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SCHWIENBACHER, Armin - EconWPA - 2001

This paper addresses the choice between different exit routes of venture capitalists for a project yielding a quality-improving product innovation. We explicitly introduce product market characteristics into the analysis with the aim to identify their effects on the optimal exit strategy and on...

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

Cognitive Uncertainty in Games - A Note on Limited Information Processing and Backward Induction

Clausing, Thorsten - EconWPA - 2000

A notion of cognitive uncertainty is introduced as an agent's uncertainty about the validity of the results of his own information processing. In order to analyze this notion, a formal model of the agent's information processing is presented. It is shown how cognitive uncertainty may prevent a...

Persistent link: https://www.econbiz.de/10005118647

Initial Performance of Greek IPOs, Underwriter’s Reputation and Oversubscription

Kenourgios, Dimitris; Papathanasiou, Spyros; Melas, … - EconWPA - 2005

determinants of short-run underpricing of 169 IPOs listed on the Athens Stock Exchange (ASE) over the period 1997-2002. The initial … evidence of significant underpricing. Furthermore, the cross sectional analysis on the determinants of the IPOs shows that both … the underwriters’ prestige and the times of oversubscription significantly affect the underpricing level of the IPOs over …

Persistent link: https://www.econbiz.de/10005561626

To what extent are investment bank-differentiating factors relevant for firms floating moderate-sized IPOs?

Kulkarni, Kedar S.; Sabarwal, Tarun - EconWPA - 2004

investment bank-differentiating factors (such as underwriter prestige, analyst coverage, industry expertise, under-pricing, price …

Persistent link: https://www.econbiz.de/10005561648

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

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