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  1. Is the behavior of German venture capitalists different?
    evidence from the Neuer Markt
    Author: Tykvová, Tereza
    Published: 2003
    Publisher:  CFS, Frankfurt am Main

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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    RVK Categories: QB 910
    DDC Categories: 330; 380; 650; 670
    Series: CFS working paper series ; No. 2003,24
    Subjects: Risikokapital; Emissionsgeschäft; Anlageverhalten; Schätzung; Neuer Markt <Börse>; Neuer Markt; New Economy; Risikokapital; Going Public; Neuer Markt; Deutschland
    Other subjects: (stw)Risikokapital; (stw)Emissionsgeschäft; (stw)Anlageverhalten; (stw)Schätzung; (stw)Deutschland; (stw)New Economy; Venture Capital; IPO; Lock-up; Neuer Markt; Arbeitspapier; Graue Literatur
    Scope: 34 S., 21 cm
    Notes:

    Auch im Internet unter der Adresse www.ifk-cfs.de verfügbar
  2. Is the behavior of German venture capitalists different? : Evidence from the Neuer Markt
    Author: Tykvová, Tereza
    Published: 2003
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    RVK Categories: QB 910
    DDC Categories: 330; 380; 650; 670
    Series: Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2003,24
    Subjects: Risikokapital; Emissionsgeschäft; Anlageverhalten; Schätzung; Neuer Markt <Börse>; Neuer Markt; New Economy; Risikokapital; Going Public; Neuer Markt; Deutschland
    Other subjects: (stw)Risikokapital; (stw)Emissionsgeschäft; (stw)Anlageverhalten; (stw)Schätzung; (stw)Deutschland; (stw)New Economy; Venture Capital; IPO; Lock-up; Neuer Markt; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  3. Is the behavior of German venture capitalists different?
    evidence from the Neuer Mark
    Author: Tykvová, Tereza
    Published: 2003
    Publisher:  Center for Financial Studies, Frankfurt, Main

    Using a unique, hand-collected database of all venture-backed firms listed on Germany's Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 108 (2003,24)
    Inter-library loan:
    No inter-library loan

     

    Using a unique, hand-collected database of all venture-backed firms listed on Germany's Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and characteristics of German vs. foreign venture capital firms. The discrepancy in the investment and divestment strategies may be explained by the grandstanding phenomenon, the value-added hypothesis and certification issues. German venture capitalists are typically younger and smaller than their counterparts from abroad. They syndicate less. The sectoral structure of their portfolios differs from that of foreign venture capital firms. We also find that German venture capitalists typically take companies with lower offering volumes on the market. They usually finance firms in a later stage, carry through fewer investment rounds and take their portfolio firms public earlier. In companies where a German firm is the lead venture capitalist, the fraction of equity held by the group of venture capitalists is lower, their selling intensity at the IPO is higher and the committed lock-up period is longer.

     
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    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/72630
    Series: CFS Working Paper ; 2003/24
    Subjects: IPO; Lock-up; Neuer Markt; Venture Capital
    Scope: Online-Ressource (36 S.)