Download or read book The Oxford Handbook of Venture Capital written by Douglas Cumming and published by Oxford University Press. This book was released on 2012-04-24 with total page 1052 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routes are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs often exit their investments by secondary sales, wherein the entrepreneur retains his or her share but the VC sells to another company or investor buybacks, where the entrepreneur repurchases the VC`s interest and write-offs (liquidations). The Oxford Handbook of Venture Capital provides a comprehensive picture of all the issues dealing with the structure, governance, and performance of venture capital from a global perspective. The handbook comprises contributions from 55 authors currently based in 12 different countries.

Download or read book Venture Capital and Private Equity Contracting written by Douglas J. Cumming and published by Academic Press. This book was released on 2013-08-21 with total page 781 pages. Available in PDF, EPUB and Kindle. Book excerpt: Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2e offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. In the 2e, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. With seven new or completely revised chapters covering a range of topics from Fund Size and Diseconomies of Scale to Fundraising and Regulation, this new edition will be essential for financial and legal students and researchers considering international venture capital and private equity. - An analysis of the structure and governance features of venture capital contracts - In-depth study of contracts between different types of venture capital funds and entrepreneurial firms - Presents international datasets from over 40 countries around the world - Additional references on a companion website - Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements

Download or read book The Oxford Handbook of Venture Capital written by Douglas Cumming and published by Oxford University Press. This book was released on 2012-04-20 with total page 1126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routes are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs often exit their investments by secondary sales, wherein the entrepreneur retains his or her share but the VC sells to another company or investor buybacks, where the entrepreneur repurchases the VC`s interest and write-offs (liquidations). The Oxford Handbook of Venture Capital provides a comprehensive picture of all the issues dealing with the structure, governance, and performance of venture capital from a global perspective. The handbook comprises contributions from 55 authors currently based in 12 different countries.

Download or read book Venture Capital written by Douglas Cumming and published by John Wiley & Sons. This book was released on 2010-04-29 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential guide to venture capital Studies have shown that venture capital backed entrepreneurial firms are on average significantly more successful than non-venture capital backed entrepreneurial firms in terms of innovativeness, profitability, and share price performance upon going public. Understanding the various aspects of venture capital is something anyone in any industry should be familiar with. This reliable resource provides a comprehensive view of venture capital by describing the current state of research and best practices in this arena. Issues addressed include sources of capital-such as angel investment, corporate funds, and government funds-financial contracts and monitoring, and the efficiency implications of VC investment, to name a few. Opens with a review of alternative forms of venture capital Highlights the structure of venture capital investments Examines the role venture capitalists play in adding value to their investee firms This informative guide will help you discover the true potential of venture capital.

Download or read book Private Equity at Work written by Eileen Appelbaum and published by Russell Sage Foundation. This book was released on 2014-03-31 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic, Private Equity at Work provides a detailed yet accessible guide to this controversial business model. Economist Eileen Appelbaum and Professor Rosemary Batt carefully evaluate the evidence—including original case studies and interviews, legal documents, bankruptcy proceedings, media coverage, and existing academic scholarship—to demonstrate the effects of private equity on American businesses and workers. They document that while private equity firms have had positive effects on the operations and growth of small and mid-sized companies and in turning around failing companies, the interventions of private equity more often than not lead to significant negative consequences for many businesses and workers. Prior research on private equity has focused almost exclusively on the financial performance of private equity funds and the returns to their investors. Private Equity at Work provides a new roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit the partners in private equity firms at the expense of other stakeholders and taxpayers. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 companies—representing almost 8 million employees—have been purchased by private equity firms. As their role in the economy has increased, they have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, saddles otherwise healthy companies with debt, and leads to subsidies from taxpayers. Appelbaum and Batt show that private equity firms’ financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies and their employees and suppliers. Their risky decisions include buying companies and extracting dividends by loading them with high levels of debt and selling assets. These actions often lead to financial distress and a disproportionate focus on cost-cutting, outsourcing, and wage and benefit losses for workers, especially if they are unionized. Because the law views private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. And their actions are not transparent because private equity owned companies are not regulated by the Securities and Exchange Commission. Thus, any debts or costs of bankruptcy incurred fall on businesses owned by private equity and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms. A groundbreaking analysis of a hotly contested business model, Private Equity at Work provides an unprecedented analysis of the little-understood inner workings of private equity and of the effects of leveraged buyouts on American companies and workers. This important new work will be a valuable resource for scholars, policymakers, and the informed public alike.

