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作者 Lindsey, Laura
書名 Essays in venture capital
國際標準書號 0496759302
book jacket
說明 122 p
附註 Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1480
Adviser: B. Douglas Bernheim
Thesis (Ph.D.)--Stanford University, 2004
This thesis is comprised of three essays on venture capital financing. The first essay investigates a particular aspect of value-added services that may be bundled with financing, that of venture capitalists facilitating strategic alliances for their portfolio firms. The second chapter investigates the stock price reactions to the announcement of these alliances. The third chapter examines differences in two types of venture capital organizations: bank-associated venture capitalists and independent organizations
The first chapter finds empirical support for a venture capital keiretsu effect, defined as an increase in the probability that a portfolio firm will form an alliance with a partner who shares a common investor. Because of weaknesses in traditional estimation methods for this setting, two variations of a model are developed that recognize the dynamic features of the alliance market. The model is based on the idea of sequential sampling, with alliances selected from a pool of possible alliances in a series of rounds. The framework uses the sequencing of the alliances to identify the nature of the interaction in the market
The second chapter investigates the stock price reactions to the announcement of keiretsu alliances. There are positive shareholder wealth effects associated with an announcement of a strategic alliance that is also a keiretsu alliance. These wealth effects are, if anything, lower than for a control sample of alliances
The third chapter examines the role of banks in the US venture capital market. The analysis suggests that banks use venture capital relationships to bolster their lending activities. Banks target their venture investments toward companies that are more likely to subsequently raise loans. Having made an investment as a venture capitalist increases a bank's likelihood of providing a loan. Companies may benefit from these relationships through more favorable loan pricing. The evidence suggests that banks are strategic investors in the venture capital market, and provides a cautionary note for relying on banks for the development of a venture capital industry
School code: 0212
Host Item Dissertation Abstracts International 65-04A
主題 Economics, Finance
Economics, General
Alt Author Stanford University
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