Venture Capital Contracting And The Valuation Of High Technology Firms

Author by : Joseph McCahery
Languange : en
Publisher by : Oxford University Press, USA
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Description : Venture capitalists are specialized intermediaries that channel capital to firms and professional services to companies that might otherwise be excluded from the corporate debt market and other sources of private finance. Venture capital financing is used to invest mainly in small and medium size firms with good growth and exit potential. Typically, venture capital firms concentrate in industries with a great deal of uncertainty, where the information gaps among entrepreneurs and venturecapitalist are commonplace. Venture capital firms are active in sectors with a high informational opacity and agency costs. These ventures are identified as financially constrained. Start-up firms rely on venture capital as one of their main sources of funding. Recent empirical research has found that the effect of venture capital on the success of these ventures is considerable. The value of venture capital investment is borne out by the figures which show that venture capital backed-firms grow on average twice as fast as those not backed by venture capital firms. The debate on the development of an efficient venture capital market has forced us to consider which financial instruments, legal rules, labour laws, contracts, and other institutional structures are necessary to create a venture capital market. The contributions to this book have offered insights on the structure of venture capital fund financial contracts, the screening, monitoring and staging of potential investments, the importance of partnership and other legal business forms for investors and start-up firms, the funding of innovation, the valuation of investments, and the exit routes for venture capitalists. The essays in this volume, which draw upon international evidence and ideas from financial economics and law, contribute to further research on the relationship between venture capitalists and entrepreneurs. This collection analyses the main legal and contracting structures in the venture capital cycle. Exploring the differences between the US and European venture capital markets, it focuses on diverse organizational and contractual techniques, such as staged finance, convertible securities, board functions and other forms of control, and the role of exit. Theoretical chapters examine the valuation of entrepreneurial firms and the liquidiation preference in convertible securities. Finally, the book assesses the importance of the IPO market for entrepreneurs, investors and venture capitalists alike.


Risk Appraisal And Venture Capital In High Technology New Ventures

Author by : Gavin C. Reid
Languange : en
Publisher by : Routledge
Format Available : PDF, ePub, Mobi
Total Read : 63
Total Download : 701
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Description : This book is a 'crossover' treatment of quantitative and qualitative risk analysis within the setting of new high technology ventures in the UK. Reid and Smith have based their research on extensive fieldwork in patent-intensive, high-technology firms. This has included face-to-face interviews with leading investors, and is illustrated by two chapters of case studies. Their aim is to advance the understanding of methods of risk assessment and to illuminate current policy concerns about stimulating innovative output and securing intellectual property. This book is unique in being academic in intent and purpose, yet strongly grounded in practice, without becoming merely a practitioner volume. Reid and Smith find a considerable consensus in the venture capital industry on the spectrum of investments by risk, and on key commercial factors affecting risk. This book offers a useful and interdisciplinary approach to an increasingly popular field of study.


Handbook Of Research On Venture Capital

Author by : Hans Landstr”m
Languange : en
Publisher by : Edward Elgar Publishing
Format Available : PDF, ePub, Mobi
Total Read : 29
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Description : ÔThis exciting second volume of cutting-edge research on venture capital takes up where volume one leaves off, bringing greater depth to topics covered in the first volume (such as angel investing) and adding new topics and insights. It poses interesting questions such as Ð Is venture capital in crisis? Are new models of early investing needed? Ð and offers carefully researched answers. Landstršm and Mason provide insightful commentary and skillfully pinpoint the contributions of a talented set of researchers. Both scholars and practitioners of venture capital will want to read this book.Õ Ð Harry J. Sapienza, University of Minnesota, US ÔThe second edition of the Handbook of Research on Venture Capital provides an important guidepost for venture capital researchers. As Landstršm and Mason point out, the nature of venture capital has changed dramatically over the last ten years. The asset class as a whole has failed to return principal and the old model is under tremendous strain. The contributors nicely highlight many of these changes, especially how venture capital has scaled beyond the US. For those of us active in venture capital research, the chapters raise many interesting research questions that deserve further attention.Õ Ð Andrew Zacharakis, Babson College, US This Handbook charts the development of venture capital research in light of the global financial crisis, starting with an analysis of the current venture capital market and the changing nature of the business angel market. Looking at governance structures, the performance of venture capitalists in terms of investments, economic impact and human capital, and the geographical organization of business angels and venture capital global ÔhotspotsÕ, this book also analyses the current state of venture capital research and offers a roadmap for the future.


