Management buy-outs and venture capital: into the next millenium
Gespeichert in:
Format: | Buch |
---|---|
Sprache: | English |
Veröffentlicht: |
Cheltenham [u.a.]
Elgar
1999
|
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | XIII, 354 S. |
ISBN: | 185898999X |
Internformat
MARC
LEADER | 00000nam a2200000 c 4500 | ||
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245 | 1 | 0 | |a Management buy-outs and venture capital |b into the next millenium |c ed. by Mike Wright ... |
264 | 1 | |a Cheltenham [u.a.] |b Elgar |c 1999 | |
300 | |a XIII, 354 S. | ||
336 | |b txt |2 rdacontent | ||
337 | |b n |2 rdamedia | ||
338 | |b nc |2 rdacarrier | ||
650 | 7 | |a Management buyouts - Case studies |2 blmsh | |
650 | 7 | |a Management buyouts |2 blmsh | |
650 | 7 | |a Venture capital - Case studies |2 blmsh | |
650 | 7 | |a Venture capital |2 blmsh | |
650 | 4 | |a Management buyouts -- Forecasting -- Congresses | |
650 | 4 | |a Venture capital -- Forecasting -- Congresses | |
650 | 4 | |a Management buyouts -- Europe -- Forecasting -- Congresses | |
650 | 4 | |a Venture capital -- Europe -- Forecasting -- Congresses | |
650 | 4 | |a Twenty-first century -- Forecasts -- Congresses | |
650 | 0 | 7 | |a Management Buyout |0 (DE-588)4215208-2 |2 gnd |9 rswk-swf |
650 | 0 | 7 | |a Risikokapital |0 (DE-588)4124067-4 |2 gnd |9 rswk-swf |
651 | 4 | |a Europa | |
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689 | 0 | 1 | |a Risikokapital |0 (DE-588)4124067-4 |D s |
689 | 0 | |5 DE-604 | |
700 | 1 | |a Wright, Mike |d 1952-2019 |e Sonstige |0 (DE-588)128790369 |4 oth | |
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Datensatz im Suchindex
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---|---|
adam_text | Contents
List of figures vii
List of tables viii
List of contributors xii
Preface xiv
1 Introduction
Mike Wright and Ken Robbie 1
2 Venture capital: predictions and outcomes. Venture Capital at
the Crossroads and Realizing Investment Value revisited
William D. By grave and Jeffry Timmons 38
3 The venture capital and buy out markets in the UK and Europe
Mike Wright and Ken Robbie 57
4 Venture capital in transition economies: the cases of Hungary,
Poland and Slovakia
Judit Karsai, Mike Wright, Zbigniew Dudzinski and Jan Morovic 81
5 The role of trust in the informal investor s investment decision:
an exploratory analysis
Mark Dibben, Richard Harrison and Colin Mason 115
V 6 Relationship participation: the case of banks and smaller businesses
Martin Binks and Christine Ennew 139
7 Loan covenants, relationship banking and management buy outs
in default: a comparative study of the UK and Holland
David Citron, Ken Robbie, Mike Wright, Hans Bruining
and A rthur Herst 153
8 Small business demand for trade credit, credit rationing and
the late payment of commercial debt: an empirical study
Nicholas Wilson, Carole Singleton and Barbara Summers 181
9 Funds providers role in venture capital firm monitoring
Ken Robbie, Mike Wright and Brian Chiplin 202
V 10 Sources of venture capital deals: MBOs, IBOs and
corporate refocusing
Michelle Haynes, Steve Thompson and Mike Wright 219
11 Venture capitalists, investment appraisal and accounting
information: a comparative study of the US, UK, France,
Belgium and Holland
Sophie Manigart, Koen de Waele, Mike Wright, Ken Robbie,
Philippe Desbrieres, Harry Sapienza and Amy Beekman 238
v
vi Management buy outs and venture capital
12 Accounting information system development and the supply
of venture capital
Falconer Mitchell, Gavin Reid and Nicholas Terry 263
13 European IPO markets: a post issue performance study
Benott Leleux and Daniel Muzyka 280
14 Venture capitalists, serial entrepreneurs and serial buy outs
Mike Wright, Ken Robbie and Christine Ennew 305
Index 342
Figures
1.1 Venture capitalist fundraising, deal appraisal monitoring and
