Earticle

초록

영어

Using all financing rounds for new ventures from 1980-2003, we develop a detailed empirical model to explain which portfolio companies obtain Venture Capital (VC) syndication. We then assess how syndication impacts portfolio companies’ returns, their chances of successful exit, and the time taken to exit. Applying apposite econometrics for endogeneity across these different performance measures, we are able to ascribe much of the better return to selection, with the value-add role significantly impacting the likelihood and time of exit. Though the extant literature on VC syndication treats the “selection” and “value-add” hypotheses as mutually exclusive, we find that their roles are in fact complementary. To this end we propose a new “effort-sharing” model of venture syndication.

목차

Abstract
 I. Data and Sample
 II. Econometric Specification
 III. Empirical Analyses
 IV. Conclusions
 ReferencesAbadie, Alberto, 2000,
 Appendix A. Treatment for Endogeneity
 Appendix B: Variable Definitions

저자

• Sanjiv R. Das [ Santa Clara University Santa Clara, CA 95053. ]
• Hoje Jo [ Santa Clara University Santa Clara, CA 95053. ]
• Yongtae Kim [ Santa Clara University Santa Clara, CA 95053. ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330