کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5094033 1376160 2007 27 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The size of venture capital and private equity fund portfolios
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
The size of venture capital and private equity fund portfolios
چکیده انگلیسی
We propose a model that examines the optimal size of venture capital and private equity fund portfolios. The relationship between a VC and entrepreneurs is characterized by double-sided moral hazard, which causes the VC to trade off larger portfolios against lower values of portfolio companies. We analyze the structural relations between the VC's optimal portfolio structure and entrepreneurs' and VC's productivities, their disutilities of effort, the value of a successful project, and the required initial investment in a venture. We also test the model's predictions using a small proprietary dataset collected through a survey targeted to VC and private equity funds worldwide.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 13, Issue 4, September 2007, Pages 564-590
نویسندگان
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