serial entrepreneurs 12
2.1 Factors influencing the flows of venture capital 39
2.2 Overall rates of return 40
2.3 Small cap minus S P 500 venture capital returns 40
2.4 USA venture capital commitments to independent private funds 41
2.5 Venture capital disbursements to portfolio companies 42
2.6 Companies receiving venture capital: total number of companies 43
2.7 Dollars invested by stage 46
2.8 Venture capital backed IPOs 1984 95 48
2.9 Number of IPOs and acquisitions: venture capital backed
companies 48
2.10 Influences on the inflow of new venture capital: independent
private funds only 51
2.11 Porterian view of US venture capital industry, 1996 53
3.1 European buy outs (number) 1989 96 75
3.2 European buy out markets (value) 1989 96 76
5.1 The stages of trust development 120
13.1 Cumulative market adjusted abnormal returns, all five countries 292
vii
Tables
2.1 US venture capital industry composite holding period returns
as of December 31, 1994 47
2.2 Returns on US venture capital funds and public stocks 47
3.1 Investment activity and fundraising 58
3.2 Investment by funding stage (% of number of investments) 60
3.3 Investment by funding stage (% of amount invested in UK) 60
3.4 UK investment by number of companies by industry sector 62
3.5 Exits from UK venture capital portfolios 65
3.6 UK independent funds raised by source 68
3.7 Venture capital in Europe 73
3.8 Comparison of investment stages in Europe (1996) 74
4.1 Sample sizes by country 96
4.2 Evaluation of investment proposals 98
4.3 Carrying out due diligence 99
4.4 Assessment of the targeted rate of return 100
4.5 Influencing factors of targeted return 101
4.6 Assessment of the riskiness of a proposal 102
4.7 Sources of information in preparing valuation 103
4.8 Methods used to value investments 104
4.9 Services provided by venture capitalists 105
4.10 Means of monitoring investees 107
4.11 First indicator of impending performance changes 108
4.12 Timescale of learning about problems 108
4.13 Causes of problems 109
4.14 Courses of action to improve investee performance 110
5.1 Situational domains in the informal investment
decision making process 117
5.2 Classification of thought segments in the protocols:
evaluation criteria 124
5.3 Classification of thought segments in the protocols:
statement type 125
5.4 Verbal protocol frequency analysis 127
6.1 The cluster solution 145
6.2 ANCOVA for financing terms and conditions 146
6.3 ANCOVA for dimensions of quality 147
6.4 ANCOVA for attitudinal outcomes 149
viii
Tables ix
7.1 Frequency with which respondents use various accounting based
covenants in MBO/MBI lending agreements 160
7.2 Frequency with which respondents use various non
accounting based covenants in MBO/MBI lending agreements 162
7.3 Frequency of monitoring covenants 163
7.4 First indicators of impending difficulties when sole lender or
syndicate leader 163
7.5 Frequency of breaching various accounting based covenants
by firms that are in breach 167
7.6 Time taken for various actions by banker after learning
about breach of covenant 169
7.7 Frequency of modifications to loan agreements in response
to breach of accounting based covenants MBOs vs general
private lending 171
8.1 Demand model descriptive statistics 191
8.2 Demand model 2: TC (0,1) 194
8.3 Demand model 1: AP/TA 195
8.4 Late payment models, ordered probit estimates 197
8.5 Late payment models, probit estimates 198
9.1 Changes in competition for funds over the next five years 209
9.2 Funds providers monitoring policy 210
9.3 Number of performance targets set by funds providers 211
9.4 Performance targets set by funds providers 211
9.5 Amount of monitoring information required 212
9.6 Monitoring information required by funds providers 213
9.7 Monitoring actions required by funds providers 215
9.8 Monitoring actions by funds providers 216
10.1 Sample characteristics 225
