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SPACs : post-merger survival
Vulanovic, Milos - 2016
This paper studies how institutional characteristics of Specified Purpose Acquisition Companies (SPACs) are related to … their post-merger survival. SPACs are unique financial firms that conduct the IPO with the solely purpose to use the … proceeds to acquire another private company. Paper finds that institutional characteristics of SPACs are important in …
Persistent link: https://www.econbiz.de/10011567362
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Does a VC’s Commitment Lead to Improved Investment Outcomes? Evidence From Climate Startups
Burt, Aaron; Harford, Jarrad V. T.; Stanfield, Jared R.; … - 2022
We assess whether a VC’s intrinsic commitment to a startup affects investment performance. We proxy for climate change commitment using the political contributions to democrats of the lead VC person on a deal. We find investments by democrats in climate-related startups have 8% higher...
Persistent link: https://www.econbiz.de/10014236837
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What is the Real Role of Corporate Venture Capital ?
Lantz, Jean-Sébastien; Sahut, Jean-Michel; Teulon, … - Institut de Préparation à l'Administration et à la … - 2014
Technological innovation is not exclusive to great industrial groups. Sometimes, innovative and dynamic companies emerge in high-tech sectors and constitute a serious threat for some industry giants. However, the high reactivity of these small companies is generally impaired by problems of...
Persistent link: https://www.econbiz.de/10010764025
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The Benefits of Concurrent Bank Lending and Investing via Bank-affiliated Venture Capital
Konishi, Masaru; Suzuki, Katsushi - In: Hitotsubashi Journal of commerce and management 41 (2007) 1, pp. 19-36
Using Japanese IPOs, this paper empirically examines the roles that bank-affiliated venture capital firms play in mitigating information asymmetries that are detrimental in small business lending. We find that concurrent bank lending and investing via venture capital subsidiaries benefits firms...
Persistent link: https://www.econbiz.de/10010765948
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The pecking order of innovation finance
Mina, Andrea; Lahr, Henry - 2018
This paper examines the relationship between firms' innovation activities and the hierarchy of financing behaviours. We analyse the role of innovation inputs (R&D), intermediate outputs (patents) and outcomes (product and process innovations) as sources of information asymmetry in financing...
Persistent link: https://www.econbiz.de/10011919534
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Dynamic optimal capital structure and technological change
Lööf, Hans - 2003
This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm's equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...
Persistent link: https://www.econbiz.de/10011448232
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The interdependence of R&D activity and debt financing of young firms
Fryges, Helmut; Kohn, Karsten; Ullrich, Katrin - 2012
We investigate the interdependence of debt financing and R&D activities of young firms. Using micro-level data of the KfW/ZEW Start-up Panel, our estimation results show that firm characteristics are more important than personal characteristics of the founders for explaining young firms’...
Persistent link: https://www.econbiz.de/10009510150
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The interdependence of R&D activity and debt financing of young firms
Fryges, Helmut; Kohn, Karsten; Ullrich, Katrin - 2011
We investigate the interdependence of debt financing and R&D activities of young firms. Using micro-level data of the KfW/ZEW Start-up Panel, our estimation results show that firm characteristics are more important than personal characteristics of the founders for explaining young firms'...
Persistent link: https://www.econbiz.de/10009523478
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A story on SPACs
Lakicevic, Milan; Vulanovic, Milos - 2012
. -- SPACs ; Blank Checks ; Venture Capital ; IPO's ; Warrants ; Reverse Mergers …We study characteristics of Specified Purpose Acquisition Companies (SPACs) and examine the performance of their … securities over time. We find that SPACs represent a fairly unique way to raise capital. The incentives of their founders …
Persistent link: https://www.econbiz.de/10009656245
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Importance of the non-financial value added of government and independent venture capitalists
Luukkonen, Terttu; Deschryvere, Matthias; Bertoni, Fabio; … - 2011
This paper compares the post-investment value-added activities performed by governmental venture capital (GVC) and independent venture capital (IVC) for their portfolio companies, and controls for the selection effect that the different investment profiles of these investors might have on the...
Persistent link: https://www.econbiz.de/10009296648