Download or read book Essays in Venture Capital Reputation and Learning written by Farzad Pourbabaee and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In chapter 1, I study the experimentation dynamics of a decision maker (DM) in a two-armed bandit setup ([5]), where the agent holds ambiguous beliefs regarding the distribution of the return process of one arm and is certain about the other one. The DM entertains Multiplier preferences a la [27], thus I frame the decision making environment as a two player differential game against nature in continuous time. I characterize the DM's value function and her optimal experimentation strategy that turns out to follow a cut-off rule with respect to her belief process. The belief threshold for exploring the ambiguous arm is found in closed form and is shown to be increasing with respect to the ambiguity aversion index. I then study the effect of provision of an unambiguous information source about the ambiguous arm. Interestingly, I show that the exploration threshold rises unambiguously as a result of this new information source, thereby leading to more conservatism. This analysis also sheds light on the efficient time to reach for an expert opinion. The results of this chapter has been recently published in [61].In chapter 2, I introduce a dynamic model of random search where ex ante heterogeneous venture capitalists (investors) with unknown abilities match with a variety of startups (projects). There is incomplete yet symmetric information about investors' types, whereas the projects' types are publicly observable to all investors. In the unique stationary equilibrium, the matching sets, value functions and steady state distributions are endogenously determined. Interpreting the market posterior belief about the venture capitalists' ability as their reputation, I study the outcomes of the economy when the success or failure of the projects create feedback effects: innovation spillovers and reputational externalities. When there are positive spillovers from successful early stage projects to late stage business opportunities, I show increased levels of search frictions could save the market from breakdown caused by the neglect of spillover effect. When the reputational externality is at play, namely when the deal flow of each investor is inversely impacted by the distribution of other investors' reputation, I show the proportion of the high ability inactive investors is inefficiently high, and the projects suffer from early termination.

Download or read book VC written by Tom Nicholas and published by Harvard University Press. This book was released on 2019-06-03 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: From nineteenth-century whaling to a multitude of firms pursuing entrepreneurial finance today, venture finance reflects a deep-seated tradition in the deployment of risk capital in the United States. Tom Nicholas’s history of the venture capital industry offers a roller coaster ride through America’s ongoing pursuit of financial gain.

Download or read book Essays on Venture Capital written by Rajarishi Basantraj Nahata and published by . This book was released on 2004 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three essays on venture capital contracting written by Ibolya Schindele and published by Rozenberg Publishers. This book was released on 2005 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Venture Capital written by Laura Lindsey and published by . This book was released on 2004 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Venture Capital written by Timothy Dore and published by . This book was released on 2012 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: I find that the returns of the recent IPOs of a venture capitalist (VC) strong predictly subsequent fundraising and investment activity by the VC. I use this finding to study two topics.

Download or read book Essays in Corporate Venture Capital written by Vladimir Ivanov Ivanov and published by . This book was released on 2004 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Venture Capital Entrepreneurship and Managerial Success written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The first chapter of my dissertation examines the preferences of venture capitalists for syndication partners. Heterogeneity among syndication partners may cause efficiency loss and increase transaction costs but offer syndication partners valuable learning opportunities in the long run, suggesting a tradeoff between the short-term costs versus long-term benefits. Using data on U.S. venture capital investments, I find that venture capital firms are less likely to syndicate with partners who are different from them. The preferences for syndication partners, however, have different implications for the portfolio companies and the venture capital firms. Companies funded by heterogeneous syndicates are less likely to go public or get acquired by other companies. However, venture capital firms that co-invest with more heterogeneous partners are more likely to survive. This paper develops a new method for empirically examining the formation of syndication among multiple firms. It also addresses issues of endogeneity. In the second chapter, we develop an economic framework which articulates the impact of the quality of legal protection offered to investors on the incentives of start-up founders to recruit partners or opt for sole ownership. The theoretical analysis predicts that a positive relationship is likely to exist between the quality of the legal system and ownership concentration of start-ups. This prediction is supported by the data obtained from the Adult Population Survey of the Global Entrepreneurship Monitor project between 2001 and 2004. The third chapter finds that the number of CEOs born in summer is disproportionately small, and firms with summer born CEOs have higher market valuation. Our evidence is consistent with the "relative-age effect" due to school admissions grouping together children with age differences up to one year, with summer-born children disadvantaged throughout life by being younger than non-summer-born classmates. Those younger children.

Download or read book Three Essays on Venture Capital Post IPO Involvement written by Anup Basnet and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even though the VC literature acknowledges that VCs do not completely exit at the IPO and frequently stay invested long after an IPO, little attention has been paid towards how VCs exit post-IPO and how their exits affect the governance of their portfolio companies (PCs). We use a unique hand-collected VC ownership dataset derived from various SEC filings and examine VC exit patterns and how they relate to both the performance of their portfolio companies and to external governance mechanisms (e.g., litigation). In the first essay, we examine how the ownership stakes of lead VCs evolve after their PCs are publicly listed. Lead VCs retain their holdings, on average, for three years post-IPO, and their primary exit mechanisms include share distributions (SDs), continuous sales in the open market (C Sales), and mergers and acquisitions (M&As). We find that the VC investment period before the IPO, the PC age before the IPO, and the percentage change in the post-IPO stock price all incentivize earlier VC exits and drive the choice of exit mechanism. Our results suggest that lead VCs remain invested longer when PCs are of better quality, when lead VCs have more experience in taking companies public, and when lead VCs hold positions in the companies' compensation committees. In the second essay, we study whether VCs act opportunistically by exiting their PCs via an unfavorable merger. Employing a sample of 697 M&A offers for VC-backed IPO companies from 1996 to 2018, we find that takeover bids that occur in the presence of lead VCs command a higher initial premium and are less likely to be legally contested compared to bids for companies from which the lead VC has already exited. In addition, these companies enjoy higher stock price returns in response to the M&A announcement and muted price declines around the litigation date. We also document the importance of several lead VC characteristics in determining their portfolio companies' litigation risk. In the third essay, we examine the influence of VCs' need to exit on post-IPO M&A activity. Using a sample of US VC-backed IPO companies from 1996 to 2014, we show that the presence of a lead VC indeed increases the probability of a portfolio company receiving a post-IPO takeover bid. However, to facilitate the merger, they do not influence the PC's management to avoid anti-takeover provisions. M&As that happen in the presence of lead VCs are completed faster and benefit the target shareholders by providing a higher takeover premium. Besides, acquirers of lead VC present companies do not suffer in terms of short or long-term market value.

