| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11385 |
| 来源ID | Working Paper 11385 |
| Venture Capital Investment Cycles: The Impact of Public Markets | |
| Paul Gompers; Anna Kovner; Josh Lerner; David Scharfstein | |
| 发表日期 | 2005-05-30 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | It is well documented that the venture capital industry is highly volatile and that much of this volatility is associated with shifting valuations and activity in public equity markets. This paper examines how changes in public market signals affected venture capital investing between 1975 and 1998. We find that venture capitalists with the most industry experience increase their investments the most when public market signals become more favorable. Their reaction to an increase is greater than the reaction of venture capital organizations with relatively little industry experience and those with considerable experience but in other industries. The increase in investment rates does not affect the success of these transactions adversely to a significant extent. These findings are consistent with the view that venture capitalists rationally respond to attractive investment opportunities signaled by public market shifts. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w11385 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569024 |
| 推荐引用方式 GB/T 7714 | Paul Gompers,Anna Kovner,Josh Lerner,et al. Venture Capital Investment Cycles: The Impact of Public Markets. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11385.pdf（260KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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