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Learning and signalling in the French and German venture capital industries
Stolpe, Michael - 2003
This paper analyses the efficiency of venture capital and its impact on primary equity markets in France and Germany. It shows that venture capital operates according to the signalling model in France and according to the learning model in Germany. Only the learning model can serve as a...
Persistent link: https://www.econbiz.de/10010265598
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Synergizing ventures
Akcigit, Ufuk; Dinlersoz, Emin Murat; Greenwood, Jeremy; … - 2019
Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC backing increases a startup's likelihood of reaching the right tails of the firm size and...
Persistent link: https://www.econbiz.de/10012389572
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Geographic location of a new venture and the likelihood of a venture capital investment
Achleitner, Ann-Kristin; Bender, Marko; Kaserer, Christoph - 2010
Based on 1182 dyads of German new ventures and venture capitalists involved in a financing round between 2002 and 2007, we examine the impact of spatial proximity on the likelihood of an investment. We find that with each triplication of journey time the relative likelihood of an investment...
Persistent link: https://www.econbiz.de/10010305691
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The Problem of Private Under-investment in Innovation: A Policy Mind Map
Peneder, Michael - 2008
This paper reviews the major finance-related causes of private under-investment in innovation and the consequent alternative choices for public policy. The focus is on incentive-based arguments that address the problem of limited appropriability of new knowledge, and on the lacking access to...
Persistent link: https://www.econbiz.de/10011435227
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Financial systems and venture capital in Nordic countries: A comparative study
Hyytinen, Ari; Pajarinen, Mika - 2001
In this paper we present a comparative analysis of Nordic countries’ financial systems and consider in particular the recent growth of Nordic venture capital industries. We document that the Nordic countries’ financial systems display several similarities that have characterized their...
Persistent link: https://www.econbiz.de/10010285043
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Pricing initial public offerings in premature capital markets: The case of Hungary
Schindele, Ibolya; Perotti, Enrico C. - 2002
This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public … discount at privatization IPOs than at private issues, and a positive relation between underpricing and the proportion of … that the transition related determinants of underpricing disappear as the securities market becomes more mature. …
Persistent link: https://www.econbiz.de/10011335783
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Who knows what when? The Information content of pre-IPO market prices
Löffler, Gunter; Panther, Patrick F.; Theissen, Erik - 2002
To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In … midpoint of the bookbuilding range and the offer price. The pre-issue prices explain a large part of the underpricing left … underpricing suggests. …
Persistent link: https://www.econbiz.de/10010316258
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Underpricing of venture-backed and non venture-backed IPOs: Germany's Neuer Markt
Franzke, Stefanie A. - 2001
contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and …/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex …
Persistent link: https://www.econbiz.de/10010292625
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Underpricing of venture-backed and non venture-backed IPOs: Germany's Neuer Markt
Franzke, Stefanie A. - 2003
contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and …/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex …
Persistent link: https://www.econbiz.de/10010317404
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Are IPOs of Different VCs Different?
Tykvová, Tereza; Walz, Uwe - 2004
This paper sets out to analyze the influence of different types of venture capitalists on the performance of their portfolio firms around and after IPO. We investigate the hypothesis that different governance structures, objectives, and track records of different types of VCs have a significant...
Persistent link: https://www.econbiz.de/10010297354