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The IPO as an Exit Strategy for Venture Capitalists : Regional Lessons from Canada with International Comparisons
Cumming, Douglas J. - 2014
focus on investment activity at the local level with reference to data from Canada and the U.S. We provide statistics which … to Canada and Ontario. We consider the VC market in Ontario, Canada, and abroad, drawing on extensive data from the …
Persistent link: https://www.econbiz.de/10013064832
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A Drop in an Empty Pond : Canadian Public Policy towards Venture Capital
Cumming, Douglas J. - 2016
This paper presents evidence about the shortfall of venture capital in Canada relative to comparable regions in the … United States, despite massive government spending on governmental venture capital programs in Canada. The Government of … Canada committed $500 million towards venture capital in 2013 through the Venture Capital Action Plan. The Government of …
Persistent link: https://www.econbiz.de/10012979832
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Post-Investment Migration of Canadian Venture Capital-Backed New Technology-Based Firms
Carpentier, Cécile - 2014
Numerous innovative Canadian new technology-based firms migrate abroad when local venture capitalists exit. This article aims to determine how common this type of exit is, and to understand the motivations behind and the consequences of these migrations. We use a mixed-methodology approach,...
Persistent link: https://www.econbiz.de/10013053107
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Information Asymmetries, Agency Costs and Venture Capital Exit Outcomes
Cumming, Douglas J.; Johan, Sofia - 2008
exits in Canada for the years 1991 to 2004. The data provide strong support for the conjecture that the ability to mitigate …
Persistent link: https://www.econbiz.de/10014214816
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Agency Costs, Institutions, Learning and Taxation in Venture Capital Contracting
Cumming, Douglas J. - 2004
This paper introduces a dataset on forms of finance used in 12,363 Canadian and US venture capital and private equity financings of Canadian entrepreneurial firms from 1991 to 2003. The data comprise different types of venture capital institutions, including corporate, limited partnership,...
Persistent link: https://www.econbiz.de/10014068773
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Financing technology-based small firms in Europe : a review of the empirical evidence
Revest, Valérie; Sapio, Sandro - 2009
This paper reviews the evidence on financing technology-based small firms (TBSFs) in Europe. The main findings in the literature are the 1) European TBSF's finance new investments by relying primarily on internal funds, due to capital market failures induced by asymmetric information; 2)...
Persistent link: https://www.econbiz.de/10008729547
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Reforming UK Venture Capital Trusts
Hayley, Simon - 2019
The VCT scheme offers large tax breaks (worth around 38.4% of the amount subscribed) to encourage UK taxpayers to invest in start-up companies. Taking account of deadweight and other effects, the scheme currently costs close to £1 in tax subsidies per additional £1 invested in eligible venture...
Persistent link: https://www.econbiz.de/10012902672
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Interim Fund Performance and Fundraising in Private Equity
Barber, Brad M. - 2018
General partners (GPs) in private equity (PE) report the performance of an existing fund while raising capital for a follow-on fund. Interim performance has large effects on fundraising outcomes; the impact is greatest when backed by exits and for low reputation GPs. Faced with these incentives,...
Persistent link: https://www.econbiz.de/10012938210
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Venture Capital Trusts and the Expiration of IPO Lockup Provisions
Yang, Tianna - 2016
Venture capital trusts (VCTs) were introduced to provide private equity capital for small expanding companies and to promote innovation. Investors in IPOs are rewarded with tax relief on the cost of lock-up provisions to stabilise the market. This paper examines the market reaction and trading...
Persistent link: https://www.econbiz.de/10013005727
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Assessing the Impact of Public Venture Capital Programs in the United Kingdom : Do Regional Characteristics Matter?
Munari, Federico - 2010
Over the last two decades, many governments around the world have implemented programs to mobilize venture capital (VC …
Persistent link: https://www.econbiz.de/10013148787