کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5088124 | 1478302 | 2016 | 52 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Investment risk allocation and the venture capital exit market: Evidence from early stage investing
ترجمه فارسی عنوان
تخصیص ریسک سرمایه گذاری و بازار خروج سرمایه گذاری: شواهد از سرمایه گذاری در اوایل مرحله
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This study provides evidence on how venture capitalists' (VCs') allocations of capital to riskier investments, as measured by the proportion of early versus late-stage investment in an industry, are linked to exit market conditions. Prior research has primarily focused on how VCs adjust aggregate investment to public equity market conditions. We develop a more inclusive measure of exit market conditions that accounts for recent secular changes that have affected the industry return structure, specifically, the sharp rise in the number of failures and M&A relative to IPO exits. We show that the dollars gained relative to dollars lost in recent exits and failures are significantly positively related to VCs' allocations to early-stage companies over the period 1990-2008. The changes in allocations are large enough to have an effect on the availability of funding for early stage companies. In sum, our evidence shows that exit market conditions have a significant and economically meaningful influence on VCs' allocations to riskier investments.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 73, December 2016, Pages 38-54
Journal: Journal of Banking & Finance - Volume 73, December 2016, Pages 38-54
نویسندگان
Susan Chaplinsky, Swasti Gupta-Mukherjee,