We develop a valuation model for venture capital--backed companies and apply it to 135 US unicorns, that is, private companies with reported valuations above $1 billion. We value unicorns using financial terms from legal filings and find that reported unicorn post--money valuations average 48%...

We develop a valuation model for venture capital-backed companies and apply it to 135 U.S. unicorns – private companies with reported valuations above $1 billion. We value unicorns using financial terms from legal filings and find reported unicorn post-money valuation average 50% above fair...

We develop a valuation model for venture capital-backed companies and apply it to 135 U.S. unicorns - private companies with reported valuations above $1 billion. We value unicorns using financial terms from legal filings and find reported unicorn post-money valuation average 50% above fair...

Fast-growing innovative companies - startups - operate unlike other businesses and raise money in similarly distinctive ways. Eschewing traditional banks and equity markets, they turn to a startup financing ecosystem that includes corporate and institutional VC funds, crowdfunding, angel...

Using a novel dataset of U.S. buyout and VC investments, we study the informativeness of fund managers' interim valuation reports about portfolio companies on final outcomes. We find that when investors assess the performance of individual portfolio companies, they can do better than just...