Birds of a Feather or Celebrating Differences? The Formation and Impact of Venture Capital Syndication PDF Download
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Author: Qianqian Du Publisher: ISBN: Category : Languages : en Pages : 54
Book Description
This paper examines venture capitalists' preferences for syndication partners. Do venture capital firms prefer partners that are similar to or different from them? How do venture capitalists' preferences for partners affect the performance of the syndicated investments? Will the choice of syndication partners have any impact on the venture capital firms themselves? Heterogeneity among syndication partners may increase transaction costs, but offers syndication partners valuable learning opportunities in the long run, suggesting a tradeoff between the short-term costs versus long-term benefits. Using data on U.S. venture capital investments, this paper shows that venture capital firms are less likely to syndicate with partners who are different from them. The preferences for syndication partners, however, have different implications for the portfolio companies and the venture capital firms. Companies funded by heterogeneous syndicates are less likely to go public or be acquired by other companies. However, venture capital firms that co-invest with more heterogeneous partners are more likely to survive. The paper develops a new method for empirically examining the formation of syndication among multiple firms. It also addresses issues of endogeneity.
Author: Qianqian Du Publisher: ISBN: Category : Languages : en Pages : 54
Book Description
This paper examines venture capitalists' preferences for syndication partners. Do venture capital firms prefer partners that are similar to or different from them? How do venture capitalists' preferences for partners affect the performance of the syndicated investments? Will the choice of syndication partners have any impact on the venture capital firms themselves? Heterogeneity among syndication partners may increase transaction costs, but offers syndication partners valuable learning opportunities in the long run, suggesting a tradeoff between the short-term costs versus long-term benefits. Using data on U.S. venture capital investments, this paper shows that venture capital firms are less likely to syndicate with partners who are different from them. The preferences for syndication partners, however, have different implications for the portfolio companies and the venture capital firms. Companies funded by heterogeneous syndicates are less likely to go public or be acquired by other companies. However, venture capital firms that co-invest with more heterogeneous partners are more likely to survive. The paper develops a new method for empirically examining the formation of syndication among multiple firms. It also addresses issues of endogeneity.
Author: Douglas Cumming Publisher: OUP USA ISBN: 0195391594 Category : Business & Economics Languages : en Pages : 1052
Book Description
This handbook provides a comprehensive picture of the issues dealing with the structure, governance, and performance of venture capital. The book comprises contributions from 55 authors currently cased in 12 different countries.
Author: Jeffrey J. Reuer Publisher: Oxford University Press ISBN: 0190683678 Category : Business & Economics Languages : en Pages : 752
Book Description
Organizational collaboration has played an important role in the field of strategic management in recent decades, including influential works on joint ventures, networks, and social capital. Likewise, the field of entrepreneurship has long recognized the value of collaboration, since young ventures often don't have the latitude to own or control all of the resources they need. Rather, the conditions of uncertainty and resource scarcity inherent in entrepreneurship push these ventures to creatively access resources, often through partnerships and collaborations that vary in formality. Though the importance of collaboration to entrepreneurship might seem apparent, research on it is distributed across multiple contexts, theoretical perspectives, and units of analysis. The Oxford Handbook of Entrepreneurship and Collaboration is a comprehensive volume that addresses the most important topics related to collaboration and connects them to unique challenges and opportunities related to entrepreneurship. Bringing together leading scholars from both areas, the volume takes stock of the current literature and aims to advance this body of research by highlighting the role that collaboration plays in value creation, resource acquisition, and the development of entrepreneurial ventures.
