We empirically investigate possible reasons for successful syndications in private equity transactions. To this end, we analyze the answers of 115 private equity firms regarding relevant resources of potential syndication partners. Based on structural equation modeling we find that only three...

This paper analyzes the positions that Venture Capital firms hold in a syndication network and determines the effect that network positions have on generating deal flow quantity and quality. Using data on syndicated investments in the German venture capital market and data on the deal flow of...

We develop properties of abnormal return for equity offers that have been timed to periods of firm-specific overvaluation and empirically test a sample of 174 equity carve-outs for these characteristics. While carve-outs exhibit clear signs of market timing, these phenomena are not detectable...

Using a hand-collected sample of contracts and investment proposals from German venture capital financing relationships, we analyze specific incentive conflicts. We apply indirect and direct measures of these problems and extend the direct approach by Kaplan and Strouml;mberg (2004) to a four-...

Using a hand-collected sample of contracts and investment proposals from German venture capital (VC) financing relationships, we find that experienced and or private law/independent VC firms rely to a lesser degree on debt financing and more on certain covenants in VC contracting even when we...

Assuming a demand-side point of view, i.e., the view of owner-managers of small and medium enterprises (SME), we identify the drivers and inhibitors of the utilisation of private equity. Subsequently, we test these using survey data. Intention to finance with private equity explains the...

Summary Academic interest in absorptive capacity (ACAP), which has grown rapidly over the past two decades, has focused on ACAP's effect on organizational learning, knowledge sharing, innovation, capability building, and firm performance. Even though Cohen and Levinthal's work (1990) highlights...