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  1. Private company valuations by mutual funds
    Autor*in: Agarwal, Vikas; Barber, Brad M.; Cheng, Si; Hameed, Allaudeen; Yasuda, Ayako
    Erschienen: 2021
    Verlag:  Centre for Financial Research, Cologne

    Mutual funds value private security holdings at considerably different prices, update evaluations infrequently, and revise valuations dramatically at follow-on funding events. Predictable private valuation changes at follow-on rounds yield... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 142
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    Mutual funds value private security holdings at considerably different prices, update evaluations infrequently, and revise valuations dramatically at follow-on funding events. Predictable private valuation changes at follow-on rounds yield predictable fund returns, but effects are muted for large families, families with large investment in the private security, and families with large percentage stakes in funding rounds. Mutual funds with high exposure to private securities have outflows that are more sensitive to poor fund performance when the venture capital market also performs poorly. The results have welfare implications for retail investors interested in accessing private startups via investments in mutual funds.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/245349
    Schriftenreihe: CFR working paper ; no. 21, 09
    Schlagworte: Mutual funds; Venture capital; Private valuation; Stale prices; Financial fragility
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  2. A global but not spontaneous firm: co-operatives and the solidarity funds in Italy
    Autor*in: Bernardi, Andrea; Berranger, Cécile; Mannella, Anita; Monni, Salvatore; Realini, Alessio
    Erschienen: [2021]
    Verlag:  CIRIEC International, Université de Liège, Liège (Belgium)

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9782931051481
    Weitere Identifier:
    hdl: 11159/5521
    Schriftenreihe: Working paper / CIRIEC ; no. 2021, 01
    Schlagworte: Non-bank financial institutions; Venture capital; Co-operatives; Labour managed firms; Employee ownership; mutual funds
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  3. Do tax loss restrictions distort venture capital funding of start-ups?
    Autor*in: Bührle, Anna Theresa
    Erschienen: 2021
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    Anti-tax loss trafficking rules disallow the use of loss carryforwards after a change in ownership or activity (such as significant changes in turnover, employment, or the product portfolio). This restriction could threaten accumulated loss... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Standort:
    Universitätsbibliothek Mannheim
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    Anti-tax loss trafficking rules disallow the use of loss carryforwards after a change in ownership or activity (such as significant changes in turnover, employment, or the product portfolio). This restriction could threaten accumulated loss carryforwards of start-ups. Accounting for the increased risk and reduced return on their investment, VC investors could reduce their funding. I analyze whether the venture capital (VC) funding of start-ups in Europe is affected by these regulations. I base my empirical analysis on several case studies and a panel analysis covering VC- funded companies in the EU28 Member States from 1999 to 2014. My findings suggest that strict anti-tax loss trafficking rules indeed impair VC funding. Especially more mature companies and companies in high-tech industries are affected.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/229446
    Auflage/Ausgabe: This version: January 13th, 2021
    Schriftenreihe: Discussion paper / ZEW ; no. 21, 008 (01/2021)
    Schlagworte: Venture capital; taxes; loss carryforward; start-ups; anti-tax loss trafficking
    Umfang: 1 Online-Ressource (64 Seiten), Illustrationen
  4. Venture capital financing and green patenting
    Autor*in: Bellucci, Andrea; Fatica, Serena; Georgakaki, Aliki; Gucciardi, Gianluca; Letout, Simon; Pasimeni, Francesco
    Erschienen: 2021
    Verlag:  European Commission, Ispra

    This paper explores the role of green innovation in attracting venture capital (VC) financing. We use a unique dataset that matches information on VC transactions, companies' balance sheet variables and data on patented innovation at the firm level... mehr

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    This paper explores the role of green innovation in attracting venture capital (VC) financing. We use a unique dataset that matches information on VC transactions, companies' balance sheet variables and data on patented innovation at the firm level over the period 2008-2017. Taking advance of a novel granular definition of green innovative activities that tracks patents at the firm level, we show that green innovators are more likely to receive VC funding than firms without green patents. Likewise, a larger share of green vs. non-green patents in a firm's portfolio increases the probability of receiving VC finance. Robustness checks and extensions tackling several dimensions of heterogeneity corroborate the view that green patenting is an important driver of VC funding.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/250160
    Schriftenreihe: JRC working papers in economics and finance ; 2021, 11
    Schlagworte: Venture capital; Green ventures; Patents; Green technology
    Umfang: 1 Online-Ressource (circa 44 Seiten)
  5. Venture capital booms and startup financing
    Autor*in: Janeway, William H.; Nanda, Ramana; Rhodes-Kropf, Matthew
    Erschienen: [2021]
    Verlag:  University of Cambridge, Faculty of Economics, Cambridge

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Schriftenreihe: Cambridge working paper in economics ; 2147
    Cambridge-INET working paper series ; 2021, 20
    Schlagworte: Venture capital; start-ups; innovation
    Umfang: 1 Online-Ressource (circa 22 Seiten)
  6. Essays in Venture Capital, Reputation and Learning
    Autor*in: Pourbabaee, Farzad
    Erschienen: 2021

    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... mehr

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    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.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    ISBN: 9798535565279
    Schriftenreihe: Dissertations Abstracts International
    Schlagworte: Finance; Information science; Venture capital; Reputational externality; Decision making; Ambiguity; Spillover
    Umfang: 1 Online-Ressource (117 p.)
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    Source: Dissertations Abstracts International, Volume: 83-03, Section: A. - Advisor: Anderson, Robert M

    Dissertation (Ph.D.), University of California, Berkeley, 2021