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Author: Jaeho Lee Publisher: Routledge ISBN: 1351666843 Category : Business & Economics Languages : en Pages : 302
Book Description
This book provides an analysis of the impact on underpricing and long-term performance of venture capital in IPOs, and of the ownership characteristics of venture capital companies. It investigates the performance of IPOs in Korea during the dot-com bubble-and-bust period. The book looks at venture capital firms and their participation, their reputation, and conflicts of interests, particularly in the context of the development of a new secondary stock market in an emerging market and these factors affect the pricing and performance effects of IPO firms. This book is a useful reference to those interested in promoting an active KOSDAQ type of stock market, and understanding how venture capitalists and their institutional affiliation may reduce information asymmetry and add value of IPO firms.
Author: Jaeho Lee Publisher: Routledge ISBN: 1351666843 Category : Business & Economics Languages : en Pages : 302
Book Description
This book provides an analysis of the impact on underpricing and long-term performance of venture capital in IPOs, and of the ownership characteristics of venture capital companies. It investigates the performance of IPOs in Korea during the dot-com bubble-and-bust period. The book looks at venture capital firms and their participation, their reputation, and conflicts of interests, particularly in the context of the development of a new secondary stock market in an emerging market and these factors affect the pricing and performance effects of IPO firms. This book is a useful reference to those interested in promoting an active KOSDAQ type of stock market, and understanding how venture capitalists and their institutional affiliation may reduce information asymmetry and add value of IPO firms.
Author: Jaeho Lee Publisher: Routledge ISBN: 1351666851 Category : Business & Economics Languages : en Pages : 236
Book Description
This book provides an analysis of the impact on underpricing and long-term performance of venture capital in IPOs, and of the ownership characteristics of venture capital companies. It investigates the performance of IPOs in Korea during the dot-com bubble-and-bust period. The book looks at venture capital firms and their participation, their reputation, and conflicts of interests, particularly in the context of the development of a new secondary stock market in an emerging market and these factors affect the pricing and performance effects of IPO firms. This book is a useful reference to those interested in promoting an active KOSDAQ type of stock market, and understanding how venture capitalists and their institutional affiliation may reduce information asymmetry and add value of IPO firms.
Author: Phillip Ryan Publisher: The Rosen Publishing Group, Inc ISBN: 1448867959 Category : Juvenile Nonfiction Languages : en Pages : 82
Book Description
Explanations to the inner workings of one of the least understood, but arguably most important, areas of business finance is offered to readers in this engaging volume: venture capital. Venture capitalists provide necessary investment to seed (or startup) companies, but the startup is only the beginning, there is much more to be explored. These savvy investors help guide young entrepreneurs, who likely have little experience, to turn their businesses into the Googles, Facebooks, and Groupons of the world. This book explains the often-complex methods venture capitalists use to value companies and to get the most return on their investments, or ROI. This book is a must-have for any reader interested in the business world.
Author: Tim Loughran Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
The aggregate amount of venture capital investments in non-publicly traded firms since 1980 is more than $390 billion. We test two economic hypotheses on the connection between venture capital investment and subsequent firm performance. We find that lagged VC investments scaled by industry assets are negatively related to subsequent firm stock returns after adjusting for other factors. However, not all firms are equally impacted. We find that financially constrained firms suffer the most when new VC money pours into an industry. Firms receiving VC money are active in patent creation which appears to increase innovation pressures on established companies. It appears that the market is slow to incorporate the information contained in the venture capital investments.
Author: KEITH. ARUNDALE Publisher: Routledge ISBN: 9781032084794 Category : Investments Languages : en Pages : 252
Book Description
European venture capital (VC) funds have historically underperformed their US counterparts. This has resulted in reduced investment into European VC by the traditional institutional investors. This book investigates the factors that give rise to the performance difference. It is based on the author's research at the Adam Smith Business School, University of Glasgow which involved a qualitative study of some 64 VC firms in the UK, continental Europe and the US, supplemented by 40 interviews with other stakeholders, including limited partner investors, corporate venturers, entrepreneurs and advisors. Readers will gain an in-depth understanding of the various structural, operational and wider environmental factors that impact on the performance difference between UK/European and US VC funds. The study is unique in that it provides, for the first time, a holistic and extensive analysis of the entire investment process from sourcing deals to exiting deals specifically contrasting Europe and the US in terms of the variables pertaining to the investment process and the impact on the fund performance. Factors impacting on the performance differential are structural, resulting from characteristics of the funds themselves, operational such as the investment practices of the VC firms which manage the funds and environmental such as culture and attitude to risk and the wider ecosystem in which the funds operate. These factors are set out clearly for the reader. The characteristics of the better performing funds in Europe and the US are also investigated. The book is aimed at academics who are researching venture capital fund performance and investment practices and also at practitioners, advisors and policymakers who want to learn about best VC investment practices. Whilst the book is focused on European and US VC investing, the best practices are also pertinent for VC firms and funds setting up in other geographies, particularly in emerging markets. To this end, best practice guidelines based on the research are included.
