Narrow search
Showing 1 - 10 of 6,633
Cover Image
The Social Value of Financial Expertise
Kurlat, Pablo D. - 2016
I study expertise acquisition in a model of trading under asymmetric information. I propose and implement a method to estimate the ratio of social to private marginal value of expertise. This can be decomposed into three sufficient statistics: traders' average profits, the fraction of bad assets...
Persistent link: https://www.econbiz.de/10012997881
Cover Image
Risk-Adjusting the Returns to Venture Capital
Korteweg, Arthur G. - 2014
Performance evaluation of venture-capital (VC) payoffs is challenging because payoffs are infrequent, skewed, realized over endogenously varying time horizons, and cross- sectionally dependent. We show that standard stochastic discount factor (SDF) methods can be adapted to handle these issues....
Persistent link: https://www.econbiz.de/10013063236
Cover Image
On the Return to Venture Capital
Jovanovic, Boyan - 2014
We provide a model that links the high return to venture equity to the impatience of the VCs. VCs are scarce, and hence, they have market power and a high return on their investments. As a result, VCs are eager to terminate non-performing ventures so they can move on to new ones. The scarcity of...
Persistent link: https://www.econbiz.de/10012752010
Cover Image
Financial Intermediation in Private Equity : How Well Do Funds of Funds Perform?
Harris, Robert S. - 2017
This paper focuses on funds of funds (FOFs) as a form of financial intermediation in private equity (both buyout and venture capital). After accounting for fees, FOFs provide returns equal to or above public market indices for both buyout and venture capital. While FOFs focusing on buyouts...
Persistent link: https://www.econbiz.de/10012955933
Cover Image
Benchmarking the Returns to Venture
Woodward, Susan E. - 2004
We describe a new index of the current and historical returns to venture-type capital. The conceptual basis for the index is the value of a continuously reinvested value-weighted portfolio of all venture-backed and similar pre-public companies. It provides a metric for private equity comparable...
Persistent link: https://www.econbiz.de/10012785970
Cover Image
Is a VC Partnership Greater than the Sum of its Partners?
Ewens, Michael - 2014
This paper investigates whether individual venture capitalists have repeatable investment skill and to what extent their skill is impacted by the VC firm where they work. We examine a unique dataset that tracks the performance of individual venture capitalists' investments across time and as...
Persistent link: https://www.econbiz.de/10013063676
Cover Image
Venture Capital and Other Private Equity : A Survey
Metrick, Andrew - 2014
We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity …
Persistent link: https://www.econbiz.de/10013068835
Cover Image
Venture Capitalists as Principals : Contracting, Screening, and Monitoring
Kaplan, Steven N. - 2010
. Theory has identified three primary ways that the investor / principal can mitigate these conflicts - structuring financial … work and its relation to theory for one prominent class of principals venture capitalists (VCs). The empirical studies … indicate that VCs attempt to mitigate principal-agent conflicts in the three ways suggested by theory. The evidence also shows …
Persistent link: https://www.econbiz.de/10012763175
Cover Image
The Burden of the Nondiversifiable Risk of Entrepreneurship
Hall, Robert E. - 2014
In the standard venture capital contract, entrepreneurs have a large fraction of equity ownership in the companies they found and are paid a sub-market salary by the investors who provide the money to develop the idea. The big rewards come only to those whose companies go public or are acquired...
Persistent link: https://www.econbiz.de/10012751344
Cover Image
Synergizing Ventures
Akcigit, Ufuk - 2019
Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC-backing increases a startup's likelihood of reaching the right tails of the firm size and...
Persistent link: https://www.econbiz.de/10012863701