Download or read book Venture Capital written by Mike Wright and published by Routledge. This book was released on 2022-03-24 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Library of Management is a comprehensive core reference series comprised of the most significant and influential articles by the leading authorities in the management studies field. The collections of essays is both international and interdisciplinary in scope and provides and entry point for investigating the myriad of study within the discipline.

Download or read book Hackers Painters written by Paul Graham and published by "O'Reilly Media, Inc.". This book was released on 2004-05-18 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author examines issues such as the rightness of web-based applications, the programming language renaissance, spam filtering, the Open Source Movement, Internet startups and more. He also tells important stories about the kinds of people behind technical innovations, revealing their character and their craft.

Download or read book Essays on Venture Capital Investment written by Marcos A. Mollica and published by . This book was released on 2006 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Why Startups Fail written by Tom Eisenmann and published by Currency. This book was released on 2021-03-30 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: If you want your startup to succeed, you need to understand why startups fail. “Whether you’re a first-time founder or looking to bring innovation into a corporate environment, Why Startups Fail is essential reading.”—Eric Ries, founder and CEO, LTSE, and New York Times bestselling author of The Lean Startup and The Startup Way Why do startups fail? That question caught Harvard Business School professor Tom Eisenmann by surprise when he realized he couldn’t answer it. So he launched a multiyear research project to find out. In Why Startups Fail, Eisenmann reveals his findings: six distinct patterns that account for the vast majority of startup failures. • Bad Bedfellows. Startup success is thought to rest largely on the founder’s talents and instincts. But the wrong team, investors, or partners can sink a venture just as quickly. • False Starts. In following the oft-cited advice to “fail fast” and to “launch before you’re ready,” founders risk wasting time and capital on the wrong solutions. • False Promises. Success with early adopters can be misleading and give founders unwarranted confidence to expand. • Speed Traps. Despite the pressure to “get big fast,” hypergrowth can spell disaster for even the most promising ventures. • Help Wanted. Rapidly scaling startups need lots of capital and talent, but they can make mistakes that leave them suddenly in short supply of both. • Cascading Miracles. Silicon Valley exhorts entrepreneurs to dream big. But the bigger the vision, the more things that can go wrong. Drawing on fascinating stories of ventures that failed to fulfill their early promise—from a home-furnishings retailer to a concierge dog-walking service, from a dating app to the inventor of a sophisticated social robot, from a fashion brand to a startup deploying a vast network of charging stations for electric vehicles—Eisenmann offers frameworks for detecting when a venture is vulnerable to these patterns, along with a wealth of strategies and tactics for avoiding them. A must-read for founders at any stage of their entrepreneurial journey, Why Startups Fail is not merely a guide to preventing failure but also a roadmap charting the path to startup success.

Download or read book The Oxford Handbook of Corporate Reputation written by Michael L. Barnett and published by OUP Oxford. This book was released on 2012-07-19 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: What does it mean to have a "good" or "bad" reputation? How does it create or destroy value, or shape chances to pursue particular opportunities? Where do reputations come from? How do we measure them? How do we build and manage them? Over the last twenty years the answers to these questions have become increasingly important-and increasingly problematic-for scholars and practitioners seeking to understand the creation, management, and role of reputation in corporate life. This Handbook intends to bring definitional clarity to these issues, giving an account of extant research and theory and offering guidance about where scholarship on corporate reputation might most profitably head. Eminent scholars from a variety of disciplines, such as management, sociology, economics, finance, history, marketing, and psychology, have contributed chapters to provide state of the art definitions of corporate reputation; differentiate reputation from other constructs and intangible assets; offer guidance on measuring reputation; consider the role of reputation as a corporate asset and how a variety of factors, including stage of life, nation of origin, and the stakeholders considered affect its ability to create value; and explore corporate reputation's role more broadly as a regulatory mechanism. Finally, they also discuss how to manage and grow reputations, as well as repair them when they are damaged. In discussing these issues this Handbook aims to move the field of corporate reputation research forward by demonstrating where the field is now, addressing some of the perpetual problems of definition and differentiation, and suggesting future research directions.

Download or read book Three Essays in Venture Capital and Intermediation written by Jeffrey Jacob Trester and published by . This book was released on 1993 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book GRE Answers to the Real Essay Questions written by Mark Alan Stewart and published by Peterson's. This book was released on 2009 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: With just a few minutes to analyze, organize, outline, and compose your essay responses, you need all the preparation you can get before test day. GRE Answers to the Real Essay Questions provides sample responses from more than 200 actual GRE essay questions, along with a comprehensive review of what test graders expect from your writing.

Download or read book Business School Essays That Made a Difference 5th Edition written by Princeton Review and published by Princeton Review. This book was released on 2012-09-15 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real essays written by MBA hopefuls-with commentary from admissions experts