We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries over the period 1988-2005. Our hypotheses stress the importance of institutional and legal factors in explaining cross-country variations. We find that increased protection of...

We empirically analyze the determinants of Initial Public Offering (IPO) underpricing using panel data for 29 countries over the period 1988-2005. Our hypotheses stress the importance of institutional and legal factors in explaining cross-country variations. We find that increased protection of...

In this paper we analyze the relation between an investor’s experience and the intensity of monitoring activities. Specifically, we consider venture capitalist firms and their choices of time intervals between financing rounds. We hypothesize that more industry investment experience leads to...

In this paper we analyze the structure of the German market for Venture Capital. We consider the differing roles of market participants namely public, banking dependent and independent VC investors. We find that the players differ in their regional investment scope, such that public investors...

This paper analyses the Determinants of Venture Capital Staging and Syndication in Switzerland. I find that among the different affiliations of VC investors in Switzerland especially independent investors make more extensive use of staged capital infusions. Moreover, the results suggest that...

This paper analyses the syndication behavior of VC organisations and the factors influencing their overall propensity to co-invest. We develop hypothesis concerning the investment behavior of Venture Capitalists in the German market and compare these hypothesis to the actual empirical evidence...

Using data on the establishment of Venture Capital syndicates in Germany during the period 1995-2005 I document that relationships are formed between VCs that occupy different strategic positions in the network to allow for the combination of complimentary investment expertise.

Using a sample of 1485 funded firms in Germany, we analyse the driving forces of Venture Capitalist (VC) syndication and try to disentangle the circumstances under which VCs engage in collaboration with partners. The results indicate that syndication is more pronounced for younger funded firms....

Using a cross-section of Venture Capital (VC) transactions in Germany during the period 1995 to 2005, I analyse the origins of social networks in VC financing and document how they evolve over time. I focus specifically on the industry and investment experience of VCs as a resource to allow for...