| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3867 |
| DP3867 Learning and Syndication in Venture Capital Investments | |
| Carole Haritchabalet; Catherine Casamatta | |
| 发表日期 | 2003-04-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | The objective of this Paper is to understand: i) why venture capital investments are often syndicated; and ii) what are the effects of syndication on the post-investment involvement of venture capitalists. We analyse a model where a venture capitalist's efficiency to screen an uncertain project depends both on experience and on the signal they can obtain from another specialized investor. Disclosing the existence of the investment project to this second investor is harmful since the latter becomes de facto a potential competitor. We show that this potential competition can only be avoided through syndication, which affects the learning process. We further explore the cost of syndication in terms of investment decisions or post-investment involvement of venture capitalists. |
| 主题 | Financial Economics |
| 关键词 | Venture capital Syndication Learning Competition |
| URL | https://cepr.org/publications/dp3867 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532851 |
| 推荐引用方式 GB/T 7714 | Carole Haritchabalet,Catherine Casamatta. DP3867 Learning and Syndication in Venture Capital Investments. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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