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The IPO as an Exit Strategy for Venture Capitalists : Regional Lessons from Canada with International Comparisons
Cumming, Douglas J. - 2014
focus on investment activity at the local level with reference to data from Canada and the U.S. We provide statistics which … to Canada and Ontario. We consider the VC market in Ontario, Canada, and abroad, drawing on extensive data from the …
Persistent link: https://www.econbiz.de/10013064832
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A Drop in an Empty Pond : Canadian Public Policy towards Venture Capital
Cumming, Douglas J. - 2016
This paper presents evidence about the shortfall of venture capital in Canada relative to comparable regions in the … United States, despite massive government spending on governmental venture capital programs in Canada. The Government of … Canada committed $500 million towards venture capital in 2013 through the Venture Capital Action Plan. The Government of …
Persistent link: https://www.econbiz.de/10012979832
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Information Asymmetries, Agency Costs and Venture Capital Exit Outcomes
Cumming, Douglas J.; Johan, Sofia - 2008
exits in Canada for the years 1991 to 2004. The data provide strong support for the conjecture that the ability to mitigate …
Persistent link: https://www.econbiz.de/10014214816
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Agency Costs, Institutions, Learning and Taxation in Venture Capital Contracting
Cumming, Douglas J. - 2004
This paper introduces a dataset on forms of finance used in 12,363 Canadian and US venture capital and private equity financings of Canadian entrepreneurial firms from 1991 to 2003. The data comprise different types of venture capital institutions, including corporate, limited partnership,...
Persistent link: https://www.econbiz.de/10014068773
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'Cleantech' Venture Capital Around the World
Cumming, Douglas J. - 2013
This paper provides a cross-country analysis of the determinants of cleantech venture capital investment with a unique worldwide dataset of 31 countries spanning 1996-2010. The data show consistent evidence of a pronounced role for oil prices in driving cleantech venture capital deals, which is...
Persistent link: https://www.econbiz.de/10013076370
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Government Venture Capital Research : Fake Science and Bad Public Policy
Cumming, Douglas J. - 2018
measures that give rise to country rankings where the best venture capital markets in the world are countries like Austria and … Hungry, and the worst venture capital market in the world is the U.K. The second and more recent failure involves the use of …
Persistent link: https://www.econbiz.de/10012906813
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Cleantech Venture Capital Around the World
Cumming, Douglas J. - 2016
Cleantech venture capital investment differs from the typical venture capital investment in that it tends to be very capital intensive and faces greater technology risks associated with the functioning of the technology, scalability and exit requirements than the typical venture capital...
Persistent link: https://www.econbiz.de/10012998537
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Comparative venture capital governance : private versus labour sponsored venture capital funds
Cumming, Douglas J.; MacIntosh, Jeffrey G. - 2003
Private independent limited partnership venture capital funds receive capital from institutional investors, without tax incentives. Limited partnership investment activities are governed by restrictive covenants that are determined by negotiated contract between the fund managers (general...
Persistent link: https://www.econbiz.de/10011514156
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Misinforming the Public About Public Policy Towards Venture Capital
Cumming, Douglas J. - 2010
Recent work by Da Rin et al. (2006, 2011) and Lerner (2009) base their analysis of the effect of public policy towards venture capital on variables like the ratio of early stage to late stage investment. This paper provides an explanation as to why such measures are incorrect for studying the...
Persistent link: https://www.econbiz.de/10013136259
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Private Equity Performance Under Extreme Regulation
Cumming, Douglas J. - 2012
This study investigates the impact of excessive regulation on private equity (PE) returns and firm performance. History shows that extreme regulation and prohibition reduce the supply of capital and raise returns (e.g., as with drugs and diamonds). However, for value-added investors such as PE...
Persistent link: https://www.econbiz.de/10013106627