Polishing diamonds in the rough: The sources of syndicated venture performance

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Using an effort-sharing framework for VC syndicates, we assess how syndication impacts investment returns, chances of successful exit, and the time taken to exit. With data from 1980 to 2003, and applying apposite econometrics for endogeneity to these different performance measures, we are able to ascribe much of the better return to selection, with the value-addition by monitoring role significantly impacting the likelihood and time of exit. While the extant literature on Venture Capital (VC) syndication is divided about the relative importance of the "selection" and "value-add" hypotheses, we find that their roles are complementary. (C) 2010 Elsevier Inc. All rights reserved.
Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
Issue Date
2011-04
Language
English
Article Type
Article
Keywords

CAPITAL INVESTMENTS; FIRMS; EXPERIENCE; NETWORKING; ALLIANCES; CONTRACTS; CANCER; IMPACT; MONEY

Citation

JOURNAL OF FINANCIAL INTERMEDIATION, v.20, no.2, pp.199 - 230

ISSN
1042-9573
DOI
10.1016/j.jfi.2010.08.001
URI
http://hdl.handle.net/10203/244375
Appears in Collection
MT-Journal Papers(저널논문)
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