Similar Search Results

A kockázati- és magántőke-ágazat szerepe a gazdaságban

Karsai, Judit - 2020

Venture capital and private equity financing has become an important mechanism for the development and radical transformation of companies worldwide in recent decades. Nevertheless, the venture capital and private equity sector covers only a relatively small proportion of economic activity...

Persistent link: https://www.econbiz.de/10012604922

Kill Zones? Effects of Big Tech Start-up Acquisitions on Innovation

Prado, Tiago S. - 2021

research has found a strong positive, causal relationship between VC investment and innovation. Using this insight, we can …

Persistent link: https://www.econbiz.de/10012606325

The relationship between investment and internal cash flows in VC-backed SMEs: Does firm size matter?

Serrasqueiro, Zélia; Sardo, Filipe; Félix, Elisabete … - In: The Journal of Entrepreneurial Finance (JEF) 21 (2019) 1, pp. 38-56

analyze the relationship between investment and internal cash flows. The results indicate that the investment sensitivity to … VC-backed SME investment. The moderation effect of VC ownership reduces the magnitudes of the positive impact of cash … flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC …

Persistent link: https://www.econbiz.de/10013366708

Do investors overvalue startups? Evidence from the junior stakes of mutual funds

Agarwal, Vikas; Barber, Brad M.; Cheng, Si; Hameed, … - 2023

We show that mutual funds report their junior stakes in startups at 43% higher valuation than model fair values that consider multi-tier capital structures of startups. The latest-issued and most senior security is worth 48% per share than junior securities held by mutual funds, implying that...

Persistent link: https://www.econbiz.de/10014340142

Which investors’ characteristics are beneficial for initial coin offerings? Evidence from blockchain technology-based firms

Hackober, Christian; Bock, Carolin - In: Journal of Business Economics 91 (2021) 8, pp. 1085-1124

Initial coin offerings have recently become one of the most important funding resources for ventures in the blockchain area. However, often ventures do not rely solely on initial coin offerings as funding source but receive also investments from more established investors prior or during their...

Persistent link: https://www.econbiz.de/10014501482

Conditional Allocation of Control Rights in Venture Capital Finance

Gebhardt, Georg; Schmidt, Klaus M. - 2006

When a young entrepreneurial firm matures, it is often necessary to replace the founding entrepreneur by a professional manager. This replacement decision can be affected by the private benefits of control enjoyed by the entrepreneur which gives rise to a conflict of interest between the...

Persistent link: https://www.econbiz.de/10010427443

Venture capital, double-sided adverse selection, and double-sided moral hazard

Houben, Eike - 2002

The paper offers a new explanation for the widely observed use of redeemable and convertible preferred stock in venture capital finance. Redeemable and convertible preferred stocks can be used to endogenously allocate cash flow and control rights as a function of the state of nature, the...

Persistent link: https://www.econbiz.de/10011282329

Is the Behavior of German Venture Capitalists Different? Evidence from the Neuer Mark

Tykvová, Tereza - 2003

discrepancy in the investment and divestment strategies may be explained by the grandstanding phenomenon, the value … usually finance firms in a later stage, carry through fewer investment rounds and take their portfolio firms public earlier …

Persistent link: https://www.econbiz.de/10010311976

Underpricing of venture-backed and non venture-backed IPOs: Germany's Neuer Markt

Franzke, Stefanie A. - 2003

This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany's Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance...

Persistent link: https://www.econbiz.de/10010317404

Financial signaling by innovative nascent entrepreneurs

Audretsch, David B.; Bönte, Werner; Mahagaonkar, Prashanth - 2009

External finance is central for nascent entrepreneurs, people in the process of starting new ventures. We argue that nascent entrepreneurs use patents and prototypes in order to signal their ability to appropriate the returns from their innovation as well as the project’s feasibility. Our...

Persistent link: https://www.econbiz.de/10003836942