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Venture capital investing: A resourc...

Bygrave, William D.

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Venture capital investing: A resource exchange perspective.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Venture capital investing: A resource exchange perspective./
Author:	Bygrave, William D.
Description:	279 p.
Notes:	Major Professor: Kenneth Hatten.
Contained By:	Dissertation Abstracts International50-05A.
Subject:	Business Administration, Management. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=8918300

Venture capital investing: A resource exchange perspective.
Bygrave, William D.

Venture capital investing: A resource exchange perspective. - 279 p.

Major Professor: Kenneth Hatten.

Thesis (D.B.A.)--Boston University, 1989.

Trends in the venture capital industry from 1969 through 1987 were investigated. This dissertation studied investments of venture capital in portfolio companies, characteristics of the top 61 venture capital firms, influences on the flows of venture capital, and rates of return of venture capital funds. Data-base research was supplemented with field interviews of venture capitalists. As a result of exploratory work, a resource exchange model (augmented with concepts from population-ecology theory) was developed for the venture capital industry.Subjects--Topical Terms:

626628
Business Administration, Management.

Venture capital investing: A resource exchange perspective.
LDR:02458nam 2200277 a 45 001 926567
005 20110422
008 110422s1989 eng d
035 $a (UnM)AAI8918300
035 $a AAI8918300
040 $a UnM $c UnM
100 1 $a Bygrave, William D. $3 652504
245 1 0 $a Venture capital investing: A resource exchange perspective.
300 $a 279 p.
500 $a Major Professor: Kenneth Hatten.
500 $a Source: Dissertation Abstracts International, Volume: 50-05, Section: A, page: 1361.
502 $a Thesis (D.B.A.)--Boston University, 1989.
520 $a Trends in the venture capital industry from 1969 through 1987 were investigated. This dissertation studied investments of venture capital in portfolio companies, characteristics of the top 61 venture capital firms, influences on the flows of venture capital, and rates of return of venture capital funds. Data-base research was supplemented with field interviews of venture capitalists. As a result of exploratory work, a resource exchange model (augmented with concepts from population-ecology theory) was developed for the venture capital industry.
520 $a The principal findings were as follows: (1) After the surge in venture capital investing began in 1978 there was a trend to proportionately more investments in early-stage and high-tech companies. (2) The top 61 venture capital firms managed more than half the pool of venture capital. At least one of those firms was invested in 73% of the portfolio companies; at least one of the top 21 firms specializing in high technology was invested in 43% of the high-tech portfolio companies; and at least one of the top 21 firms specializing in low technology was invested in 43% of the low-tech companies. (3) The top 21 high-tech specialists formed a tightly connected network. (4) The flow of venture capital appeared to be correlated primarily to the IPO and the NASDAQ market. The correlation with changes in the capital gains tax rate was not significant, possibly because most new venture capital came from tax-exempt institutions. (5) The rates of return of venture capital steadily declined from a peak of more than 30% in 1980 to single digits in 1985.
590 $a School code: 0017.
650 4 $a Business Administration, Management. $3 626628
650 4 $a Economics, Finance. $3 626650
690 $a 0454
690 $a 0508
710 2 0 $a Boston University. $3 1017454
773 0 $t Dissertation Abstracts International $g 50-05A.
790 $a 0017
790 1 0 $a Hatten, Kenneth, $e advisor
791 $a D.B.A.
792 $a 1989
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=8918300