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The Decision of Venture Capitalists on Timing and Extent of IPOs

Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003

We analyze the venture capitalist's decision on the timing of the IPO, the offer price and the fraction of shares he … sells in the course of the IPO. A venture capitalist may decide to take a company public or to liquidate it after one or two … financing periods. A longer venture capitalist's participation in a firm (later IPO) may increase its value while also …

Persistent link: https://www.econbiz.de/10005097528

Who Are the True Venture Capitalists in Germany?

Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004

In this paper, we analyze the investment and divestment patterns of different types of venture capitalists. Using a data set em- bracing all venture-backed IPOs that occurred on Germany's Neuer Markt we investigate whether the governance structures, objectives, abilities and track records of...

Persistent link: https://www.econbiz.de/10005098238

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

Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003

history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can … capitalists is lower, their selling intensity at the IPO is higher and the committed lock-up period is longer. …

Persistent link: https://www.econbiz.de/10005098395

Money for novelty: The role of venture capital investments for innovation in young technology-based firms

Heger, Diana - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

This paper examines the role of venture capital on a firm's innovation activities by using a data set of German technology-based firms founded between 1996 and 2005. Innovation is proxied by patent counts and an index of innovativeness which reflects the degree to which a young firm has...

Persistent link: https://www.econbiz.de/10010957632

What lures cross-border venture capital inflows?

Schertler, Andrea; Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010

The change in the business model of venture capitalists from investing locally towards investing across borders started to intensify in the late 1990s. According to a dataset of European and North-American countries, we find that countries with higher expected growth and higher lagged stock...

Persistent link: https://www.econbiz.de/10008479054

Venture capital and internationalization

Schertler, Andrea; Tykvová, Tereza - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

Cross-border investments represent a substantial share of venture capital activities. We use a new and comprehensive dataset on worldwide investments to analyze the internationalization of venture capital financing. Our results from the perspectives of (i) venture capitalists, (ii) portfolio...

Persistent link: https://www.econbiz.de/10008533677

Biomedical Academic Entrepreneurship Through the SBIR Program

Toole, Andrew A.; Czarnitzki, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005

This paper considers the U.S. Small Business Innovation Research (SBIR) program as a policy fostering academic entrepreneurship. We highlight two main characteristics of the program that make it attractive as an entrepreneurship policy : early-stage financing and scientist involvement in...

Persistent link: https://www.econbiz.de/10005059052

The Birth of German Biotechnology Industry: Did Venture Capital run the Show?

Heneric, Oliver; Engel, Dirk; Champenois, Claire - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004

The goal of this paper is to point out the role played by private equity investors (venture-capital companies and corporate investors) in the emergence of a new biotechnology industry in Germany in the second half of the 90?s. This analysis takes into account the different business models and...

Persistent link: https://www.econbiz.de/10005097518

Welche Regionen profitieren von Venture Capital-Aktivitäten?

Engel, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2002

Mit der Venture Capital (VC)-Finanzierung als Teil eines regionalen Innovationssystems sind Erwartungen verbunden, die Kommerzialisierung neuer Forschungsergebnisse in marktfähige Produkte in einer Region zu fördern. In Erwartung positiver Effekte eines solchen Kapitalzuflusses in eine Region...

Persistent link: https://www.econbiz.de/10005097648

Zur Rolle von Beteiligungskapitalgebern in ihren Portfoliounternehmen: Eine ökonometrische Analyse

Engel, Dirk - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2002

Der deutsche Markt für Beteiligungskapital ist ein vergleichsweise junger Markt, so dass nur wenig Wissen bezüglich der Qualität der von den VCG geleisteten Managementunterstützung besteht. Ziel der Studie ist es, den Beitrag der VCG zum Wachstum und Überleben ihrer Portfoliounternehmen...

Persistent link: https://www.econbiz.de/10005097713