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

Tykvová, Tereza - 2003

Using a unique, hand-collected database of all venture- backed firms listed on Germany's Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and...

Persistent link: https://www.econbiz.de/10010297295

Who Are the True Venture Capitalists in Germany?

Tykvová, Tereza - 2004

data set em- bracing all venture-backed IPOs that occurred on Germany's Neuer Markt we investigate whether the governance …

Persistent link: https://www.econbiz.de/10010297317

Are IPOs of Different VCs Different?

Tykvová, Tereza; Walz, Uwe - 2004

records of different types of VCs have a significant impact on their respective IPOs. We explore this hypothesis using a data … set embracing all IPOs that have occurred on Germany's Neuer Markt. Our main finding is that significant differences among … all other IPOs, and their share prices fluctuate less than those of their counterparts in this period of time. On the …

Persistent link: https://www.econbiz.de/10010297354

What do economists tell us about venture capital contracts?

Tykvová, Tereza - 2000

Venture capital markets are characterized by multiple incentive problems and asymmetric information in an uncertain environment. All kinds of agency problems are present: moral hazard, adverse selection, hold-up problems, window dressing, etc. Entrepreneurs and venture capitalists enter into...

Persistent link: https://www.econbiz.de/10010297726

You can't make an omelette without breaking eggs: the impact of venture capitalists on executive turnover

Heger, Diana; Tykvová, Tereza - 2007

We present evidence on venture capitalists? (VCs) impact on turnover of executives for a sample of nearly 47,000 German high-tech start-ups between 1995 and 2004. We confirm that the presence of VCs increases the probability of a change in the initial executive team. Additionally, we take a...

Persistent link: https://www.econbiz.de/10010297869

The Decision of Venture Capitalists on Timing and Extent of IPOs

Tykvová, Tereza - 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...

Persistent link: https://www.econbiz.de/10010298130

Venture capital and internationalization

Schertler, Andrea; Tykvová, Tereza - 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/10010299183

What lures cross-border venture capital inflows?

Schertler, Andrea; Tykvová, Tereza - 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/10010299936

Geographical and institutional distances in venture capital deals: How syndication and experience drive internationalization patterns

Tykvová, Tereza; Schertler, Andrea - 2011

Drawing on a novel dataset of worldwide venture capital deals, we investigate how venture capitalists (VCs) overcome the complexity of investing in geographically and institutionally distant regions. Our results indicate that syndicating with local VCs is a common way for foreign VCs to gain...

Persistent link: https://www.econbiz.de/10010304463

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

Heger, Diana - 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/10010324140

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