Although the national media has given increased attention to the venture capital process, misconceptions continue to proliferate. One often hears about the incredible capital gains of IPO share prices. This paper refutes the myth that investors demand very high rates of return to compensate for...

This paper presents the results obtained from a survey among public and private venture capitalists from countries which attract a large amount of venture capital investment: Germany, Switzerland, Austria and Israel. The objective is to investigate venture capitalists' investment criteria for...

This study considers the impact of venture capitalists' industry specialization on cross-border investment decisions. The article argues that specialized venture capitalists' liability of foreignness is lower in specific international markets as assessments of the market and the behaviour of...

We analyzed the determinants for the business failure of German New Technology-Based Firms (NTBF) in different financial stages. This included a literature review and creation of a set of propositions for the determinants within the individual stages. On the basis of an empirical and...

Using a nationwide sample of 14,424 new firms, we find that attractive human capital traits at business entry for entrepreneurs include high educational attainment, owners who lie in the middle of—as opposed to the tails of—the age distribution, and family business background. Attractive...

This study replicates substantial portions of a study entitled “Criteria Used by Venture Capitalists to Evaluate New Ventures Proposals” by MacMillan, Siegal, and SubbaNarasimha. Results were similar to the earlier work. The differences observed can be attributed to history effects caused by...

This paper attempts to extend the Certification Paradigm--mainly used in the literature as an explanation for IPO underpricings--to provide guidelines to entrepreneurs in their efforts to secure funding for new ventures. After extending the model to cases of pre-venture-capital start-up firms,...