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Venture capital and other private equity : a survey
Metrick, Andrew; Yasuda, Ayako - 2010
"We review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i)...
Persistent link: https://www.econbiz.de/10008806638
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Financial Contracting Theory Meets the Real World : An Empirical Analysis of Venture Capital Contracts
Kaplan, Steven N. - 2000
, and future financings are frequently contingent on observable measures of financial and non-financial performance. (4) If … the company performs poorly, the VCs obtain full control. As company performance improves, the entrepreneur retains … their control and liquidation rights. The entrepreneur's cash flow rights also increase with firm performance. (5) It is …
Persistent link: https://www.econbiz.de/10012471107
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Venture Capitalists' Access to Finance and Its Impact on Startups
Chen, Jun; Ewens, Michael - National Bureau of Economic Research - 2021
impacted states, thus exacerbating the geographic disparity in high-growth entrepreneurship …
Persistent link: https://www.econbiz.de/10012629431
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Uncertainty Shocks, Capital Flows, and International Risk Spillovers
Akinci, Ozge; Kalemli-Ozcan, Sebnem; Queralto, Albert - National Bureau of Economic Research - 2022
Foreign investors' changing appetite for risk-taking have been shown to be a key determinant of the global financial cycle. Such fluctuations in risk sentiment also correlate with the dynamics of UIP premia, capital flows, and exchange rates. To understand how these risk sentiment changes...
Persistent link: https://www.econbiz.de/10013210054
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Transferable Skills? Founders as Venture Capitalists
Gompers, Paul A.; Mukharlyamov, Vladimir - National Bureau of Economic Research - 2022
performance of founders who become venture capitalists (VCs). We find that nearly 7% of VCs were previously founders of a venture … higher deal quality does not explain the entire difference in performance. Using an instrumental variables approach to …
Persistent link: https://www.econbiz.de/10013191001
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The role of Venture Capital and Governments in Clean Energy : Lessons from the First Cleantech Bubble
Heuvel, Matthias van den; Popp, David - National Bureau of Economic Research - 2022
After a boom and bust cycle in the early 2010s, venture capital (VC) investments are, once again, flowing towards green businesses. In this paper, we use Crunchbase data on 150,000 US startups founded between 2000 and 2020 to better understand why VC initially did not prove successful in funding...
Persistent link: https://www.econbiz.de/10013191014
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How do Private Equity Fees vary across Public Pensions?
Begenau, Juliane; Siriwardane, Emil N. - National Bureau of Economic Research - 2022
have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers … consistently pay lower fees relative to others within their funds. Investor size, experience, and past performance explain some but …
Persistent link: https://www.econbiz.de/10013172186
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Caught In The Middle : The Bias Against Startup Innovation With Technical And Commercial Challenges
Arora, Ashish; Fosfuri, Andrea; Rønde, Thomas - National Bureau of Economic Research - 2022
Startups in IT and life sciences appear to be flourishing. However, startups in other sectors, such as new materials, automation, and eco-innovations, which are often called "deep tech", seem to struggle. We argue that innovations with both technical and commercial challenges, typical of deep...
Persistent link: https://www.econbiz.de/10012814429
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Private or Public Equity? The Evolving Entrepreneurial Finance Landscape
Ewens, Michael; Farre-Mensa, Joan - National Bureau of Economic Research - 2021
The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of...
Persistent link: https://www.econbiz.de/10012794560
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Passive Versus Active Growth : Evidence from Founder Choices and Venture Capital Investment
Catalini, Christian - 2019
This paper develops a novel approach for assessing the role of passive learning versus a proactive growth orientation … in the entrepreneurial growth process. We develop a simple model linking early-stage founder choices, venture capital … investment and skewed growth outcomes such as the achievement of an IPO or significant acquisition. Using comprehensive business …
Persistent link: https://www.econbiz.de/10012480020