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Author : Uwe Henrik Reiner
Publisher :
ISBN 13 :
Total Pages : 222 pages
Book Rating : 4.:/5 (874 download)
Download or read book Determinants of Venture Capital Performance written by Uwe Henrik Reiner and published by . This book was released on 2013 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : KEITH. ARUNDALE
Publisher : Routledge
ISBN 13 : 9781032084794
Total Pages : 252 pages
Book Rating : 4.0/5 (847 download)
Download or read book Venture Capital Performance written by KEITH. ARUNDALE and published by Routledge. This book was released on 2021-06-30 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: European venture capital (VC) funds have historically underperformed their US counterparts. This has resulted in reduced investment into European VC by the traditional institutional investors. This book investigates the factors that give rise to the performance difference. It is based on the author's research at the Adam Smith Business School, University of Glasgow which involved a qualitative study of some 64 VC firms in the UK, continental Europe and the US, supplemented by 40 interviews with other stakeholders, including limited partner investors, corporate venturers, entrepreneurs and advisors. Readers will gain an in-depth understanding of the various structural, operational and wider environmental factors that impact on the performance difference between UK/European and US VC funds. The study is unique in that it provides, for the first time, a holistic and extensive analysis of the entire investment process from sourcing deals to exiting deals specifically contrasting Europe and the US in terms of the variables pertaining to the investment process and the impact on the fund performance. Factors impacting on the performance differential are structural, resulting from characteristics of the funds themselves, operational such as the investment practices of the VC firms which manage the funds and environmental such as culture and attitude to risk and the wider ecosystem in which the funds operate. These factors are set out clearly for the reader. The characteristics of the better performing funds in Europe and the US are also investigated. The book is aimed at academics who are researching venture capital fund performance and investment practices and also at practitioners, advisors and policymakers who want to learn about best VC investment practices. Whilst the book is focused on European and US VC investing, the best practices are also pertinent for VC firms and funds setting up in other geographies, particularly in emerging markets. To this end, best practice guidelines based on the research are included.
Author : Douglas J. Cumming
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Determinants of Venture Capital Portfolio Size written by Douglas J. Cumming and published by . This book was released on 2007 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores factors that affect portfolio size among a sample of venture capital financing data from 214 Canadian venture capital funds. The data encompass a variety of venture capital funds (private independent limited partnerships, corporate, government, labour-sponsored), and a variety of entrepreneurial firms. In addition to direct measures of investment costs, a number of proxies for the non-pecuniary costs and benefits of having additional entrepreneurial firms in a venture capital portfolio are considered. Four categories of factors affect portfolio size: (1) the venture capital funds' characteristics, including the type of fund, fund duration, fundraising, and the number of venture capital fund managers; (2) the entrepreneurial firms' characteristics, including stage of development, technology, and geographic location; (3) the nature of the financing transactions, including staging, syndication and capital structure; and (4) market conditions. We assess the statistical and economic significance of these variables, and test for the presence of increasing versus decreasing returns to scale in the factors that affect the number of investee entrepreneurial firms in a venture capital portfolio.
Author : Paul Alan Gompers
Publisher : MIT Press
ISBN 13 : 9780262072557
Total Pages : 592 pages
Book Rating : 4.0/5 (725 download)
Download or read book The Venture Capital Cycle written by Paul Alan Gompers and published by MIT Press. This book was released on 2004 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the venture capital process, from fund-raising through investing to exiting investments; a new edition with major revisions and six new chapters that reflect the latest research.
Author : Josh Lerner
Publisher : John Wiley & Sons
ISBN 13 : 1119559669
Total Pages : 514 pages
Book Rating : 4.1/5 (195 download)
Download or read book Venture Capital, Private Equity, and the Financing of Entrepreneurship written by Josh Lerner and published by John Wiley & Sons. This book was released on 2023-05-02 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the newly revised second edition of Venture Capital, Private Equity, and the Financing of Entrepreneurship, a dedicated team of researchers and professionals delivers an authoritative and comprehensive account of the world of active investing. This important work demonstrates how venture capitalists and private equity investors do business and create value for entrepreneurs, shareholders, and other stakeholders. The authors, drawing on decades of combined experience studying and participating in the private equity markets, discuss the players, dynamics, and the incentives that drive the industry. They also describe various possibilities for the future development of private equity. This latest edition is perfect for advanced undergraduate students of finance and business, as well as MBA students seeking an insightful and accessible textbook describing the private equity markets.
