Private equity (PE) firms increasingly drift toward investing in software companies. In this paper, we empirically examine this trend and compare software drifts to general style drifts. We use an unbalanced panel of more than 7,000 PE firms that made investments between 1985 and 2020. Our...

We research the preferences and outcomes of direct venture capital investment of charitable foundations and university endowments in the United States and the United Kingdom. Our analysis provides evidence that foundations' and endowments' venture capital direct investments are clustered in...

Over the past three decades, universities in industrialized countries have become increasingly active as venture capital financiers. Here, we analyze if investments in university-affiliated portfolio companies, in the form of an institutional-personal relation between the university and the...

Venture capital (VC) syndication mainly occurs to compensate for a lack of resources, whether financial or otherwise. The current literature does not sufficiently explore the extent to which the motives differ for syndication between general partners (GPs) or between GPs and limited partners...

An increasingly global venture capital (VC) business raises the question whether foreign VCs'investments pull economic activity away from domestic economies. Using a large sample ofVC-backed European ventures, we analyze whether involvement of foreign VCs influencesfirms' and entrepreneurs'...

EV/EBITDA multiple expansion in Private Equity (PE) transactions strongly influences deal returns. As multiple expansion is the result of deal pricing differences between entry and exit, this paper attempts to shed light on how relative deal pricing influences multiple expansion and deal...