Venture Capital And Private Equity Contracting

Author by : Douglas J. Cumming
Languange : en
Publisher by : Academic Press
Format Available : PDF, ePub, Mobi
Total Read : 54
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File Size : 50,6 Mb
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Description : Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2e offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. In the 2e, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. With seven new or completely revised chapters covering a range of topics from Fund Size and Diseconomies of Scale to Fundraising and Regulation, this new edition will be essential for financial and legal students and researchers considering international venture capital and private equity. An analysis of the structure and governance features of venture capital contracts In-depth study of contracts between different types of venture capital funds and entrepreneurial firms Presents international datasets from over 40 countries around the world Additional references on a companion website Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements


Exploration And Exploitation In Early Stage Ventures And Smes

Author by : Barak S. Aharonson
Languange : en
Publisher by : Emerald Group Publishing
Format Available : PDF, ePub, Mobi
Total Read : 24
Total Download : 910
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Description : This volume of Technology, Innovation, Entrepreneurship and Competitive Strategy is devoted to research aimed at understanding the implications of Exploration and Exploitation activities in early-stage ventures and small-and-medium enterprises (SMEs).


Strategic Investment

Author by : Han T. J. Smit
Languange : en
Publisher by : Princeton University Press
Format Available : PDF, ePub, Mobi
Total Read : 73
Total Download : 198
File Size : 48,8 Mb
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Description : Corporate finance and corporate strategy have long been seen as different sides of the same coin. Though both focus on the same broad problem, investment decision-making, the gap between the two sides--and between theory and practice--remains embarrassingly large. This book synthesizes cutting-edge developments in corporate finance and related fields--in particular, real options and game theory--to help bridge this gap. In clear, straightforward exposition and through numerous examples and applications from various industries, Han Smit and Lenos Trigeorgis set forth an extended valuation framework for competitive strategies. The book follows a problem-solving approach that synthesizes ideas from game theory, real options, and strategy. Thinking in terms of options-games can help managers address questions such as: When is it best to invest early to preempt competitive entry, and when to wait? Should a firm compete in R&D or adopt an accommodating stance? How does one value growth options or infrastructure investments? The authors provide a wide range of valuation examples, such as acquisition strategies, R&D investment in high-tech sectors, joint research ventures, product introductions in consumer electronics, infrastructure, and oil exploration investment. Representing a major step beyond standard real options or strategy analysis, and extending the power of real options and strategic thinking in a rigorous fashion, Strategic Investment will be an indispensable guide and resource for corporate managers, MBA students, and academics alike.


The Ipo Decision

Author by : Jason Draho
Languange : en
Publisher by : Edward Elgar Publishing
Format Available : PDF, ePub, Mobi
Total Read : 14
Total Download : 999
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Description : Annotation Initial public offerings (IPOs) garnered unprecedented positive attention in the 1990s for their spectacular returns and central role in entrepreneurial activity. Subsequent revelations of unscrupulous IPO allocation and promotion practices cast a less fa.


The Life Cycle Of Entrepreneurial Ventures

Author by : Simon Parker
Languange : en
Publisher by : Springer Science & Business Media
Format Available : PDF, ePub, Mobi
Total Read : 26
Total Download : 165
File Size : 43,5 Mb
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Description : This book discusses topical issues in entrepreneurship organized around the various stages of venture creation, development and performance. It is arranged in several parts, dealing with the pre-start stage, followed by venture creation, financing ventures, venture development, and venture performance. Each part contains several chapters written by experts in the relevant field. The multi-disciplinary flavor of the book is complemented by its international evidence base, featuring results from a range of different countries. The book will help researchers and practitioners who want to pinpoint the key points emerging from the latest academic thinking.


Global Governance In Accounting

Author by : J. Zimmermann
Languange : en
Publisher by : Springer
Format Available : PDF, ePub, Mobi
Total Read : 35
Total Download : 711
File Size : 40,9 Mb
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Description : This book takes a look at the world of accounting and examines business's relationship with the state. It compares the accounting regulations in Germany, the UK and the US to provide evidence that privatization and convergence must be used with caution, at least in the world of accounting.


The Sme Financing Gap Vol I Theory And Evidence

Author by : OECD
Languange : en
Publisher by : OECD Publishing
Format Available : PDF, ePub, Mobi
Total Read : 40
Total Download : 473
File Size : 52,7 Mb
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Description : Analyzes the lack of funding for small and medium-sized enterprises (SMEs) and recommends measures to foster an improved flow of financing.


