Informational Holdup and Performance Persistence in Venture Capital
نویسندگان
چکیده
منابع مشابه
Informational Holdup and Performance Persistence in Venture Capital
Why don’t VCs eliminate excess demand for follow-on funds by raising fees? We propose a model of learning that leads to informational holdup. Current investors learn about skill whereas outside investors observe only returns. This gives current investors holdup power when the VC raises his next fund: Without their backing, no-one will fund him, as outside investors interpret the lack of backing...
متن کاملVenture Capital Networks and Investment Performance in China
We investigate the relationship between venture capital (VC) networks and investment performance in China. Distinct features of China’s VC networks are captured in our econometric model through the inclusion of an index of network stability and a dummy variable that indicates a VC firm’s connections with the Chinese state. Our econometric analysis shows that a VC firm’s position in its network,...
متن کاملVenture capital and internationalization
Cross-border investments represent a substantial share of venture capital activities. We use a new and comprehensive dataset on worldwide investments to analyze the internationalization of venture capital financing. Our results from the perspectives of (i) venture capitalists, (ii) portfolio companies, (iii) portfolio companies’ countries and (iv) pairs of venture capitalists’ and portfolio com...
متن کاملInnovations and Venture Capital
This paper develops a theory why innovation often takes place in new rms that depend overproportionally on external nance usually supplied by specialist intermediaries called venture capitalists. It is argued that innovative projects are characterized by two features: uncertainty that is resolved through a learning by doing process and private bene ts for the entrepreneur from running the proje...
متن کاملCorporate Venture Capital and
In this paper, we focus on the potential innovation benefits to corporate venture capital, i.e. equity investments in entrepreneurial ventures by incumbent firms. In particular, we ask do firms that invest corporate venture capital learn about and appropriate new technologies and practices from those ventures they invest. Our investigation builds on two theoretical pillars. First, incumbent fir...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 2013
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/hht046