首页 | 本学科首页   官方微博 | 高级检索  
     


The exit decision in the European venture capital market
Authors:Elisabete Gomes Santana Félix  Cesaltina Pacheco Pires  Mohamed Azzim Gulamhussen
Affiliation:1. Departamento de Gest?o , Universidade de évora and CEFAGE-Ué , Largo dos Colegiais, n° 2, 7000-803 évora , Portugal efelix@uevora.pt;3. Departamento de Gest?o , Universidade de évora and CEFAGE-Ué , Largo dos Colegiais, n° 2, 7000-803 évora , Portugal;4. Departamento de Finan?as , ISCTE—Instituto Universitário de Lisboa , Av. das For?as Armadas, Sala 236, 1649-026 Lisboa , Portugal
Abstract:
This article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest that, in Europe, Initial Public Offering candidates take longer to be selected than trade sales. Moreover our results show that, in Europe, venture capitalists associated with financial institutions have quicker exits (stronger for trade sales), and highlight the importance of contracting variables on the exit decision. An unexpected result is that the presence on the board of directors leads to longer investment durations.
Keywords:Asymmetric information  Venture capital exit decision  Trade sales  IPO  Write-offs  Competing risks model
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号