کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
986584 1480888 2015 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions
ترجمه فارسی عنوان
باید بمانم یا باید بروم؟ چگونه پویایی بودجه تصمیم گیری خروج سرمایه سرمایه گذاری را تحت تاثیر قرار می دهد
کلمات کلیدی
سرمایه گذاری؛ خروج. شریک کلی؛ شریک محدود
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی

We investigate the determinants of venture capital (VC) exit behavior after the lockup expiry in initial public offerings (IPOs) by considering insights from prospect theory and behavioral finance for the first time. Hereby, the paper concentrates on the under-researched relationship between fund managers and the limited partners investing in these funds. The results from a proprietary dataset of 292 U.S. VC-backed IPOs from 1991 to 2008 imply that VC firm characteristics and fund dynamics have a significant influence on the exit extent after the lockup expiry and may not always be in line with limited partners' interests, hinting at the relevance of behavior grounded in prospect theory. In particular, first-time funds keep their shares longer after an IPO, whereas funds satisfied with current fund performance cash out soon after the end of the lockup period.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Financial Economics - Volume 27, November 2015, Pages 68–82
نویسندگان
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