The Size and Specialization of Direct Investment Portfolios
... enhances productivity.1 Specialist investors are able to derive more value from their investments, either because they can pick the best projects or because they can develop projects most effectively. Thus, if there are decreasing returns to the scale of activity, specialist investors are expected t ...
... enhances productivity.1 Specialist investors are able to derive more value from their investments, either because they can pick the best projects or because they can develop projects most effectively. Thus, if there are decreasing returns to the scale of activity, specialist investors are expected t ...
Outside Entrepreneurial Capital
... regarding the entrepreneurial firm’s quality (see, e.g., Jensen and Meckling, 1976). 1 Where entrepreneurs have information that investors do not have, external equity finance (which dilutes the entrepreneurs’ ownership share) is given unused debt capacity indicative of a low quality firm (Myers and ...
... regarding the entrepreneurial firm’s quality (see, e.g., Jensen and Meckling, 1976). 1 Where entrepreneurs have information that investors do not have, external equity finance (which dilutes the entrepreneurs’ ownership share) is given unused debt capacity indicative of a low quality firm (Myers and ...
How Do Private Equity Investments Perform Compared to Public
... comparable to public markets. In venture, having some top quartile funds in the portfolio is much more important for successful investing, and so our results highlight that LP selection skills and fund access are much more critical in venture capital than in buyout. We find that average buyout perf ...
... comparable to public markets. In venture, having some top quartile funds in the portfolio is much more important for successful investing, and so our results highlight that LP selection skills and fund access are much more critical in venture capital than in buyout. We find that average buyout perf ...
Venture Debt Financing for Start
... Importantly, these early stage investors are characterised by a strong willingness to put their own capital at risk. Nevertheless, after raising several equity rounds start-up’s shareholders, especially founders, become reluctant to give up more equity and prefer to preserve their ownership shares s ...
... Importantly, these early stage investors are characterised by a strong willingness to put their own capital at risk. Nevertheless, after raising several equity rounds start-up’s shareholders, especially founders, become reluctant to give up more equity and prefer to preserve their ownership shares s ...
Community Investment
... lend to enterprises that cannot offer personal guarantees, or have not built up sufficient reserves to cover the loan. Share capital offers an alternative way of raising investment finance. The money invested by shareholders is fully at risk: if the enterprise gets into financial difficulties and is ...
... lend to enterprises that cannot offer personal guarantees, or have not built up sufficient reserves to cover the loan. Share capital offers an alternative way of raising investment finance. The money invested by shareholders is fully at risk: if the enterprise gets into financial difficulties and is ...
Venture Capita Report
... • The population of active funds is split almost half and half between specialists and generalists. • Specialist funds, most of which are VCs rather than any other fund type, tend to be concentrated around the source of capital rather than the supply of deal flow on the basis that the best technol ...
... • The population of active funds is split almost half and half between specialists and generalists. • Specialist funds, most of which are VCs rather than any other fund type, tend to be concentrated around the source of capital rather than the supply of deal flow on the basis that the best technol ...
Agency Costs and the Performance Implications of International
... Ns offer flexibility is that parent firms can readjust ownership in a N as the relationship and partner contributions evolve (Chi, 1994). However, such negotiated changes in the N's ownership structure can also increase ex post transaction costs. In a study of manufacturing and retailing N s, Blodge ...
... Ns offer flexibility is that parent firms can readjust ownership in a N as the relationship and partner contributions evolve (Chi, 1994). However, such negotiated changes in the N's ownership structure can also increase ex post transaction costs. In a study of manufacturing and retailing N s, Blodge ...
Direct Investing in Private Equity
... return for the LPs implied that “rents” were earned by private equity managers. Recently, using more comprehensive data, Harris, et al. (2013), Robinson and Sensoy (2013), and Axelson, et al. (2013a) show that on a net basis, private equity funds out-perform public benchmarks. However, the results a ...
... return for the LPs implied that “rents” were earned by private equity managers. Recently, using more comprehensive data, Harris, et al. (2013), Robinson and Sensoy (2013), and Axelson, et al. (2013a) show that on a net basis, private equity funds out-perform public benchmarks. However, the results a ...