Author: Zhao Yuan Jun Publisher: ISBN: Category : Languages : en Pages : 12
Book Description
Venture capital (VC) has been playing an increasingly important role in the growth of early-stage companies around the globe. In addition to providing equity financing, venture capitalists also involve heavily in the management of investee companies and provide a number of value-added services. However, Gompers (1996) notes that VCs have strong incentives to grandstand by taking investee firms public prematurely in order to exit and realize investment returns early. Hence, the net impact of VC involvement on firm performance remains unclear. Using a sample of companies listed on the Shenzhen small and medium-sized enterprises (SMEs) board between 2004 and 2012, this paper examines the impact of VC on the short-term and long-term firm performance in emerging markets, particularly China. Empirical results show that compared with non-VC backed firms, VC backed firms are generally younger and smaller at the time of their initial public offering (IPO), as well as exhibit greater IPO underpricing. Moreover, although VC and non-VC backed firms do not exhibit differential performance during the lockup period, the former experience significantly greater decline in accounting performance as well as poorer stock return after the expiration of the lockup period. Additional analyses show that the level of underpricing and decline in firm performance are negatively associated with the age of VC firms. These results provide empirical evidence in accordance with Gompers (1996) grandstanding hypothesis, suggesting that VC firms in China have strong incentives to take firms public prematurely in order to exit and realize investment returns early. This strategic behavior in turn has a negative impact on the long-term performance and well-being of investee companies. We further partition the subsample of VC-backed firms into those backed by stateowned VC firms and those backed by non- stateowned VC firms. Empirical evidence shows that companies invested by non-stateowned VC firms tend to underperform those backed by stateowned VC firms, suggesting that stateowned VC firms have less incentive to grandstand.
Author: Jennifer Maye Walske Publisher: ISBN: Category : Languages : en Pages : 332
Book Description
Abstract: The focus of this dissertation is on the nascent venture capital firm (VCF), asking which firm characteristics and environmental variables are associated with initial VCF success. While there has been considerable research assessing the structure of VCFs, the role, duties and compensation of venture capitalists (VCs), and how VCs make investment decisions, most research focuses on the behavior of long established VCFs. In contrast, there is a dearth of published research on nascent VCFs, even though the number of new VCFs has grown 10 percent, year-over-year (YOY), between 1980 and 2005. Prior research has noted that VCFs have two key objectives. The first is raising capital from a pool of potential investors. The second is investing this capital, such that it earns an appropriate return. This ordering is especially important for the nascent VCF. This dissertation assesses the resources and strategies that best enable the nascent VCF to accomplish both of these important objectives. The second chapter of this dissertation identifies which founding conditions are most correlated with nascent VCF fundraising success. Independent variables include the founders' human capital and the initial investment strategies chosen. The third chapter of this dissertation uses the same set of independent variables to assess early investment performance in the VCF's first fund. The fourth chapter of the dissertation then explores VCF syndication strategies, and asks how these strategies may differ based on the age, size and status of the VCF. The fifth chapter discusses themes and findings across chapter two through four.
Author: Maik Kleinschmidt Publisher: Springer Science & Business Media ISBN: 3835095498 Category : Business & Economics Languages : en Pages : 310
Book Description
Maik Kleinschmidt explores the determinants of venture capitalists’ influence as well as their impact on the corporate governance of portfolio companies and analyses the influence of corporate governance on the companies’ firm value. His findings support the hypothesis that venture capitalists improve the corporate governance of their portfolio companies and that their abilities determine their impact. Moreover, they show the positive impact of good corporate governance on some measures for firm value.
Author: Jaeho Lee
Author: Jaeho Lee
Author: Jaeho Lee
Author: Richard Charles Thompson
Author: Phillip Ryan
Author: Tim Loughran
Author: KEITH. ARUNDALE
Author: Joseph Michael Harris
Author: Zhao Yuan Jun
Author: Jennifer Maye Walske
Author: Maik Kleinschmidt