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INNOVATION AND VENTURE CAPITAL EXITS
SCHWIENBACHER, Armin - EconWPA - 2001
-improving product innovation. We explicitly introduce product market characteristics into the analysis with the aim to identify their … capitalist. The entrepreneur has incentives to distort the innovation strategy so as to make an IPO the preferred exit. We derive …
Persistent link: https://www.econbiz.de/10005413189
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Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: the N-Period Case
Velez-Pareja, Ignacio; Tham, Joseph; Fernandez, Viviana - EconWPA - 2005
In the Weighted Average Cost of Capital (WACC) applied to the free cash flow (FCF), we assume that the cost of debt is the market, unsubsidized rate. With debt at the market rate and perfect capital markets, debt only creates value in the presence of taxes through the tax shield. In some cases,...
Persistent link: https://www.econbiz.de/10005134868
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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
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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
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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
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Why Funds of Funds?
Lai, Richard Kum-yew - EconWPA - 2005
. However, the mechanism is imperfect because LPs can either use many FOFs and risk coordination problems among them or few FOFs … and risk getting held up. Fourth, FOFs are used by LPs with weaker governance structures. Fifth, there is some evidence …
Persistent link: https://www.econbiz.de/10005134791
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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
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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
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Management von Mitarbeiterrisiken in Unternehmen Theoretische Grundlagen und Entwicklung eines praxistauglichen Erfassungs- und Auswertungsverfahrens
Dannenberg, Henry - EconWPA - 2005
Die vorliegende Arbeit stellt einen Beitrag zur Bewertung von Mitarbeiterrisiken in Unternehmen dar. Es werden Ursachen determiniert, die einen Mitarbeiterausfall zur Folge haben. Diese werden auf ihre Eintrittswahrscheinlichkeit sowie möglicher Schäden hin untersucht. Darauf aufbauend wird...
Persistent link: https://www.econbiz.de/10005118593
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Agricultural Applications of Value-at-Risk Analysis: A Perspective
Manfredo, Mark R.; Leuthold, Raymond M. - EconWPA - 1998
Value-at-Risk (VaR) determines the probability of a portfolio of assets losing a certain amount in a given time period … due to adverse market conditions with a particular level of confidence. Value-at-Risk has received considerable attention … from financial economists and financial practitioners for its use in risk reporting, in particular the risks of derivatives …
Persistent link: https://www.econbiz.de/10005076967