The Determinants of Venture Capital Portfolio Size: Empirical Evidence
This paper explores factors that affect portfolio size among a sample of venture capital financing data from 214 Canadian funds. Four categories of factors affect portfolio size: (1) the venture capital funds' characteristics, including the type of fund, fund duration, fund-raising, 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. The data further indicate decreasing returns to scale in the number of entrepreneurial firms financed by a venture capital fund.
Year of publication: |
2006
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Authors: | Cumming, Douglas J. |
Published in: |
The Journal of Business. - University of Chicago Press. - Vol. 79.2006, 3, p. 1083-1126
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Publisher: |
University of Chicago Press |
Saved in:
Online Resource
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