| Date: |
2012 |
| Description: |
59 p. |
| Abstract: |
We propose a model of investment, duration, and exit strategies for start-ups backed by venture capital (VC) funds that accounts for the high level of uncertainty, the asymmetry of information between insiders and outsiders, and the discount rate. Our analysis predicts that start-ups backed by corporate VC funds remain for a longer period of time before exiting and receive larger investment amounts than those financed by independent VC funds. Although a longer duration leads to a higher likelihood of an exit through an acquisition, a larger investment increases the probability of an IPO exit. These predictions find strong empirical support. |
| Grants: |
Agència de Gestió d'Ajuts Universitaris i de Recerca 2009SGR-169
Ministerio de Ciencia e Innovación ECO2009-07616
|
| Note: |
Altres ajuts: INFOINNOVA/03513 |
| Rights: |
L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons:  |
| Language: |
Anglès |
| Series: |
Departament d'Economia i d'Història Econòmica. Unitat de Fonaments de l'Anàlisi Econòmica / Institut d'Anàlisi Econòmica (CSIC). Working papers |
| Series: |
Working papers ; 895.12 |
| Document: |
Working paper |
| Subject: |
Capital ;
Empreses ;
Creació |
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