Venture capital investment cycles
Subtitle: the impact of public markets
By: Paul Gompers ... [et al].
Contributors: Gompers, Paul A.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 11385; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 11385.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Venture capital.; Investments.
Description: "It is well documented that the venture capital industry is highly volatile and that much of this volatility is associated with shifting valuations and activity in public equity markets.  This paper examines how changes in public market signals affected venture capital investing between 1975 and 1998.  We find that venture capitalists with the most industry experience increase their investments the most when public market signals become more favorable.  Their reaction to an increase is greater than the reaction of venture capital organizations with relatively little industry experience and those with considerable experience but in other industries.  The increase in investment rates does not affect the success of these transactions adversely to a significant extent.  These findings are consistent with the view that venture capitalists rationally respond to attractive investment opportunities signaled by public market shifts"--National Bureau of Economic Research web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 6/21/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.