrastructure and real estate – sectors which did not feature in their radar before 2000. Between 2000 and 2009, PE firms invested more than USD 200 billion in infrastructure. Real estate sector also witnessed investments of a similar scale as that of infrastructure. Fundraising for infrastructure and real estate was about USD 100 billion and USD 150 billion respectively in 2019, setting new records and reaching all-time highs. This book examines such PE investments – both at a global level and at an emerging economy level, to identify how PE firms have created an impact with their investments, to provide both ready capital and value-addition to sectors which seem to urgently need both. The book is divided into three sections – impact of PE investments, strategies used by PE firms, and value created by such investments. The findings of this research and the corresponding best practices are useful and applicable to students, academicians, researchers, financial institutions, policy makers and law makers, commercial banks and funding agencies, practitioners, the Government, and other parties who are directly or indirectly associated with the development of infrastructure and real estate; and could aid funding agencies, practitioners and policy makers who are directly responsible for creating and developing infrastructure and real estate for their economies.
Book Synopsis Developments in Chinese Entrepreneurship by : Douglas Cumming
Download or read book Developments in Chinese Entrepreneurship written by Douglas Cumming and published by Springer. This book was released on 2016-01-12 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developments in Chinese Entrepreneurship offers empirical evidence from cutting-edge research into the experiences and challenges of entrepreneurial activities and small business issues within China. As a leading emerging country, the entrepreneurial landscape in China provides useful insight for other developing economies in the areas of: Entrepreneurial finance The role of venture capital and angel finance in new venture development The influence of family dynamics on small business management The impact of prevailing local institutional norms and barriers on small business management Innovation, R&D, and entrepreneurial strategies The impact of government policy on small business management Survival and growth strategies for small businesses
Book Synopsis Venture Capital and the European Biotechnology Industry by : W. Bains
Download or read book Venture Capital and the European Biotechnology Industry written by W. Bains and published by Springer. This book was released on 2008-11-20 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book opens up the world on private equity investment in one of the hottest industries – Biotechnology. The book describes how Europe has fallen behind the US due to under-investment and bad management by the VCs who control the companies. Detailed analysis shows why it is in VCs' interests to damage the very companies they invest in.
Book Synopsis Venture capitalist /equity alliance ownership participation in pre-IPO firms by : Maria Lorena Gutierrez B.
Download or read book Venture capitalist /equity alliance ownership participation in pre-IPO firms written by Maria Lorena Gutierrez B. and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Venture Capital Investors and Portfolio Firms by : Sophie Manigart
Download or read book Venture Capital Investors and Portfolio Firms written by Sophie Manigart and published by . This book was released on 2013 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Venture Capital Investors and Portfolio Firms venture capital firms are considered as investors in young growth-oriented companies. The authors focus on the later phases of the venture capital (VC) investment process. They therefore emphasize monitoring, value adding, and exiting activities. They also include a review of the literature on the outcome of venture capital investment activities. Research findings are drawn principally from refereed journal papers in entrepreneurship, finance, and management. The monograph is divided into six principal areas: 1.What venture capital firms do. 2.The impact of VCs on portfolio firms and other stakeholders. 3.The role of syndication. 4.The nature and timing of exit from VC investments. 5.The role of VCs in portfolio companies that undergo an initial public offering (IPO). 6.The returns from investing in VC. Venture Capital Investors and Portfolio Firms concludes with a detailed agenda for further research. To aid the reader who wishes to pursue particular papers in more detail, the authors provide a summary of the main papers in this literature in a set of tables where they identify the authors, publication date, the journal, the main research question, the theoretical perspective, data, and the principal findings.
Book Synopsis The Venture Capital in the Biotechnology Industry by : Jacques-Henry Grislain
Download or read book The Venture Capital in the Biotechnology Industry written by Jacques-Henry Grislain and published by . This book was released on 2016 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Biotechnology investment sector has been booming over the last ten years delivering substantial financial returns for public and private investors and most VC firms have been raising and deploying a lot of capital into fast-growing Biotechnology companies. However, it may seem paradoxical that the Biotechnology industry attracts increasingly more Venture Capital and Public funding whereas it is one of the riskiest and volatile sectors and most early-stage companies do not generate revenues for years and have large financial needs to cover expensive clinical trials. My research will focus on Biotechnology investments in the US and will cover the value chain of a Venture Capital firm with a competitive analysis, a detailed review of current funding trends, a performance review analysis and a study to explain why Boston has become the n°1 cluster for Biotechnology in the US. The study also includes feedbacks from 25 interviews conducted with Founders and CEOs of Biotechnology companies, Life Sciences experts, Scientists and Venture Capital investors.