Download or read book The SAGE Encyclopedia of Corporate Reputation written by Craig E. Carroll and published by SAGE Publications. This book was released on 2016-05-04 with total page 2329 pages. Available in PDF, EPUB and Kindle. Book excerpt: What creates corporate reputations and how should organizations respond? Corporate reputation is a growing research field in disciplines as diverse as communication, management, marketing, industrial and organizational psychology, and sociology. As a formal area of academic study, it is relatively young with roots in the 1980s and the emergence of specialized reputation rankings for industries, products/services, and performance dimensions and for regions. Such rankings resulted in competition between organizations and the alignment of organizational activities to qualify and improve standings in the rankings. In addition, today’s changing stakeholder expectations, the growth of advocacy, demand for more disclosures and greater transparency, and globalized, mediatized environments create new challenges, pitfalls, and opportunities for organizations. Successfully engaging, dealing with, and working through reputational challenges requires an understanding of options and tools for organizational decision-making and stakeholder engagement. For the first time, the vast and important field of corporate reputation is explored in the format of an encyclopedic reference. The SAGE Encyclopedia of Corporate Reputation comprehensively overviews concepts and techniques for identifying, building, measuring, monitoring, evaluating, maintaining, valuing, living up to and/or changing corporate reputations. Key features include: 300 signed entries are organized in A-to-Z fashion in 2 volumes available in a choice of electronic or print formats Entries conclude with Cross-References and Further Readings to guide students to in-depth resources. Although organized A-to-Z, a thematic “Reader’s Guide” in the front matter groups related entries by broad areas A Chronology provides historical perspective on the development of corporate reputation as a discrete field of study. A Resource Guide in the back matter lists classic books, key journals, associations, websites, and selected degree programs of relevance to corporate reputation. A General Bibliography will be accompanied by visual maps noting the relationships between the various disciplines touching upon corporate reputation studies. The work concludes with a comprehensive Index, which—in the electronic version—combines with the Reader’s Guide and Cross-References to provide thorough search-and-browse capabilities

Download or read book Venture Capital Investors and Portfolio Firms written by Sophie Manigart and published by . This book was released on 2013 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Venture Capital Investors and Portfolio Firms venture capital firms are considered as investors in young growth-oriented companies. The authors focus on the later phases of the venture capital (VC) investment process. They therefore emphasize monitoring, value adding, and exiting activities. They also include a review of the literature on the outcome of venture capital investment activities. Research findings are drawn principally from refereed journal papers in entrepreneurship, finance, and management. The monograph is divided into six principal areas: 1.What venture capital firms do. 2.The impact of VCs on portfolio firms and other stakeholders. 3.The role of syndication. 4.The nature and timing of exit from VC investments. 5.The role of VCs in portfolio companies that undergo an initial public offering (IPO). 6.The returns from investing in VC. Venture Capital Investors and Portfolio Firms concludes with a detailed agenda for further research. To aid the reader who wishes to pursue particular papers in more detail, the authors provide a summary of the main papers in this literature in a set of tables where they identify the authors, publication date, the journal, the main research question, the theoretical perspective, data, and the principal findings.

