We explain the returns obtained on venture capital (VC) investments in all VC backed companies going public in the U.S. between 2003 and 2017. Using a unique data set of 1,921 investor-IPO returns, we show that later investments obtain higher returns, even after controlling for observed and...

There is ample empirical evidence that investments in (public) companies are correlated with cash flow. This may either be explained as evidence of financing constraints (Fazzari, Hubbard and Petersen, 1988), as excessive conservatism by managers, restraining investments to the internally...

The 2001 Global Entrepreneurship Monitor (GEM)findings for Belgium and Flanders suggest that, of the 29 countriesparticipating in the research, Belgium was the least entrepreneurial, and theregion of Flanders was even less entrepreneurial than Belgium on average.Predictions indicate slow...

Research has identified the means by which venture capitalists (VCs) in the United States add value to their portfolio firms beyond money. The venture capital industry has expanded into other nations, and this study explores the relations of venture capitalists with their portfolio firms in the...

This paper studies the international investment behavior of private equity (PE) firms. Perspectives from international service management are integrated with human capital and network theory to test the value of international human capital and international network relationships. Using a sample...

This research utilizes an institutional perspective to examine the behavior of venture capital professionals in three distinct regions of the world (Asia, U.S., Europe). Based upon a mail survey, we find reasonably consistent views around the world on the relative importance of various venture...

This paper researches the determinants of financing decisions of extreme growth companies. For this purpose, we use a longitudinal dataset, free of survivorship bias, covering the financing events of extreme growth companies for up to eight years. Results are generally consistent with the...

A critical question that growth oriented companies face is whether to raise new funding under the form of debt or equity from new or existing shareholders. We study the 345 new funding issues of a sample of 191 early stage growth oriented start-ups. We show that bank debt is available to firms...