Venture capital funds and the public equity market

被引：6

作者：

McKenzie, Michael D. ^{[1
,2
]}

Janeway, William H. ^{[2
,3
]}

机构：

[1] Univ Sydney, Fac Econ & Business, Discipline Finance, Sydney, NSW 2006, Australia

[2] Univ Cambridge, Ctr Financial Anal & Policy, Cambridge CB2 1TN, England

[3] Warburg Pincus LLC, Warburg, Germany

来源：

ACCOUNTING AND FINANCE | 2011年 / 51卷 / 03期

关键词：

Venture capital; Initial public offering; Hot issue market; EMPIRICAL-EVIDENCE; PERFORMANCE; DETERMINANTS; VALUATION; DECISION; RETURN; WAVES; EXITS; SIZE; RISK;

D O I：

10.1111/j.1467-629X.2010.00373.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper considers the relationship between the public equity market and the returns to venture investing using a dataset which is derived from the records of two large limited partners who have been investing in venture capital for almost 30 years. Evidence is found to suggest that market conditions over the investment cycle, and exit conditions at the time of exit in particular, are an important determinant. This paper also investigates whether any other aspects of the venture investment process respond to events in the broader market. While general trends are evident in the venture investment cycle, only the intensity of the investment process is found to respond to events in the public equity market.

引用

页码：764 / 786

页数：23

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