Author: George M. Constantinides Publisher: Newnes ISBN: 0444594655 Category : Business & Economics Languages : en Pages : 1732
Book Description
This two-volume set of 23 articles authoritatively describes recent scholarship in corporate finance and asset pricing. Volume 1 concentrates on corporate finance, encompassing topics such as financial innovation and securitization, dynamic security design, and family firms. Volume 2 focuses on asset pricing with articles on market liquidity, credit derivatives, and asset pricing theory, among others. Both volumes present scholarship about the 2008 financial crisis in contexts that highlight both continuity and divergence in research. For those who seek insightful perspectives and important details, they demonstrate how corporate finance studies have interpreted recent events and incorporated their lessons. Covers core and newly-developing fields Explains how the 2008 financial crises affected theoretical and empirical research Exposes readers to a wide range of subjects described and analyzed by the best scholars
Author: Adilson Luiz Pinto Publisher: Springer Nature ISBN: 3031223241 Category : Computers Languages : en Pages : 282
Book Description
This book constitutes the refereed post-conference proceedings of the Third EAI International Conference on Data and Information in Online Environments, DIONE 2022, held as virtual event, in July 28-29, 2022. Due to COVID-19 pandemic the conference was held virtually. DIONE 2022 aims to bring together academicians and practitioners willing to discuss topics around the intersection of Computer Science, Information Science, and Communication Science. The attractiveness of the scope and topics has brought relevant research results. This proceeding consists of chapters covering deep learning, data management, software design, social networks, natural language processing, and data processing in various contexts like scholarly publishing, health and medicine, higher education, innovation and research, energy and transportation, and organizations. The 18 full papers and 2 short papers were carefully reviewed and selected from 56 submissions. The papers are grouped in thematic sessions as follows: Informational challenges for the study of Science, Technology and Society relationships; and Advances in Artificial Intelligence for data processing and analysis in online social environments.
Author: Na Dai Publisher: ISBN: Category : Languages : en Pages : 59
Book Description
We examine cross-border syndication in investments led by foreign venture capitalists (VCs) focusing on the potential correlation between cultural differences and the formation of VC syndicates. Contrary to the risk-sharing motive, we find that a greater cultural disparity between the countries of investors and their companies is actually associated with smaller VC syndicates. This is driven largely by lesser local investor representation in foreign VC led syndicates. However, certain cultural disparity related syndication strategies, such as the involvement of locally-experienced foreign VCs or syndicate members from culturally similar countries, are associated with greater presence of local VCs who provide valuable monitoring services. We further show that these culture linked syndication approaches are significantly correlated with VC financing and monitoring strategies in cross-border investments and their eventual success.
Author: Publisher: ISBN: Category : Languages : en Pages :
Book Description
The first chapter of my dissertation examines the preferences of venture capitalists for syndication partners. Heterogeneity among syndication partners may cause efficiency loss and increase transaction costs but offer syndication partners valuable learning opportunities in the long run, suggesting a tradeoff between the short-term costs versus long-term benefits. Using data on U.S. venture capital investments, I find that venture capital firms are less likely to syndicate with partners who are different from them. The preferences for syndication partners, however, have different implications for the portfolio companies and the venture capital firms. Companies funded by heterogeneous syndicates are less likely to go public or get acquired by other companies. However, venture capital firms that co-invest with more heterogeneous partners are more likely to survive. This paper develops a new method for empirically examining the formation of syndication among multiple firms. It also addresses issues of endogeneity. In the second chapter, we develop an economic framework which articulates the impact of the quality of legal protection offered to investors on the incentives of start-up founders to recruit partners or opt for sole ownership. The theoretical analysis predicts that a positive relationship is likely to exist between the quality of the legal system and ownership concentration of start-ups. This prediction is supported by the data obtained from the Adult Population Survey of the Global Entrepreneurship Monitor project between 2001 and 2004. The third chapter finds that the number of CEOs born in summer is disproportionately small, and firms with summer born CEOs have higher market valuation. Our evidence is consistent with the "relative-age effect" due to school admissions grouping together children with age differences up to one year, with summer-born children disadvantaged throughout life by being younger than non-summer-born classmates. Those younger children.
Author: Douglas Cumming Publisher: Oxford University Press ISBN: 0199942617 Category : Business & Economics Languages : en Pages : 1126
Book Description
Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routes are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs often exit their investments by secondary sales, wherein the entrepreneur retains his or her share but the VC sells to another company or investor buybacks, where the entrepreneur repurchases the VC`s interest and write-offs (liquidations). The Oxford Handbook of Venture Capital provides a comprehensive picture of all the issues dealing with the structure, governance, and performance of venture capital from a global perspective. The handbook comprises contributions from 55 authors currently based in 12 different countries.
Author: Qianqian Du
Author: Qianqian Du
Author: Douglas Cumming
Author: Jeffrey J. Reuer
Author: George M. Constantinides
Author: Adilson Luiz Pinto
Author: Na Dai
Author: Academy of Management
Author: 
Author: Yat Wan Yeung
Author: Douglas Cumming