We introduce the concept of style drift to private equity investment. We present theory and evidence pertaining to style drifts in terms of a fund manager's stated focus on particular stages of entrepreneurial development. We develop a model that derives conditions under which style drifts are...

This paper introduces an analysis of international relocation decisions of venture capital (VC) - backed companies. Relocations to the US are motivated by economic conditions as well as an improvement in the laws of the country in which the entrepreneurial firm is based. Relocations to the US...

This paper examines how the provision of venture capital to small and medium sized businesses (SMEs) is influenced by the ownership structure of the venture capital provider. We introduce a new and unique dataset from the Japanese venture capital market, comprising data on investment and venture...

This paper introduces an analysis of the impact of Legality on the exiting of venture capital investments. We consider a sample of 468 venture-backed companies from 12 Asia-Pacific countries, and these countries' venture capitalists' investments in US-based entrepreneurial firms. The data...

This paper introduces an analysis of the impact of Legality on the exiting of venture capital investments. We consider a sample of 468 venture-backed companies from 12 Asia-Pacific countries, and these countries' venture capitalists' investments in US-based entrepreneurial firms. The data...

This paper is the first to introduce an analysis of the effect of different types of venture capitalist value-added activities (financial, administrative, marketing strategic/management) on fundraising. In addition, we include an analysis of the functional difference between committed funds and...

This paper provides theory and evidence in support of the proposition that venture capitalists adjust their investment decisions according to liquidity conditions on IPO exit markets. We refer to technological risk as a choice variable in terms of the characteristics of the entrepreneurial firm...

In a recent report into new research directions in management accounting a geographically and philosophically diverse group of eight scholars argued for a convergence of different and complementary approaches to the subject. They concluded that, quot;[n]ew directions and advances in management...

Financial economics often assumes that equity agency costs increase with the separation of ownership and control. This paper tests this relationship using a survey sample of approximately 3800 Australian small and medium enterprises for 1996-7 and 1997-8. Following Ang, Cole and Lin (2000) we...

This paper refines the Berger and Ofek (1995) methodology to estimate the valuation discount of diversified firms in Australia between 1988 and 1998. Mixed evidence is found for the diversification discount, with diversified firms trading at a discount to single segment firms using an...