Download or read book The Oxford Handbook of IPOs written by Douglas Cumming and published by Oxford University Press. This book was released on 2018-11-15 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial public offerings (IPOs), or new listings of companies on stock exchanges, are among the most important form of finance and generate considerable attention and excitement. They are used to raise capital or to monetize investments by the early generation of venture capital and other private investors. They are increasingly international in scope and reach, especially with non-American firms offering on American stock exchanges. This handbook provides a comprehensive overview of why companies list on stock exchanges, how IPOs are regulated, initially valued, and their performance in the short and long run. The first part examines the economics of IPOs, and offers statistics and regulatory insights from the United States and other countries around the world. The volume then covers mergers versus IPOs, as well as reverse mergers and special purpose acquisition companies. Part III analyzes institutional ties in IPOs, including analysts, investment banks, auditors, and venture capitalists. The fourth section provides international perspectives on IPOs from a number of countries around the world. Part V discusses alternatives to IPOs, including private marketplaces, and crowdfunding. Reflecting the range of disciplines that analyze IPOs, the contributors come from the fields of finance, international business and management, economics, and law. The chapters cover the latest information on a range of fundamental questions that are of interest to academics, practitioners, and policymakers alike.

Download or read book VC written by Tom Nicholas and published by Harvard University Press. This book was released on 2019-07-09 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: “An incisive history of the venture-capital industry.” —New Yorker “An excellent and original economic history of venture capital.” —Tyler Cowen, Marginal Revolution “A detailed, fact-filled account of America’s most celebrated moneymen.” —New Republic “Extremely interesting, readable, and informative...Tom Nicholas tells you most everything you ever wanted to know about the history of venture capital, from the financing of the whaling industry to the present multibillion-dollar venture funds.” —Arthur Rock “In principle, venture capital is where the ordinarily conservative, cynical domain of big money touches dreamy, long-shot enterprise. In practice, it has become the distinguishing big-business engine of our time...[A] first-rate history.” —New Yorker VC tells the riveting story of how the venture capital industry arose from America’s longstanding identification with entrepreneurship and risk-taking. Whether the venture is a whaling voyage setting sail from New Bedford or the latest Silicon Valley startup, VC is a state of mind as much as a way of doing business, exemplified by an appetite for seeking extreme financial rewards, a tolerance for failure and experimentation, and a faith in the promise of innovation to generate new wealth. Tom Nicholas’s authoritative history takes us on a roller coaster of entrepreneurial successes and setbacks. It describes how iconic firms like Kleiner Perkins and Sequoia invested in Genentech and Apple even as it tells the larger story of VC’s birth and evolution, revealing along the way why venture capital is such a quintessentially American institution—one that has proven difficult to recreate elsewhere.

Download or read book Research Handbook of Entrepreneurial Exit written by Dawn R. DeTienne and published by Edward Elgar Publishing. This book was released on 2015-02-27 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: With contributions from authors around the globe, Research Handbook of Entrepreneurial Exit explores this most important phenomenon in the entrepreneurial journey. This book presents a comprehensive review of the current issues in entrepreneurial exits

Download or read book Handbook of Research on IPOs written by Mario Levis and published by Edward Elgar Publishing. This book was released on 2013-11-29 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapters offer some important new insights into issues that will be of interest not only to the academic community but also to professionals involved in the preparation, structure and execution of such transactions, market regulators, and private a

Download or read book Corporate Governance Matters written by David Larcker and published by Pearson Education. This book was released on 2015-07-06 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the most comprehensive and up-to-date reference for implementing and sustaining superior corporate governance. Stanford corporate governance experts David Larcker and Bryan Tayan carefully synthesize current academic and professional research, summarizing what is known and unknown, and where the evidence remains inconclusive. Corporate Governance Matters, Second Edition reviews the field's newest research on issues including compensation, CEO labor markets, board structure, succession, risk, international governance, reporting, audit, institutional and activist investors, governance ratings, and much more. Larcker and Tayan offer models and frameworks demonstrating how the components of governance fit together, with updated examples and scenarios illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to "get the story straight," and to provide useful tools for making better, more informed decisions. This edition presents new or expanded coverage of key issues ranging from risk management and shareholder activism to alternative corporate governance structures. It also adds new examples, scenarios, and classroom elements, making this text even more useful in academic settings. For all directors, business leaders, public policymakers, investors, stakeholders, and MBA faculty and students concerned with effective corporate governance.

