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Venture Capital Exits in Europe: Joi...

Partelpoeg, Andrea.

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Venture Capital Exits in Europe: Joint Analysis of Exit Route and Timing.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Venture Capital Exits in Europe: Joint Analysis of Exit Route and Timing./
作者:	Partelpoeg, Andrea.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
面頁冊數:	58 p.
附註:	Source: Masters Abstracts International, Volume: 84-01.
Contained By:	Masters Abstracts International84-01.
標題:	Bankruptcy laws. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29150709
ISBN:	9798835569250

Venture Capital Exits in Europe: Joint Analysis of Exit Route and Timing.
Partelpoeg, Andrea.

Venture Capital Exits in Europe: Joint Analysis of Exit Route and Timing. - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 58 p.

Source: Masters Abstracts International, Volume: 84-01.

Thesis (M.Fin.)--Universidade do Porto (Portugal), 2018.

This dissertation examines the dynamics of exit options for European venture capital firms. Using a sample of 6652 investment rounds for 5461 VC-backed firms, we analyse the venture capitalists' decision on the timing of the exit, focusing on the time to IPO, trade sale and liquidation. We model the time to exit using a competing risks model to study the impact on the exit decision of the characteristics of the entrepreneurial firm, VC firm and market condition. Our results reveal that IPO is the first exit choice for VCs in Europe and that successful VC-backed firms who could not go public sufficiently quickly have to rely on other exit routes like trade sales. Moreover, the results show that liquidation exit route is prolonged the most when the committed amount of capital is larger. Furthermore, we show that debt and stock market conditions have a strong influence on all exit routes. We also provide evidence on the impact of syndicate size, the experience of VC firm, amount committed to VC-backed firm and geographical location.

ISBN: 9798835569250Subjects--Topical Terms:

3689768
Bankruptcy laws.

Venture Capital Exits in Europe: Joint Analysis of Exit Route and Timing.
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500 $a Advisor: Sousa, Miguel Augusto Gomes.
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520 $a This dissertation examines the dynamics of exit options for European venture capital firms. Using a sample of 6652 investment rounds for 5461 VC-backed firms, we analyse the venture capitalists' decision on the timing of the exit, focusing on the time to IPO, trade sale and liquidation. We model the time to exit using a competing risks model to study the impact on the exit decision of the characteristics of the entrepreneurial firm, VC firm and market condition. Our results reveal that IPO is the first exit choice for VCs in Europe and that successful VC-backed firms who could not go public sufficiently quickly have to rely on other exit routes like trade sales. Moreover, the results show that liquidation exit route is prolonged the most when the committed amount of capital is larger. Furthermore, we show that debt and stock market conditions have a strong influence on all exit routes. We also provide evidence on the impact of syndicate size, the experience of VC firm, amount committed to VC-backed firm and geographical location.
520 $a Esta dissertacao analisa a dinamica das opcoes de saida nas empresas de capital de risco na Europa. Usando uma amostra de 6652 rondas de investimento de 5461 empresas de capital de risco, examinamos a decisao dos capitalistas de risco sobre o momento de saida, focando na Oferta Publica Inicial, na Venda Estrategica e na Liquidacao. Atraves de um modelo de riscos concorrentes calculamos o momento ideal de saida, de modo a estudar o impacto da decisao nas caracteristicas da empresa empreendedora, na empresa de capital de risco e na condicao de mercado.Os nossos resultados indicam que, a Oferta Publica Inicial e a preferida para empresas de capital de risco. No entanto algumas empresas bem-sucedidas e apoiadas por capital de risco nao conseguem rapidamente tornar-se publicas, e tem que optar por outras opcoes como a Venda Estrategica. No caso da Liquidacao, os resultados sugerem que e mais prolongada quando a quantidade comprometida de capital e maior. As condicoes da divida e do mercado de acoes tem uma forte influencia em todas as rotas de saida. Com este trabalho fornecemos tambem evidencias sobre o impacto do tamanho do sindicato, a experiencia da empresa de capital de risco, o montante comprometido com a empresa e a localizacao geografica apoiada pelo capital de risco.
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