Utilizad este identificador para citar o enlazar este documento: http://hdl.handle.net/2072/204084

Investment, duration, and exit strategies for corporate and independent venture capital-backed start-ups
Guo, Bing; Lou, Yun; Pérez Castrillo, David
Universitat Autònoma de Barcelona. Unitat de Fonaments de l'Anàlisi Econòmica; Institut d'Anàlisi Econòmica
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.
26-11-2012
Capital
Empreses -- Creació
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Documento de trabajo
Working papers; 895.12
         

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