全球智库信息集成服务系统(G2TT): May the Force be With You: Investor Power and Company Valuations

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w25211
来源ID	Working Paper 25211
	May the Force be With You: Investor Power and Company Valuations
	Thomas Hellmann; Veikko Thiele
发表日期	2018-11-05
出版年	2018
语种	英语
摘要	This paper examines the effect of investor power in a model of staged equity financing. It shows how the usual effect where market power reduces valuations can be reversed in later rounds. Once they become insiders, powerful investors may use their market power to increase, not decrease valuations. Even though powerful investors initially lower valuations, companies prefer to bring them inside to leverage their power in later financing rounds. The paper also makes predictions about investor returns, and issues a warning that unrealized interim returns can be misleading predictors of final realized returns when powerful investors distort interim valuations.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w25211
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/582885
推荐引用方式 GB/T 7714	Thomas Hellmann,Veikko Thiele. May the Force be With You: Investor Power and Company Valuations. 2018.