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Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Markt
Tykvová, Tereza - 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/10010297295
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Who Are the True Venture Capitalists in Germany?
Tykvová, Tereza - 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/10010297317
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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 participation in a firm (later IPO) may increase its value while also …
Persistent link: https://www.econbiz.de/10010298130
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Firm Level Implications of Early Stage Venture Capital Investment: An Empirical Investigation
Keilbach, Max; Engel, Dirk - 2002
The paper analyses the impact of venture capital finance on growth and innovation activities of young German firms. Among other variables, our panel of firm data includes data on venture capital funding and patent applications. With a statistical matching procedure we draw an adequate control...
Persistent link: https://www.econbiz.de/10010297278
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The Birth of German Biotechnology Industry: Did Venture Capital run the Show?
Heneric, Oliver; Engel, Dirk; Champenois, Claire - 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/10010297325
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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
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Höheres Beschäftigungswachstum durch Venture Capital?
Engel, Dirk - 2001
The paper deals with the analysis of causal effects of venture capital finance for start-ups founded between 1991 and …
Persistent link: https://www.econbiz.de/10010297771
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Zur Rolle von Beteiligungskapitalgebern in ihren Portfoliounternehmen: Eine ökonometrische Analyse
Engel, Dirk - 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/10010297897
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The Impact of Venture Capital on Firm Growth: An Empirical Investigation
Engel, Dirk - 2002
The financial and non-financial involvement of venture capitalists is supposed to be positively correlated with firm performance. This paper deals with the evaluation of the impact of venture capitalists on employment growth of new founded firms. Differences between high-tech and low-tech...
Persistent link: https://www.econbiz.de/10010298119
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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