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Surf VC investment waves at your own risk

dc.contributor.authorGenc, Caroline
dc.contributor.authorLewis, John Howard
dc.date.accessioned2021-10-18T14:18:43Z
dc.date.available2021-10-18T14:18:43Z
dc.date.issued2019
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/22038
dc.language.isoenen
dc.subjectContracts
dc.subjectprediction
dc.subjectfinancing
dc.subjectG32,G24,658.1,Gestion financière, capital risque, création de valeur
dc.subject.ddc658.1en
dc.subject.classificationjelG.G3.G32en
dc.subject.classificationjelG.G2.G24en
dc.titleSurf VC investment waves at your own risk
dc.typeCommunication / Conférence
dc.description.abstractenAlthough the volatility of the venture capital industry is well known, it is not known if investing in a wave or outside of a wave results in better or worse performance. In this paper, we investigated, in an investment wave context, the relationship between the timing of a venture capital investment and its performance. We argue that investments made before a wave, or early in a wave, provided a higher probability of success relative to those made in a wave or in any other period. We show that venture capitalists, with industry experience and high specialization, were more likely to invest earlier in waves when the VC were well connected to investors in an industry by a social network. Without industry connections, they delayed their investments, to within the wave, which had a lower success rate.
dc.subject.ddclabelGestion financière, capital risque, création de valeuren
dc.relation.conftitleECBA 2019 : Entrepreneurship: Cognitive and Behavioral Approaches Workshop
dc.relation.confdate2019-09
dc.relation.confcityParis
dc.relation.confcountryFRANCE
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.date.updated2021-12-16T09:51:58Z
dc.subject.classificationjelHALG - Financial Economics::G3 - Corporate Finance and Governance::G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwillen
dc.subject.classificationjelHALG - Financial Economics::G2 - Financial Institutions and Services::G24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agenciesen
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