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Does family matter? : venture capital cross-fund cash flows

Kräussl, Roman; Rinne, Kalle; Sunc, Huizhu - 2022

Venture capital (VC) funds backed by large multi-fund families tend to perform substantially better due to cross-fund cash flows (CFCFs), a liquidity support mechanism provided by matching distributions and capital calls within a VC fund family. The dynamics of this mechanism coincide with the...

Persistent link: https://www.econbiz.de/10013555504

Underpricing of venture-backed and non venture-backed IPOs : Germany's Neuer Markt

Franzke, Stefanie A. - 2003 - This version: November 6, 2003

This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany´s Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance...

Persistent link: https://www.econbiz.de/10009767675

Is the behavior of German venture capitalists different? : evidence from the Neuer Mark

Tykvová, Tereza - 2003

Using a unique, hand-collected database of all venture-backed firms listed on Germany's Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and...

Persistent link: https://www.econbiz.de/10009765361

Is rated debt arm's length? : evidence from mergers and acquisitions

Gropp, Reint; Hirsch, Christian; Krahnen, Jan Pieter - 2011

In this paper we challenge the view that corporate bonds are always arm's length debt. We analyze the effect of bond ratings on the stock price return to acquirers in M&A transactions, which tend to have significant effects on creditor wealth. We find acquirers abnormal returns to be higher if...

Persistent link: https://www.econbiz.de/10008934787

Are particular industries more likely to succeed? : a comparative analysis of VC investment in the US and Europe

Kräussl, Roman; Krause, Stefan - 2010

The objective of this study is to determine whether specific industries across countries or within countries are more likely to reach a stage of profitability and make a successful exit. In particular, we assess whether firms in certain industries are more prone to exit via IPO, be acquired, or...

Persistent link: https://www.econbiz.de/10003947460

Going public - going private : the case of VC-backed firms

Gill, Andrej; Walz, Uwe - 2012

We investigate the decisions of listed firms to go private once again. We start by revealing that while a significant number of firms which go public is VC-backed, an overproportional share of these VC-backed firms go private later on (they stay on the exchange for an average of 8.5 years). We...

Persistent link: https://www.econbiz.de/10009488848

The determinants of debt and (private-) equity financing in young innovative SMEs : evidence from Germany

Schäfer, Dorothea (contributor); Werwatz, Axel (contributor) - 2004

Persistent link: https://www.econbiz.de/10003349883

Public policy and venture capital financed innovation : a contract design approach

Hirsch, Julia (contributor) - 2006

Persistent link: https://www.econbiz.de/10003446447

A global lending channel unplugged? : does U.S. monetary policy affect cross-border and affiliate lending by global U.S. banks?

Temesvary, Judit; Ongena, Steven; Owen, Ann L. - 2015

We examine how U.S. monetary policy affects the international activities of U.S. Banks. We access a rarely studied US … quantitative easing (after the onset of the crisis) affects changes in cross-border claims by U.S. banks across countries … the existence of a potent global bank lending channel. In response to changes in U.S. monetary conditions, U.S. banks …

Persistent link: https://www.econbiz.de/10011336667

On the economics of crisis contracts

Aptus, Elias; Britz, Volker; Gersbach, Hans - 2014

We examine the impact of so-called "Crisis Contracts" on bank managers' risktaking incentives and on the probability of banking crises. Under a Crisis Contract, managers are required to contribute a pre-specified share of their past earnings to finance public rescue funds when a crisis occurs....

Persistent link: https://www.econbiz.de/10010337016