Author : Maik Kleinschmidt
Publisher : Springer Science & Business Media
ISBN 13 : 3835095498
Total Pages : 310 pages
Book Rating : 4.8/5 (35 download)
Download or read book Venture Capital, Corporate Governance, and Firm Value written by Maik Kleinschmidt and published by Springer Science & Business Media. This book was released on 2007-11-09 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Maik Kleinschmidt explores the determinants of venture capitalists’ influence as well as their impact on the corporate governance of portfolio companies and analyses the influence of corporate governance on the companies’ firm value. His findings support the hypothesis that venture capitalists improve the corporate governance of their portfolio companies and that their abilities determine their impact. Moreover, they show the positive impact of good corporate governance on some measures for firm value.
Author : Jan Niklas Kurth
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Theœ Determinants for the Occurrence and the Performance of Co-investments by Business Angel and Venture Capital Investors written by Jan Niklas Kurth and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William R. Sandberg
Publisher :
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.3/5 (512 download)
Download or read book The Determinants of New Venture Performance written by William R. Sandberg and published by . This book was released on 1984 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Douglas Cumming
Publisher : John Wiley & Sons
ISBN 13 : 0470599758
Total Pages : 604 pages
Book Rating : 4.4/5 (75 download)
Download or read book Venture Capital written by Douglas Cumming and published by John Wiley & Sons. This book was released on 2010-04-29 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Vesa Kanniainen
Publisher : MIT Press
ISBN 13 : 9780262263399
Total Pages : 324 pages
Book Rating : 4.2/5 (633 download)
Download or read book Venture Capital, Entrepreneurship, and Public Policy written by Vesa Kanniainen and published by MIT Press. This book was released on 2004-12-03 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts in public economics and financial economics discuss the special role of venture capital and if public policy should promote the venture capital industry; empirical and theoretical perspectives are developed. The existing literature in both public economics and financial economics often fails to consider how appropriate and effective public policy may be in promoting the venture capital industry. Public economics has dealt extensively with the effect of taxes and subsidies but has neglected the unique role of venture capitalists as active investors who provide not only funding but added value. Financial economics has emphasized the special role of the venture capitalist but has not focused on the real effects of venture capital in industry equilibrium or the role of public policy. This volume in the CESifo Seminar series brings together experts in public and financial economics to develop a theoretically and empirically informed international policy perspective for an era in which policymakers increasingly look to venture capital as a source of jobs, innovation, and economic growth. The chapters in part I analyze data on the levels of venture capital fundraising in Europe, problems in the bank-oriented beginnings of German venture capital finance in the 1970s, and the inefficiency of Canadian labor-sponsored venture capital funds. Part II looks at the effect of venture capital on labor market performance, the importance of exit opportunities, and the effect of information inflows on the venture capital cycle. The chapters in part III take the perspective of public economics, reviewing the role of public policy in addressing potential market failures, improving the quality of venture capital investments, and affecting entrepreneurial business activity through tax policy.
Author : Joseph W. Bartlett
Publisher : Rowman & Littlefield
ISBN 13 : 1568331266
Total Pages : 176 pages
Book Rating : 4.5/5 (683 download)
Download or read book Fundamentals of Venture Capital written by Joseph W. Bartlett and published by Rowman & Littlefield. This book was released on 1999 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written in highly readable layman's language, Fundamentals of Venture Capital is a concise introduction to the key issues facing both investors and entrepreneurs as they embark on the journey of turning a good idea into a profitable reality.
Author : Keith Arundale
Publisher : Routledge
ISBN 13 : 100076320X
Total Pages : 244 pages
Book Rating : 4.0/5 (7 download)
Download or read book Venture Capital Performance written by Keith Arundale and published by Routledge. This book was released on 2019-11-22 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: European venture capital (VC) funds have historically underperformed their US counterparts. This has resulted in reduced investment into European VC by the traditional institutional investors. This book investigates the factors that give rise to the performance difference. It is based on the author’s research at the Adam Smith Business School, University of Glasgow which involved a qualitative study of some 64 VC firms in the UK, continental Europe and the US, supplemented by 40 interviews with other stakeholders, including limited partner investors, corporate venturers, entrepreneurs and advisors. Readers will gain an in-depth understanding of the various structural, operational and wider environmental factors that impact on the performance difference between UK/European and US VC funds. The study is unique in that it provides, for the first time, a holistic and extensive analysis of the entire investment process from sourcing deals to exiting deals specifically contrasting Europe and the US in terms of the variables pertaining to the investment process and the impact on the fund performance. Factors impacting on the performance differential are structural, resulting from characteristics of the funds themselves, operational such as the investment practices of the VC firms which manage the funds and environmental such as culture and attitude to risk and the wider ecosystem in which the funds operate. These factors are set out clearly for the reader. The characteristics of the better performing funds in Europe and the US are also investigated. The book is aimed at academics who are researching venture capital fund performance and investment practices and also at practitioners, advisors and policymakers who want to learn about best VC investment practices. Whilst the book is focused on European and US VC investing, the best practices are also pertinent for VC firms and funds setting up in other geographies, particularly in emerging markets. To this end, best practice guidelines based on the research are included.
