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Availability of Financing, Regulatory Business Costs and National Entrepreneurial Propensity

Ho, Yuen Ping; Wong, Poh Kam - EconWPA - 2005

In this paper, we focus on two barriers to entry that may hinder the formation of new firms: capital requirements and regulatory business cost. The contribution of this paper is twofold: we compare the availability of different types of financing sources to address the issue of capital...

Persistent link: https://www.econbiz.de/10005134472

IPOs, Trade Sales and Liquidations: Modelling Venture Capital Exits Using Survival Analysis

Giot, Pierre; Schwienbacher, Armin - EconWPA - 2003

Using a detailed sample made up of more than 20,000 investment rounds, we analyze the time to ‘IPO’, ‘trade sale’ and ‘liquidation’ for about 6,000 venture backed firms. We model these exit times using competing risks models. Biotech and internet firms have the fastest IPO exits....

Persistent link: https://www.econbiz.de/10005134683

Crescita, Innovazione Tecnologica e Mercato dei Capitali: il Ruolo del Venture Capital

Arnone, Marco; Giacometti, Umberto - EconWPA - 2004

Questo paper considera il venture capital come forma di finanziamento che si realizza in quegli ambienti dove i fallimenti di mercato causati da problemi informativi sono tali da non rendere possibile l'affermazione di altre istituzioni finanziarie, e dove questa si affermi come unica forma di...

Persistent link: https://www.econbiz.de/10005134755

Why Funds of Funds?

Lai, Richard Kum-yew - EconWPA - 2005

Private equity funds of funds (FOFs) have become big business. Today, FOFs form 14% of new money raised. I test six explanations for the rise of FOFs. First, I find that FOFs do not generally deliver superior returns. They do, however, do well enough for the limited partners (LPs) that hire...

Persistent link: https://www.econbiz.de/10005134791

INNOVATION AND VENTURE CAPITAL EXITS

SCHWIENBACHER, Armin - EconWPA - 2001

.e., selling the venture to an existing company) when the new product is sufficiently innovative. This leads to an agency conflict …

Persistent link: https://www.econbiz.de/10005413189

Does Competition Kill Ties?

Lai, Richard Kum-yew - EconWPA - 2005

Venture capital firms (VCs) form syndicates that compete to invest in deals. Does more competition makes it less likely that VCs will choose syndicate partners based on past ties? Using over 200,000 observations on how VCs choose each other in 572 biotech deals in Massachussetts from 1967...

Persistent link: https://www.econbiz.de/10005118861

What drives Venture Capital Syndication

Hopp, Christian; Rieder, Finn - EconWPA - 2004

This paper analyses the syndication behavior of VC organisations and the factors influencing their overall propensity to co-invest. We develop hypothesis concerning the investment behavior of Venture Capitalists in the German market and compare these hypothesis to the actual empirical evidence...

Persistent link: https://www.econbiz.de/10005561752

Banks, Markets, and Efficiency

Fecht, Falko; Martin, Antoine - EconWPA - 2005

Following Diamond (1997) and Fecht (2004) we use a model in which financial market access of households restrains the efficiency of the liquidity insurance that banks' deposit contracts provide to households that are subject to idiosyncratic liquidity shocks. But in contrast to these approaches...

Persistent link: https://www.econbiz.de/10005561589

Stable Alliance Formation in Distributional Conflict

Garfinkel, Michelle R. - EconWPA - 2003

advantage in the conflict or that the joint production process exhibits increasing returns. Nor is there any presumption that …, the formation of alliances tends to reduce the severity of the conflict over the contestable resource. Furthermore …, despite the internal conflict that arises among the winning alliance’s members over the distribution of their joint product …

Persistent link: https://www.econbiz.de/10005126004

Greed and Grievance in Civil War

Collier, Paul; Hoeffler, Anke - EconWPA - 2004

dependence upon primary commodity exports and a large diaspora substantially increase the risk of conflict. Inconsistent with the … grievance theory, greater ethnic and religious diversity reduce the risk of conflict. The results are robust to correction for …

Persistent link: https://www.econbiz.de/10005407738