Profits, Redistribution of Income and Dynamic Efficiency
... Dynamic efficiency is central to the analysis of household savings, firm investment and government debt. Past studies have concluded that all advanced economies satisfy the criteria for dynamic efficiency by a wide margin. The existing tests of dynamic efficiency that are implemented in these studie ...
... Dynamic efficiency is central to the analysis of household savings, firm investment and government debt. Past studies have concluded that all advanced economies satisfy the criteria for dynamic efficiency by a wide margin. The existing tests of dynamic efficiency that are implemented in these studie ...
SME Access to External Finance BIS ECONOMICS PAPER NO. 16 JANUARY 2012
... stage businesses with the highest potential for growth. However, the venture capital market has been heavily affected by economic conditions with a 31% decrease in the value of investment in 2010 compared to the previous year. ...
... stage businesses with the highest potential for growth. However, the venture capital market has been heavily affected by economic conditions with a 31% decrease in the value of investment in 2010 compared to the previous year. ...
Real Estate Joint Venture Interests as Securities
... 11 AKRON L. Rnv. 578 (1978); Note, The FederalSecurities Laws and Employee Pension Participants: Retiring Daniel, 87 YALE L.J. 1666 (1978). 22. SEC v. C.M. Joiner Leasing Co., 320 U.S. 344 (1943). 23. The following statement appeared on the circulars and selling letters: Because these securities are ...
... 11 AKRON L. Rnv. 578 (1978); Note, The FederalSecurities Laws and Employee Pension Participants: Retiring Daniel, 87 YALE L.J. 1666 (1978). 22. SEC v. C.M. Joiner Leasing Co., 320 U.S. 344 (1943). 23. The following statement appeared on the circulars and selling letters: Because these securities are ...
Investments and mortgages supplement
... It is important you consider the prudential category or categories carefully. The category will determine minimum capital and other risk management standards and aims to ensure the applicant firm is able to meet its liabilities and commitments at all times. Please note that when determining the appl ...
... It is important you consider the prudential category or categories carefully. The category will determine minimum capital and other risk management standards and aims to ensure the applicant firm is able to meet its liabilities and commitments at all times. Please note that when determining the appl ...
Assessing Knowledge Assets in Technology
... attention been placed on the management of a firm’s intellectual capital in order to face the increased complexity and turbulence of the business environment. Firms dealing with knowledge management issues face numerous difficulties arising from the identification, measurement, and strategic assessm ...
... attention been placed on the management of a firm’s intellectual capital in order to face the increased complexity and turbulence of the business environment. Firms dealing with knowledge management issues face numerous difficulties arising from the identification, measurement, and strategic assessm ...
Exit Strategies of Venture Capitalists in Hot Issue Markets: Evidence
... cient and profitable exit strategies. This new market segment also set off a strong increase in venture capital financing for start-up firms in Germany. The year 1997 was also the beginning of a period of dramatically increasing stock prices world wide and particularly in the German Neuer Markt with ...
... cient and profitable exit strategies. This new market segment also set off a strong increase in venture capital financing for start-up firms in Germany. The year 1997 was also the beginning of a period of dramatically increasing stock prices world wide and particularly in the German Neuer Markt with ...
Why it pays to be diversified
... different managers in portfolios of primary funds, it is interesting to note that manager diversification in co-investment funds does not reduce the variance of the return distribution. Therefore, manager diversification does not reduce the potential for extraordinary returns. In fact, co-investment p ...
... different managers in portfolios of primary funds, it is interesting to note that manager diversification in co-investment funds does not reduce the variance of the return distribution. Therefore, manager diversification does not reduce the potential for extraordinary returns. In fact, co-investment p ...
Understanding private equity and private equity funds
... Source: Bloomberg. Investment returns 10 years ended December 31, 2016. Listed equity, fixed income, private equity and real estate are respectively represented by the following indexes: S&P 500, Bloomberg Barclays Aggregate U.S. Bond Index, Cambridge Associates U.S. Private Equity, Dow Jones U.S. S ...