Book Synopsis Biotechnology Venture Capital Investments by : William Blake Winchell
Download or read book Biotechnology Venture Capital Investments written by William Blake Winchell and published by . This book was released on 2007-04-01 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Small Business. Subcommittee on Tax, Access to Equity Capital, and Business Opportunities Publisher : ISBN 13 : Total Pages :194 pages Book Rating :4.F/5 ( download)
Book Synopsis Incentive for Startups and Venture Capital by : United States. Congress. House. Committee on Small Business. Subcommittee on Tax, Access to Equity Capital, and Business Opportunities
Download or read book Incentive for Startups and Venture Capital written by United States. Congress. House. Committee on Small Business. Subcommittee on Tax, Access to Equity Capital, and Business Opportunities and published by . This book was released on 1983 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Science. Subcommittee on Environment, Technology, and Standards Publisher : ISBN 13 : Total Pages :116 pages Book Rating :4.0/5 (14 download)
Book Synopsis Small Business Innovation Research by : United States. Congress. House. Committee on Science. Subcommittee on Environment, Technology, and Standards
Download or read book Small Business Innovation Research written by United States. Congress. House. Committee on Science. Subcommittee on Environment, Technology, and Standards and published by . This book was released on 2005 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Growth and Credit Formation Publisher : ISBN 13 : Total Pages :224 pages Book Rating :4.3/5 (121 download)
Book Synopsis Equity Investments, Venture Capital, and the Federal Role in the Availability of Financing for High-technology Companies by : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Growth and Credit Formation
Download or read book Equity Investments, Venture Capital, and the Federal Role in the Availability of Financing for High-technology Companies written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Growth and Credit Formation and published by . This book was released on 1994 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Temporal Changes in the Spatial Distribution of Venture Capital Investment to Biotechnology Companies Within the United States by :
Download or read book Temporal Changes in the Spatial Distribution of Venture Capital Investment to Biotechnology Companies Within the United States written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this research is to investigate temporal changes in the spatial distribution of venture capital investments to biotechnology companies within the United States. Data included venture capital to biotech investments from 1995 to 2005. Venture capital and biotech data from the Money Tree Report, were gathered, analyzed, and mapped to show if a spatial relationship exists. The research examined venture capital investments at both the individual and the aggregated levels. At the individual level, the research examined whether the amount of investments a biotech company receives are influenced by physical distance to its closest investor, number of venture capitalists, time, region, sequence, company size, stage of development, etc. The research also included an aggregated study examining the changing patterns of investments in metropolitan areas. This research further enhances knowledge on the spatial distribution of investments.
Book Synopsis How Venture Capital Works by : Phillip Ryan
Download or read book How Venture Capital Works written by Phillip Ryan and published by The Rosen Publishing Group, Inc. This book was released on 2012-07-01 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explanations to the inner workings of one of the least understood, but arguably most important, areas of business finance is offered to readers in this engaging volume: venture capital. Venture capitalists provide necessary investment to seed (or startup) companies, but the startup is only the beginning, there is much more to be explored. These savvy investors help guide young entrepreneurs, who likely have little experience, to turn their businesses into the Googles, Facebooks, and Groupons of the world. This book explains the often-complex methods venture capitalists use to value companies and to get the most return on their investments, or ROI. This book is a must-have for any reader interested in the business world.
Book Synopsis Determinants of Required Return in Venture Capital Investments by : Sophie Manigart
Download or read book Determinants of Required Return in Venture Capital Investments written by Sophie Manigart and published by . This book was released on 1998 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Oxford Handbook of Entrepreneurship by : Mark Casson
Download or read book The Oxford Handbook of Entrepreneurship written by Mark Casson and published by OUP Oxford. This book was released on 2008 with total page 810 pages. Available in PDF, EPUB and Kindle. Book excerpt: Entrepreneurship is a key factor in economic growth, innovation, & the development of firms & businesses. Written by leading scholars, this book presents a comprehensive review of the research in entrepreneurship.
