Early indicators of fundraising success by venture capital firms

被引：3

作者：

Lahr, Henry ^{[1
,2
]}

Trombley, Timothy E. ^{[3
]}

机构：

[1] Open Univ, Business Sch, Dept Accounting & Finance, Walton Hall, Milton Keynes MK7 6AA, Bucks, England

[2] Univ Cambridge, Ctr Business Res, Judge Business Sch, Trumpington St, Cambridge CB2 1AG, England

[3] Illinois State Univ, Coll Business, Campus Box 5480, Normal, IL 61790 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2020年 / 65卷

关键词：

Private equity; Style drift; Follow-on investments; Lead investor; Performance indicator; Venture capital; Fundraising; FUND FLOWS; PERFORMANCE; RISK; CERTIFICATION; SYNDICATION; PERSISTENCE; MANAGEMENT; POLICY; STYLE; BAD;

D O I：

10.1016/j.jcorpfin.2020.101672

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We show how a venture capital firm's fundraising is affected by its investment choices. We investigate three leading indicators that are calculated from the types of investments the venture capital firms make: style drift investments, follow-on investments, and investments in which the venture capital firm is not the lead investor in the portfolio company. We find that these investment characteristics are associated with lower fundraising. Characteristics and the reaction of fundraising to characteristics are both moderately stable through time. We also find some evidence that information about investment characteristics is more important for fundraising during bad states of the world and that ex-ante characteristics are related to eventual exit outcomes and financial performance.

引用

页数：24

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