Although the national media has given increased attention to the venture capital process, misconceptions continue to proliferate. One often hears about the incredible capital gains of IPO share prices. This paper refutes the myth that investors demand very high rates of return to compensate for...

Although the national media has given increased attention to the venture capital process, misconceptions continue to proliferate. One often hears about the incredible capital gains of IPO share prices. This paper refutes the myth that investors demand very high rates of return to compensate for...

This paper investigates the actual performance of 2,895 Initial Public Offerings of companies that were backed by venture capital from 1968 through 1998. It seeks to refute the myth that investors demand very high annualized and cumulative rates of return to compensate for the risks they are...

This paper studies venture capital investment activity in the United States stratified by both locations and industries. Is geographical location an important factor to venture capital investment? Is industry classification important in explaining the amount of dollars invested in venture...

This paper investigates the actual performance of 2,678 Initial Public Offerings (IPOs) of companies that were backed by venture capital from 1969 to 2002. The main purpose is to compare the annual returns of the venture capital industry during the 1980s and 1990s. Comparisons between the...

In the past four decades, Sub Sahara Africa has been notable in its relative development-performance failure. There exists a growing literature emphasizing the role of the entrepreneur as an essential element in economic development. We argue that the relatively sluggish growth observed in South...