The Essence And Measurement Of Organizational Efficiency

Author by : Tadeusz Dudycz
Languange : en
Publisher by : Springer
Format Available : PDF, ePub, Mobi
Total Read : 20
Total Download : 744
File Size : 43,9 Mb
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Description : This book offers a collection of studies on various organizations’ efficiency, criteria for evaluating efficiency, together with tools and methods for measuring efficiency. The articles included present an interdisciplinary look at efficiency, its essence and the principles of its measurement. They represent an attempt to seek the conceptual boundaries of efficiency, i.e. to clarify this abstract and multidimensional concept including its relation to innovation, competitiveness and intellectual capital. The contributions also identify a broad spectrum of conditions for achieving efficiency in various types of organizations and systems (e.g. health care, hybrid organizations, non-profit organizations), representing various industries (e.g. insurance, banking, tourism, agriculture).


Principal Agents In Venture Capital And Private Equity Contracting

Author by : Steffen Schupp
Languange : en
Publisher by : GRIN Verlag
Format Available : PDF, ePub, Mobi
Total Read : 19
Total Download : 640
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Description : Seminar paper from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, Technical University of Darmstadt (Department of Banking and Finance), course: Venture Capital and Private Equity, 53 entries in the bibliography, language: English, abstract: In the last decades venture capital has emerged as the major source of financing for young and innovative firms, replacing more and more bank credits, but also creating a new market niche for start-ups with a high risk of failure that may create substantial returns. With success stories of companies like Apple Computer, Intel, Federal Express, Microsoft, Sun Mircosystem, Compaq or SAP, this form of funding is meanwhile widely accepted. In the late 1970s the venture capital industry increased dramatically in the United States. In contrast, the venture capital sector in continental Europe used to be a very small market up to 1990. Figure 1 in the appendix shows the development of funds committed to independent US and European venture capital funds.1Today the venture fund market in Germany has reached a managed fund size of US$ 43 billion, an increase of 13.2 percent in regard to the previous year.2Therefore venture capital plays a crucial role in respect to innovation of an economy and has significant positive effects on society and a country’s economy. According to Sahlmann (1990) the term “venture capital” is defined as a “professional managed pool of capital that is invested in equity linked securities of private ventures at various stages in their development”. Gompers and Lerner (2001a) limit the definition to investments in privately held, high growth companies. Originally, the intent of venture capital is to finance young innovative companies. The term private equity describes the investment of equity in companies that are already established, e.g. companies in later stages of their life cycle. Today the two terms are often used as synonyms. In this paper we keep focusing on companies in early stages of life and thus use the term venture capital only. It should be mentioned that the focus of venture capital firms can be quite different. First venture capitalists can concentrate on different stages of companies (seed, start-up, first, second, third, fourth stage, bridge stage and liquidity stage financing) and second, venture capitalist can finance different industries or focus on a special group. The specialization has the advantage to gather deepened technological knowledge about an industry that can be used within the “venture cycle”. The innovative high-tech sectors, such as biotech or nanotech, would be good examples.


Principles Of Corporate Finance Law

Author by : Eilis Ferran
Languange : en
Publisher by : Oxford University Press
Format Available : PDF, ePub, Mobi
Total Read : 43
Total Download : 262
File Size : 46,9 Mb
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Description : With the additional contribution of Look Chan Ho, an expert in the field of corporate finance, this thoroughly revised and updated second edition of Ferran's 'Principles of Corporate Finance Law' explores the relationship between law and finance.


Journal Of Economic Literature

Author by : Anonim
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 39
Total Download : 795
File Size : 52,5 Mb
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Description :


Principles Of Corporate Finance Law

Author by : Eilís Ferran
Languange : en
Publisher by : Oxford University Press, USA
Format Available : PDF, ePub, Mobi
Total Read : 88
Total Download : 837
File Size : 51,6 Mb
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Description : Corporate finance theory seeks to understand how incorporated firms address the financial constraints that affect their investment decisions by using varied financial instruments that give holders different claims on the firm's assets.The legal environment is crucially important in explaining the choices that companies make about their capital structure. This book examines the key elements of the legal environment relating to corporate finance in the UK. Thisevolving environment has just undergone a remarkable period of far-reaching change. This was driven in part by the desire of the UK government to modernise its domestic company law, and in part by policy choices at the EU level. Eilis Ferran provides a detailed analysis of the technical issues arisingfrom the new UK and European law on corporate finance, and combines this with exploration of the broader policy framework and with cutting edge research.


