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来源类型Working Paper
规范类型报告
DOI10.3386/w11385
来源IDWorking 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
URLhttps://www.nber.org/papers/w11385
来源智库National Bureau of Economic Research (United States)
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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.
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