Whom You Know Matters : Venture Capital Networks And Investment Performance  

Oleh:

Hochberg, Yael V. ; Ljungqvist, Alexander ; Yang, Lu

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 62 no. 1 (Feb. 2007), page 251-302.
Topik: investment; venture capital; arms length transactions; portfolio investments; securities markets; studies
Fulltext: p 251.pdf (340.09KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Many financial markets are characterized by strong relationships and networks, rather than arm's - length, spot market transactions. We examine the performance consequences of this organizational structure in the context of relationships established when VCs syndicate portfolio company investments. We find that better - networked VC firms experience significantly better fund performance, as measured by the proportion of investments that are successfully exited through an IPO or a sale to another company. Similarly, the portfolio companies of better - networked VCs are significantly more likely to survive to subsequent financing and eventual exit. We also provide initial evidence on the evolution of VC networks.

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