Valuation Of Internet And Technology Stocks

Author by : Brian Kettell
Languange : en
Publisher by : Elsevier
Format Available : PDF, ePub, Mobi
Total Read : 90
Total Download : 296
File Size : 52,6 Mb
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Description : Valuation of Internet and Technology Stocks offers practical information on how to value internet and high-tech companies more accurately. The book reviews previous practice, highlights the deficiencies in existing stock market techniques, and shows how to modify or replace them. It also demonstrates how the New Economics necessitates new forms of investment analysis. This book presents new ways of looking, researching and valuing internet and high-tech companies. It explains why there has been a high correlation between high loss companies and a rocketing stock price. It questions whether there is still a place for discounted cash flows when there is no cash flow to discount. It also considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques. Chapters deal with a wide range of topics including: where technology/internet stocks fit in a new economy; how you value traditional common stocks; application of the Porter model to the valuation of technology/internet stocks; problems with applying traditional valuation models for technology/internet stocks; derivative markets and real options; and the lessons that can be learned by investors from the year 2000 collapse of technology/internet stocks. This text will be of interest to traders, investment managers, institutional investors, plan managers, and finance professionals. * Investigates why there has been a high correlation between high loss companies and a rocketing stock price * Questions whether there is still a place for discounted cash flows when there is no cash flow to discount * Considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques


Dividend Policy And Corporate Governance

Author by : Luis Correia da Silva
Languange : en
Publisher by : OUP Oxford
Format Available : PDF, ePub, Mobi
Total Read : 23
Total Download : 521
File Size : 40,6 Mb
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Description : Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.


Commercial Management Of Projects

Author by : David Lowe
Languange : en
Publisher by : John Wiley & Sons
Format Available : PDF, ePub, Mobi
Total Read : 72
Total Download : 565
File Size : 43,6 Mb
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Description : This is the first book to establish a theoretical framework forcommercial management. It argues that managing the contractual andcommercial issues of projects – from project inception tocompletion – is vital in linking operations at the projectlevel and the multiple projects (portfolios/ programmes) level tothe corporate core of a company. The book focuses on commercial management within the context ofproject oriented organisations, for example: aerospace,construction, IT, pharmaceutical and telecommunications – inthe private and public sectors. By bringing together contributionsfrom leading researchers and practitioners in commercialmanagement, it presents the state-of-the-art in commercialmanagement covering both current research and best practice. Commercial Management of Projects: defining thediscipline covers the external milieu (competition,culture, procurement systems); the corporate milieu(corporate governance, strategy, marketing, trust, outsourcing);the projects milieu (management of uncertainty, conflictmanagement and dispute resolution, performance measurement, valuemanagement); and the project milieu (project governance,contract management, bidding, purchasing, logistics and supply,cost value reconciliation). Collectively the chapters constitute a step towards the creationof a body of knowledge and a research agenda for commercialmanagement.


The Social Value Of New Technology

Author by : Albert N. Link
Languange : en
Publisher by : Edward Elgar Publishing
Format Available : PDF, ePub, Mobi
Total Read : 16
Total Download : 493
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Description : New technologies, with their practical contributions, provide social value. The chapters in this volume view this social value from a program evaluation perspective, and the focus of the evaluations is the generation of new technology funded by public sector agencies. The authors provide important background on methodology and application and show that it is relevant not only to the established scholars and practitioners, but also to students.


China S Venture Capital Market

Author by : Lin Zhang
Languange : en
Publisher by : Elsevier
Format Available : PDF, ePub, Mobi
Total Read : 65
Total Download : 411
File Size : 44,5 Mb
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Description : The venture capital market in China has been developing for over twenty years. Over this period, the legal frameworks surrounding China’s venture capital have evolved significantly. China’s Venture Capital Market addresses this important topic and argues for further improvements in legal frameworks for venture capital in China. The book consists of five chapters, each covering an aspect of venture capital in China. The first chapter profiles the venture capital market. The second, third and fourth chapters consider the legal problems and suggest reform measures for fundraising in, operation of and exit from Chinese venture capital. The book concludes by asking how long it will take for reform measures to take place in China. Fills a gap in the market by weighing up the pros and cons of the legal system under which venture capital operates in China Contains primary source material, including interviews with Chinese venture capitalists Gives new case studies of Chinese venture capital