... Source: Bloomberg. Investment returns 10 years ended December 31, 2016. Listed equity, fixed income, private equity and real estate are respectively represented by the following indexes: S&P 500, Bloomberg Barclays Aggregate U.S. Bond Index, Cambridge Associates U.S. Private Equity, Dow Jones U.S. S ...
Diasporas: Exploring their Development Potential
... inspire them to seek ways to contribute to the development of their countries-of-origin. Some join diaspora advocacy groups, lobbying the governments of their countries-of-residence on behalf of development issues in their countries-of-origin. Other diasporans strive to enhance the development of th ...
... inspire them to seek ways to contribute to the development of their countries-of-origin. Some join diaspora advocacy groups, lobbying the governments of their countries-of-residence on behalf of development issues in their countries-of-origin. Other diasporans strive to enhance the development of th ...
Venture Capitalists on the Seed Stage Arena
... Method: Empirical information from seed stage investing venture capital organizations have been collected in the form of face-to-face interviews, email- questionnaires and a telephone interview. Organizations from Sweden, Denmark and Germany are included in the study. Result: Several factors make se ...
... Method: Empirical information from seed stage investing venture capital organizations have been collected in the form of face-to-face interviews, email- questionnaires and a telephone interview. Organizations from Sweden, Denmark and Germany are included in the study. Result: Several factors make se ...
One Hat Too Many? Investment Desegregation in Private Equity
... I. FUND FORMATION IN THE PRIVATE EQUITY INDUSTRY Private equity investment typically begins with a group of individuals deciding to offer their labor (and often their money) as asset managers through an investment advisory entity that will raise funds, identify investment opportunities, and subseque ...
... I. FUND FORMATION IN THE PRIVATE EQUITY INDUSTRY Private equity investment typically begins with a group of individuals deciding to offer their labor (and often their money) as asset managers through an investment advisory entity that will raise funds, identify investment opportunities, and subseque ...
When does corporate venture capital investment
... future corporate products. CVC programs with a strategic orientation typically adopt practices and routines that facilitate coordination as well as the transfer of knowledge between the venture and the investing firm. In this paper, we extend beyond the existing literature by looking at the overall ...
... future corporate products. CVC programs with a strategic orientation typically adopt practices and routines that facilitate coordination as well as the transfer of knowledge between the venture and the investing firm. In this paper, we extend beyond the existing literature by looking at the overall ...
Evidence from Real Estate Private Equity
... outside of their home markets (Baum and Farrelly [2009]). In many cases, the legal structure or a very limited secondary market hinder plan sponsors from rescaling or withdrawing their equity commitments during the lifetime of a fund. As a result, their capital is locked into the fund for several ye ...
... outside of their home markets (Baum and Farrelly [2009]). In many cases, the legal structure or a very limited secondary market hinder plan sponsors from rescaling or withdrawing their equity commitments during the lifetime of a fund. As a result, their capital is locked into the fund for several ye ...
reinventing venture capital towards a new economic
... funds. Creating four or five private ‘super-funds’ would allow each fund to manage a portfolio of high-risk investments in the way that the leading US funds are able to do, rather than being forced into a ‘safety-first’ investment strategy through lack of funds. It would also enable the funds to mak ...
... funds. Creating four or five private ‘super-funds’ would allow each fund to manage a portfolio of high-risk investments in the way that the leading US funds are able to do, rather than being forced into a ‘safety-first’ investment strategy through lack of funds. It would also enable the funds to mak ...
Public Capital: Investment Stocks and Depreciation
... Rule’ which excludes public investment from the fiscal rules (see Portes and Wren-Lewis 2014, Mintz and Smart, 2006). Several modifications to the rules have been proposed in order to strike a balance between fiscal responsibility and an appropriate level of investment. Modigliani et al. (1998) sugg ...
... Rule’ which excludes public investment from the fiscal rules (see Portes and Wren-Lewis 2014, Mintz and Smart, 2006). Several modifications to the rules have been proposed in order to strike a balance between fiscal responsibility and an appropriate level of investment. Modigliani et al. (1998) sugg ...