Author : Douglas Cumming
Publisher : Oxford University Press
ISBN 13 : 0199942617
Total Pages : 1126 pages
Book Rating : 4.1/5 (999 download)
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.
Author : Paul Alan Gompers
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.3/5 (243 download)
Download or read book What Drives Venture Capital Fundraising? written by Paul Alan Gompers and published by . This book was released on 1999 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the determinants of venture capital fundraising in the U.S. over the past twenty-five years. We study industry aggregate, state-level, and firm-specific fundraising to determine if macroeconomic, regulatory, or performance factors affect venture capital activity. We find that shifts in demand for venture capital appear to have a positive and important impact on commitments to new venture capital funds. Commitments by taxable and tax-exempt investors seem equally sensitive to changes in capital gains tax rates, consistent with the notion that decreases in capital gains tax rates increases the demand for venture capital as more workers are incented to become entrepreneurs. Aggregate and state level venture fundraising are positively affected by easing of pension investment restrictions as well as industrial and academic R&D expenditures. Fund performance and reputation also lead to greater fundraising by venture organizations.
Author : Miona Milosevic
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (115 download)
Download or read book Three Essays on the Performance Determinants of Venture Capital Industry written by Miona Milosevic and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture capital is crucial for funding and development of young innovative ventures. The French venture capital industry figures among the most important in Europe, however, its performance remains negative, underperforming both the US and the average European market. Since the 2008 financial crisis, banks and insurance companies, which used to be principal investors, have abandoned venture capital industry, mainly due to unfavorable regulatory changes (Basel III and Solvency II). To fill this gap, the government has increased its intervention, and direct funds and tax incentives have now become the principal sources of funding in the venture capital industry. Besides, French business environment also represents an exception compared to other developed economies due to tight relations between the State and the business sector, concentration of the public and corporate power in the hands of actors mainly educated in highly elitist education institutions, which are also well known for their powerful networks. Our aim was, first, to study the underperformance of the venture capital industry though a holistic lens, and then test quantitatively how different elements of human and social capital relate to performance measures, such as portfolio exits, fundraising and syndication. We find specificities of the French venture capital market, the dominance of banking and finance professionals and prevailing government funding and incentives, to hamper the process of expertise acquisition. We further show how task-specific innovation and investment human capital contribute positively to value adding, by raising funds from syndicate partners in follow-on rounds, and exiting, even in an environment characterized by dominant networks. However, we also provide evidence that in a market with strong government intervention and networks, human capital characteristics determining the exit performance are not associated with higher capital commitments. Instead, our research points out to the importance of social networks for fundraising activity, where connections and favoritism lead to inefficiencies in capital allocation.
Author : Andrew Metrick
Publisher : John Wiley and Sons
ISBN 13 : 1118137884
Total Pages : 1153 pages
Book Rating : 4.1/5 (181 download)
Download or read book Venture Capital and the Finance of Innovation written by Andrew Metrick and published by John Wiley and Sons. This book was released on 2011-06-15 with total page 1153 pages. Available in PDF, EPUB and Kindle. Book excerpt: This useful guide walks venture capitalists through the principles of finance and the financial models that underlie venture capital decisions. It presents a new unified treatment of investment decision making and mark-to-market valuation. The discussions of risk-return and cost-of-capital calculations have been updated with the latest information. The most current industry data is included to demonstrate large changes in venture capital investments since 1999. The coverage of the real-options methodology has also been streamlined and includes new connections to venture capital valuation. In addition, venture capitalists will find revised information on the reality-check valuation model to allow for greater flexibility in growth assumptions.
Author : Rainer Lauterbach
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)
Download or read book Performance Differentiation written by Rainer Lauterbach and published by . This book was released on 2007 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent research has pointed out the need to differentiate between good versus poor performance of venture capital and private equity investments and to analyze the factors that determine the quot;winnersquot; and quot;losersquot; of a fund. This study examines the different contractual and behavioral characteristics and their influence on the positive and negative performance of private equity investments. Specifically, we analyze how fund managers apply tools and investment behavior to mitigate risks and maximize returns. The empirical investigation of these questions is based on a merged dataset, which combines the Venture Economics and CEPRES databases. It includes a total of 1011 investments made by 137 different funds that belong to 54 private equity and venture capital firms worldwide over the period from 1979 to 2003. Our results confirm that the reduction of losses and the maximization of investment profits have different antecedents. Whereas losses are minimized by the use of convertibles and by increasing the venture capital firms' accumulated experience, profits are increased by the potential of the fund's management to allocate resources to portfolio companies. Our findings contribute to the understanding of the determinants of venture capital and private equity returns by differentiating between the mitigation of risks and the maximization of profits.
