Building on Huang and Xu's (2003) financial syndication model, we model syndication for expertise, and examine its impact on post-investment, venture capitalist involvement. We compare the performances of financial versus expertise motives on the decision to finance innovation.

This article proposes to analyze the syndication strategies of the French venture capital firms and to compare them with their European and North-American counterparts. Syndication is a strategy allowing investors to improve their performances for instance through risk-sharing-based and...

Venture capital firms are known as specific financial intermediaries, providing not only funds but also expertise to innovative projects. This paper analyses the consequences venture capital investments syndication for an expertise motive can have on investment decisions and on post-investment...

(VF)Cet article étudie la profitabilité des stratégies de financement adoptées par des capital-risqueurs localisés en France, en Allemagne et en Grande-Bretagne. À partir de l'analyse de 3474 entreprises financées provenant de la base Thomson Private Equity, nous examinons l’impact de...