Download or read book Handbook of the Economics of Finance SET Volumes 2A 2B written by George M. Constantinides and published by Newnes. This book was released on 2013-01-21 with total page 1732 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume set of 23 articles authoritatively describes recent scholarship in corporate finance and asset pricing. Volume 1 concentrates on corporate finance, encompassing topics such as financial innovation and securitization, dynamic security design, and family firms. Volume 2 focuses on asset pricing with articles on market liquidity, credit derivatives, and asset pricing theory, among others. Both volumes present scholarship about the 2008 financial crisis in contexts that highlight both continuity and divergence in research. For those who seek insightful perspectives and important details, they demonstrate how corporate finance studies have interpreted recent events and incorporated their lessons. - Covers core and newly-developing fields - Explains how the 2008 financial crises affected theoretical and empirical research - Exposes readers to a wide range of subjects described and analyzed by the best scholars

Download or read book The Oxford Handbook of Corporate Reputation written by Michael L. Barnett and published by Oxford University Press, USA. This book was released on 2012-07-19 with total page 523 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook offers a diverse set of scholarly perspectives on the nature of corporate reputation: what it is, where it comes from, and how it may be managed to create and protect corporate as well as societal value. Written and organized in an accessible way, it assesses the current state of the field and provides guidance for future research.

Download or read book Entrepreneurial Finance written by Luisa Alemany and published by Cambridge University Press. This book was released on 2018-09-27 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: Academics and practitioners from a range of institutions across Europe provide a cutting-edge, practical, and comprehensive review on the financing of entrepreneurial ventures. From sourcing and obtaining funds, to financial tools for growing and managing the financial challenges and opportunities of the startup, Entrepreneurial Finance: The Art and Science of Growing Ventures is an engaging text that will equip entrepreneurs, students and early-stage investors to make sound financial decisions at every stage of a business' life. Largely reflecting European businesses and with a European perspective, the text is grounded in sound theoretical foundations. Case studies and success stories, as well as perspectives from the media and from experts, provide real-world applications, while a wealth of activities give students abundant opportunities to apply what they have learned. A must-have text for both graduate and undergraduate students in entrepreneurship, finance and management programs, as well as aspiring entrepreneurs in any field.

Download or read book Private Equity Compliance written by Jason A. Scharfman and published by John Wiley & Sons. This book was released on 2018-09-07 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Develop and manage a private equity compliance program Compliance has become one of the fastest-growing areas in the private equity (PE) space. Mirroring trends from the hedge fund industry, recent surveys indicate that PE managers rank compliance as the single most challenging aspect of their business. Reports also indicate that PE compliance spending has rapidly outpaced other PE operating costs with recent estimates indicating that individual PE funds on average spend at least 15 - 20% of their operating budgets on this area. General Partners (GPs) have also significantly ramped up the hiring of private equity compliance related roles. Private Equity Compliance provides current and practical guidance on key private equity (PE) compliance challenges and trends. Packed with detailed, practical guidance on developing and managing a private equity compliance program, it offers up-to-date case studies and an analysis of critical regulatory enforcement actions on private equity funds in areas including conflict of interest, fees, expenses, LP fun raising disclosures, and valuations. • Provides real-world compliance guidance • Offers information that is tailored to the current compliance practices employed by GPs in the private equity industry. • Provides guidance on managing the compliance risks associated with cybersecurity and information technology risk • Serves as a PE-focused complement to the author's previous book, Hedge Fund Compliance If you’re a private equity investor or compliance officer looking for trusted guidance on analyzing conflicts, fees, and risks, this is one reference you can’t be without.

Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.