Venture Capital

Author by : Douglas Cumming
Languange : en
Publisher by : John Wiley & Sons
Format Available : PDF, ePub, Mobi
Total Read : 29
Total Download : 354
File Size : 48,5 Mb
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Description : An essential guide to venture capital Studies have shown that venture capital backed entrepreneurial firms are on average significantly more successful than non-venture capital backed entrepreneurial firms in terms of innovativeness, profitability, and share price performance upon going public. Understanding the various aspects of venture capital is something anyone in any industry should be familiar with. This reliable resource provides a comprehensive view of venture capital by describing the current state of research and best practices in this arena. Issues addressed include sources of capital-such as angel investment, corporate funds, and government funds-financial contracts and monitoring, and the efficiency implications of VC investment, to name a few. Opens with a review of alternative forms of venture capital Highlights the structure of venture capital investments Examines the role venture capitalists play in adding value to their investee firms This informative guide will help you discover the true potential of venture capital.


Entrepreneurship In Biotechnology

Author by : Martin Grossmann
Languange : en
Publisher by : Springer Science & Business Media
Format Available : PDF, ePub, Mobi
Total Read : 94
Total Download : 735
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Description : Research and development of novel medicines for human therapy commonly takes over a decade before significant revenues from sales are forthcoming. How can biotechnology companies be founded and grow successfully in an industry with such extended innovation processes? The book investigates this problem and distinguishes three growth phases: From incorporation and start-up through collaborative R&D with large pharmaceutical firms to value creation from R&D pipelines to Public Offerings and product marketing. In this book a dynamic simulation model for testing different decision-making strategies is developed. For each phase the author identifies decision rules that provide for successful corporate growth.


International Conference On E Commerce And Contemporary Economic Development

Author by : Anonim
Languange : en
Publisher by : DEStech Publications, Inc
Format Available : PDF, ePub, Mobi
Total Read : 19
Total Download : 344
File Size : 54,5 Mb
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Description : International Conference on E-Commerce and Contemporary Economic Development (ECED 2014) which will be held on June 7–8, 2014. The ECED 2014 aims to bring together researchers, educators and students from around the world in both industry and academia for sharing the state-of-art research results and applications, for exploring new areas of research and development, and for discussing emerging issues on E-commerce and Contemporary Economic Development fields. 2014 International Conference on E-commerce and Contemporary Economic Development [ECED2014], aims to bring together researchers, engineers, and students from around the world in both fields about E-commerce and Contemporary Economic Development for information sharing and cooperation. Researchers and practitioners are invited to submit their contributions to ECED2014.


Small High Technology Firms And Innovation

Author by : United States. Congress. House. Committee on Science and Technology. Subcommittee on Investigations and Oversight
Languange : en
Publisher by : Unknown
Format Available : PDF, ePub, Mobi
Total Read : 60
Total Download : 766
File Size : 43,5 Mb
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The Oxford Handbook Of Entrepreneurial Finance

Author by : Douglas Cumming
Languange : en
Publisher by : Oxford University Press
Format Available : PDF, ePub, Mobi
Total Read : 20
Total Download : 874
File Size : 41,8 Mb
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Description : The topic of Entrepreneurial Finance involves many issues, including but not limited to the risks and returns to being an entrepreneur, financial contracting, business planning, capital gaps and the availability of capital, market booms and busts, public policy and international differences in entrepreneurial finance stemming from differences in laws, institutions and culture. As these issues are so extremely broad and complex, the academic and practitioner literature on topic usually focuses on at most one or two of these issues at one time. The Oxford Handbook of Entrepreneurial Finance provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries. It is organized into seven parts, the first of which introduces the issues, explains the organization of the Handbook, and briefly summarizes the contributions made by the authors in each of the chapters. Part II covers the topics pertaining to financing new industries and the returns and risk to being an entrepreneur. Part III deals with entrepreneurial capital structure. Part IV discusses business planning, funding and funding gaps in entrepreneurial finance with a focus on credit markets. Part V provides analyses of the main alternative sources of entrepreneurial finance. Part VI considers issues in public policy towards entrepreneurial finance. Part VII considers international differences in entrepreneurial finance, including analyses of entrepreneurial finance in weak institutional environments as well as microfinance.