Cross-Border Venture Capital Investments [electronic resource] : Why Do Venture Capital Firms Invest at a Distance? /
Tarrade, Horstense.author.
Hortense Tarrade analyses over 200,000 venture capital (VC) investments over the past 20 years to understand the investors' motivation to select national or foreign companies into their portfolio. She compares the sensitivity of US-based, non-US and German VC firms to the availability of local deal supply and demand as well as the relative importance of their intrinsic capabilities in their investment scope decision ("Why do VC firms invest on a national, continental or global scope?"). Further, she provides an in-depth analysis of the role of geographic and cultural distance in investments by German VCs ("Why do VC firms invest in a target location rather than another?").
Description based upon print version of record.
Foreword; Acknowledgements; Table of contents; List of appendices; List of figures; List of tables; List of abbreviations; 1 Introduction; 1.1 Motivation; 1.2 Research objectives; 1.3 Structure of the thesis; 2 Theoretical foundations and related literature; 2.1 Benefits of cross-border venture capital investments; 2.1.1 Introduction; 2.1.2 Risk reduction through international portfolio diversification; 2.1.3 Revenue growth and strategic business development; 2.2 Costs of investing at a distance; 2.2.1 Introduction to agency theory; 2.2.2 Agency theory as a framework for venture capital
2.2.3 Effects of distance on the VC-entrepreneur agency relationship2.3 Summary, research gaps and contribution of the thesis; 3 Hypotheses; 3.1 Hypotheses development process; 3.2 Determinants of scope decision; 3.2.1 Local supply and demand; 3.2.2 VC ability and fit; 3.3 Determinants of target location decision; 3.3.1 Target location characteristics; 3.3.2 VC ability and fit; 3.4 Summary of hypotheses; 4 Construction and description of the data set and variables; 4.1 Sources of venture capital data; 4.1.1 ThomsonONE.com; 4.1.2 VentureSource; 4.1.3 CEPRES; 4.1.4 Proprietary data
4.2 Construction and description of the data set used in this thesis4.2.1 Choice and construction of the data set; 4.2.2 Description of VC firms in the data set; 4.2.3 Description of VC funds in the data set; 4.2.4 Description of portfolio companies in the data set; 4.2.5 Description of investments in the data set; 4.3 Creation of additional variables; 4.3.1 Measurement of distance; 4.3.2 Measurement of deal flow (supply); 4.3.3 Measurement of competition (demand); 4.3.4 Measurement of VC ability and fit; 4.4 Geography of the venture capital industry; 4.4.1 Historical perspective
4.4.2 VC champion nations4.4.3 Cross-border VC investments; 4.5 Summary: advantages and drawbacks of the data set; 5 Investment scope decision; 5.1 Naïve scope model; 5.2 Refined scope model; 5.2.1 Econometric model; 5.2.2 Estimation; 5.2.3 Discussion; 5.3 Intermediary conclusion; 6 Target location decision; 6.1 Naïve target location model; 6.2 Refined target location model; 6.2.1 Econometric model; 6.2.2 Estimation; 6.2.3 Discussion; 6.3 Intermediary conclusion; 7 Conclusion; 7.1 Summary; 7.2 Managerial implications; 7.3 Limitations of the thesis; 7.4 Avenues for further research; Appendix
Bibliography
Includes bibliographical references.
Hortense Tarrade analyses over 200,000 venture capital (VC) investments over the past 20 years to understand the investors' motivation to select national or foreign companies into their portfolio. She compares the sensitivity of US-based, non-US and German VC firms to the availability of local deal supply and demand as well as the relative importance of their intrinsic capabilities in their investment scope decision ("Why do VC firms invest on a national, continental or global scope?"). Further, she provides an in-depth analysis of the role of geographic and cultural distance in investments by German VCs ("Why do VC firms invest in a target location rather than another?").
Capital market.
Capital Markets.