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Contractual relations between European VC-funds and investors : the impact of reputation and bargaining power on contractual design

Schmidt, Daniel (contributor); Wahrenburg, Mark (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001919095

Private equity returns and disclosure around the world

Walz, Uwe; Cumming, Douglas - Center for Financial Studies - 2004

We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 2003) and...

Persistent link: https://www.econbiz.de/10010986361

Private equity-, stock- and mixed asset-portfolios: A bootstrap approach to determine performance characteristics, diversification benefits and optimal portfolio allocations

Schmidt, Daniel - Center for Financial Studies - 2003

In this article, we investigate risk return characteristics and diversification benefits when private equity is used as …. There is a high marginal diversifiable risk reduction of about 80% when the portfolio size is increased to include 15 … investments. When the portfolio size is increased from 15 to 200 there are few marginal risk diversification effects on the one …

Persistent link: https://www.econbiz.de/10010958618

Private equity-, stock- and mixed asset-portfolios: A bootstrap approach to determine performance characteristics, diversification benefits and optimal portfolio allocations

Schmidt, Daniel - Center for Financial Studies - 2004

Persistent link: https://www.econbiz.de/10005022456

Screening and advising by a venture capitalist with a time constraint

Dietz, Martin D. - Center for Financial Studies - 2003

This paper proposes an intertemporal model of venture capital investment with screening and advising where the venture capitalists time endowment is the scarce input factor. Screening improves the selection of firms receiving finance, advising allows firms to develop a marketable product, both...

Persistent link: https://www.econbiz.de/10010986375

Is venture capital a local business? A test of the proximity and local network hypotheses

Wuebker, Robert; Schulze, William; Kräussl, Roman - Center for Financial Studies - 2012

Venture capital (VC) investment has long been conceptualized as a local business, in which the VC's ability to source, syndicate, fund, monitor, and add value to portfolio firms critically depends on their access to knowledge obtained through their ties to the local (i.e., geographically...

Persistent link: https://www.econbiz.de/10010986390

Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Mark

Tykvová, Tereza - Center for Financial Studies - 2003

Using a unique, hand-collected database of all venture-backed firms listed on Germany´s Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and...

Persistent link: https://www.econbiz.de/10010986397

Has Europe been catching up? An industry level analysis of venture capital success over 1985 - 2009

Kräussl, Roman; Krause, Stefan - Center for Financial Studies - 2012

After nearly two decades of US leadership during the 1980s and 1990s, are Europe's venture capital (VC) markets in the 2000s finally catching up regarding the provision of financing and successful exits, or is the performance gap as wide as ever? Are we amid an overall VC performance slump with...

Persistent link: https://www.econbiz.de/10010986399

Die Vertragsbeziehungen zwischen Investoren und Venture Capital-Fonds: Eine empirische Untersuchung des europäischen Venture Capital-Marktes

Feinendegen, Stefan; Schmidt, Daniel; Wahrenburg, Mark - Center for Financial Studies - 2002

Die vorliegende empirische Studie analysiert die Vertragsgestaltung zwischen Investoren und europäischen Venture Capital-Fonds. Im Zentrum steht die Analyse der Vergütung des Fondsmanagements sowie der zum Einsatz kommenden Vertragsklauseln. Deren Ausgestaltung ist entscheidend für die...

Persistent link: https://www.econbiz.de/10010986400

Exit timing of venture capitalists in the course of an initial public offering

Neus, Werner; Walz, Uwe - Center for Financial Studies - 2002

We analyze the desinvestment decision of venture capitalists in the course of an IPO of their portfolio firms. The capital market learns of the project quality only in the period following the IPO. Venture capitalists with high-quality firms face a trade-off between immediately selling their...

Persistent link: https://www.econbiz.de/10010986431