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Venture capital returns, new firms a...

Ewens, Michael.

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Venture capital returns, new firms and social networks.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Venture capital returns, new firms and social networks./
作者:	Ewens, Michael.
面頁冊數:	157 p.
附註:	Source: Dissertation Abstracts International, Volume: 71-06, Section: A, page: 2163.
Contained By:	Dissertation Abstracts International71-06A.
標題:	Business Administration, Entrepreneurship. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3404894
ISBN:	9781124025025

Venture capital returns, new firms and social networks.
Ewens, Michael.

Venture capital returns, new firms and social networks. - 157 p.

Source: Dissertation Abstracts International, Volume: 71-06, Section: A, page: 2163.

Thesis (Ph.D.)--University of California, San Diego, 2010.

These chapters study the return of venture capital investments with a focus on outliers and examine the formation of new firms that invest in entrepreneurial companies. First, I formulate a model and estimator of venture capital (VC) returns motivated by the entrepreneurial firm life-cycle and the extreme return outcomes of typical venture capital investments. The model incorporates tail events and the estimator corrects for sample selection bias and endogenous investment holding periods. I find that an asymmetric three-state mixture distribution is a better characterization of returns than the standard single-state model. Mixture states mimic typical VC outcomes: "winners", "break-even" and "failures." Imposing normality on venture capital investment returns understates downside risk and kurtosis. In contrast to earlier studies, the mixture model reveals a leptokurtic, negatively-skewed returns distribution. Next, I investigate the consequences of venture capital employee spinoffs for parent firms and the characteristics of their founders. As predicted by the spinoff formation model of Cabral and Wang (2009), high type partners and low type partners at failing parent firms are the most likely to leave and start a new venture capital firm. After accounting for the endogeneity of the timing of spinoff formation, estimates reveal a large, negative impact of spinoffs on parent firm performance. The results indicate that a renewed focus on the venture capital partner, rather than the whole firm, could reveal new features of venture capital performance. Finally, the source of the competitive advantage of employee spinoff firms and their formation's negative impact on parent firms is often attributed to a transfer of knowledge from parent firm to spinoff. The third chapter studies one potential asset transfer in the venture capital industry that can explain both patterns: social networks. Results comparing the social network evolution of venture capital spinoffs and other new firms show that the former have more central network positions and gain those positions more quickly. Non-spinoffs are more likely to join smaller, more isolated cliques in the network. Spinoffs also have higher survival rates, co-invest with more experienced investors and produce more positive exit outcomes for their investments.

ISBN: 9781124025025Subjects--Topical Terms:

1026793
Business Administration, Entrepreneurship.

Venture capital returns, new firms and social networks.
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245 1 0 $a Venture capital returns, new firms and social networks.
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500 $a Source: Dissertation Abstracts International, Volume: 71-06, Section: A, page: 2163.
500 $a Adviser: Jun Liu.
502 $a Thesis (Ph.D.)--University of California, San Diego, 2010.
520 $a These chapters study the return of venture capital investments with a focus on outliers and examine the formation of new firms that invest in entrepreneurial companies. First, I formulate a model and estimator of venture capital (VC) returns motivated by the entrepreneurial firm life-cycle and the extreme return outcomes of typical venture capital investments. The model incorporates tail events and the estimator corrects for sample selection bias and endogenous investment holding periods. I find that an asymmetric three-state mixture distribution is a better characterization of returns than the standard single-state model. Mixture states mimic typical VC outcomes: "winners", "break-even" and "failures." Imposing normality on venture capital investment returns understates downside risk and kurtosis. In contrast to earlier studies, the mixture model reveals a leptokurtic, negatively-skewed returns distribution. Next, I investigate the consequences of venture capital employee spinoffs for parent firms and the characteristics of their founders. As predicted by the spinoff formation model of Cabral and Wang (2009), high type partners and low type partners at failing parent firms are the most likely to leave and start a new venture capital firm. After accounting for the endogeneity of the timing of spinoff formation, estimates reveal a large, negative impact of spinoffs on parent firm performance. The results indicate that a renewed focus on the venture capital partner, rather than the whole firm, could reveal new features of venture capital performance. Finally, the source of the competitive advantage of employee spinoff firms and their formation's negative impact on parent firms is often attributed to a transfer of knowledge from parent firm to spinoff. The third chapter studies one potential asset transfer in the venture capital industry that can explain both patterns: social networks. Results comparing the social network evolution of venture capital spinoffs and other new firms show that the former have more central network positions and gain those positions more quickly. Non-spinoffs are more likely to join smaller, more isolated cliques in the network. Spinoffs also have higher survival rates, co-invest with more experienced investors and produce more positive exit outcomes for their investments.
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