Reputation of a venture capitalist (VC) is based on experience, expertise and past performance. We investigate the relation between VC reputation measures and both the probability of future IPOs and their long-run performance. We measure long-run firm performance following three widely used approaches, namely industry-adjusted operating performance, market-to-book ratio, and long-run listing su...

This study investigates the predictability of firm values for venture capital-backed firms. Having insights into the internal documents of more than 300 venture capitalists, we derive three common categories of firm value drivers: team characteristics, firm and market characteristics, and accounting information. Based on these value drivers, we provide a regression based valuation approach, whi...

Although recent data on electronic commerce (e-commerce) shows vital growth, the role of electronic money in e-commerce is still unclear. Critical success factors for electronic money found in the literature are briefly summarized with special focus on gold-backed forms of Internet-based payment systems. It is shown that the gold standard can be implemented as a currency regime not only for phy...

1. Across the vast boreal forests of North America, no population cycles in Clethrionomys species occur. In Eurasia, by contrast, some Clethrionomys populations of the same species undergo regular 3-5-year cycles. We examined the effects of nutrients, food, competitors, predators and climate on population limitation in the northern red-backed vole (Clethrionomys rutilus Pallas) in the south-wes...

Using Japanese firms that went public during the period 1998-2006, we find that independent venture capitalist-backed IPO firms are significantly younger and smaller than IPO companies backed by venture capital firms that are subsidiaries of financial institutions. Independent venture capitalists tend to make firms go public on stock exchanges with less strict listing requirements. Importantly,...