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.
1 Introduction to the Companion to Venture Capital (Douglas Cumming).
PART I Alternative Forms of Venture Capital.
2 Venture Capitalists Decision Making: An Information Processing Perspective (Andrew Zacharakis).
3 Banks Versus Venture Capital in the Financing of New Ventures (Jean Etienne de Bettignies).
4 Corporate Venture Capital (Vladimir I. Ivanov and Fei Xie).
5 Angel Finance: The Other Venture Capital (Andrew Wong).
6 Business Incubation and Its Connection to Venture Capital (Darek Klonowski).
7 Philanthropic Venture Capital: A New Model of Financing for Social Entrepreneurs (Luisa Alemany and Mariarosa Scarlata).
PART II The Structure of Venture Capital Investments.
8 Financial Contracts and Venture Capitalists’ Value-Added (Catherine Casamatta).
9 Venture Capitalists, Monitoring and Advising (Roberta Dessi).
10 Project Externalities and Moral Hazard (Dima Leshchinskii).
11 Doing It Not Alone: Antecedents, Dynamics, and Outcomes of Venture Capital Syndication (Dirk De Clercq and Dimo Dimov).
PART III Venture Capital Value-Added and Conflicts.
12 Time to Grow Up: Large Sample Evidence on the Maturation Dynamics of Private Venture-Backed Firms (John R. M. Hand).
13 How Do Venture Capitalists Create Value for Entrepreneurial Firms? A Review of the Literature (Thomas J. Chemmanur, Karthik Krishnan, and Debarshi Nandy).
14 Venture Capital and Innovation (Masako Ueda).
15 Reputation in Financial Intermediation: Evidence from Venture Capital (Rajarishi Nahata).
16 Investor Opportunism, and Governance in Venture Capital (Brian Broughman).
17 Conflicts of Interest and Litigation in the Venture Capital Industry (Vladimir Atanasov).
PART IV Venture Capital Exits and Returns.
18 Venture Capital Exits (Armin Schwienbacher).
19 Returns to Venture Capital (Mike Wright and Riya Chopraa).
20 Venture Capitalists’ Control: Stimulating or Stunting? (April Knill).
PART V International Venture Capital and Public Policy.
21 Cross-Border Venture Capital and Private Equity (Markku V. J. Maula).
22 The Canadian Public Venture Capital Market (Cecile Carpentier and Jean-Marc Suret).
23 Public Policy, Venture Capital, and Entrepreneurial Finance (Christian Keuschnigg).
24 Twelve Meditations on Venture Capital (Gordon Murray and David Lingelbach).
DOUGLAS CUMMING, CFA, PhD, JD, is an Associate Professor of Finance and Entrepreneurship and the Ontario Research Chair at the Schulich School of Business, York University. His research is primarily focused on law and finance, market surveillance, hedge funds, venture capital, private equity, and IPOs, and he has published over fifty refereed articles in leading journals. Cumming was the recipient of the 2009 Canadian Institute of Chartered Business Valuators Research Award, the 2008 Paolo Baffi Centre on Central Banking and Financial Regulation Research Award, the 2008 AIMA Canada-Hillsdale Research Award, the 2005 PWC Global Competency Research Excellence Award, and the 2004 Iddo Sarnat Annual Memorial Award for the best paper published in the Journal of Banking and Finance. He is a research associate with numerous financial and educational groups, and consults for a variety of governmental and private organizations, including Wilshire Associates. Cumming is coauthor (along with his wife, Sofia Johan) of the new book Venture Capital and Private Equity Contracting: An International Perspective.
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