10.2 Definition of variables 227
10.3 Means, standard deviations and intercorrelations 230
10.4 Characteristics of refocusing firms 231
10.5 Regression results with different measures of profitability,
firm size, financial gearing and diversification level 232
10.6 Regression results with proportion of divestments as
dependent variable 233
11.1 Overview of the venture capital industry in the five
countries in 1994 241
11.2 Due diligence 248
11.3 Methods used in valuing potential investments 249
11.4 Selection of final/benchmark valuation 250
11.5 Sources of information in preparing a valuation 251
11.6 Required rate of return on equity 252
x Management buy outs and venture capital
11.7 Target rates of return 253
11.8 Targeted return variations 254
11.9 Assessment of the riskiness of investment 256
11.10 Number of elements in subsamples 257
12.1 Key characteristics of the sample 267
12.2 Performance measurement information used by investees 270
12.3 Control information used by investees 271
12.4 Frequency of budgetary reporting by investee 272
12.5 Decision making information in investee firms 274
12.6 Importance of capital investment techniques 274
12.7 VCI policies 276
12.8 AIS developments subsequent to VCI involvement 277
13.1 Studies of initial price reaction in European IPO markets: an
overview 282
13.2 Number of IPO flotations on European markets, 1983 91 284
13.3 Admission requirement on secondary European markets 288
13.4 French IPO offerings by issue year (1983 91) and average
abnormal initial returns 291
13.5 Post IPO buy and hold mean market adjusted returns in five
European markets 293
13.6 Buy and hold abnormal performances (France and United
Kingdom) cross sectional regression methodology using
both OLS and TRQ estimators 295
13.7 Buy and hold performance by flotation method used
(France and United Kingdom) 296
13.8 Coefficient estimators for the cross sectional regressions
on long term performance 297
14.1 Categorization of multiple or habitual entrepreneurship 308
14.2 Categorization of second venture types 309
14.3 Characteristics of respondents and non respondents 316
14.4 First and serial buy outs and buy ins 318
14.5 Reasons for preferring to finance a manager with previous
venture experience 320
14.6 Characteristics of venture capitalists and their preferences
for second time entrepreneurs 320
14.7 Multivariate analysis of variance for investment appraisal
criteria 322
14.8 Multivariate analysis of variance for investment appraisal
criteria 323
14.9 Assessment of serial and first time entrepreneurs investment
potential 323
Tables xi
14.10 View on serial entrepreneurs initial experience brought
to second venture 325
14.11 Differences of serial entrepreneurs from first time
entrepreneurs in negotiating investments 326
14.12 Development of serial buy outs and buy ins 328
14.13 Initial deal sources of serial buy outs and buy ins 329
14.14 Industry distributions of serial buy outs and buy ins 329
14.15 Age at time of serial buy out or buy in 330
14.16 Year of buy out by year of serial buy out 331
14.17 The serial buy outs interviewed 332
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spelling | Management buy-outs and venture capital into the next millenium ed. by Mike Wright ... Cheltenham [u.a.] Elgar 1999 XIII, 354 S. txt rdacontent n rdamedia nc rdacarrier Management buyouts - Case studies blmsh Management buyouts blmsh Venture capital - Case studies blmsh Venture capital blmsh Management buyouts -- Forecasting -- Congresses Venture capital -- Forecasting -- Congresses Management buyouts -- Europe -- Forecasting -- Congresses Venture capital -- Europe -- Forecasting -- Congresses Twenty-first century -- Forecasts -- Congresses Management Buyout (DE-588)4215208-2 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf Europa (DE-588)1071861417 Konferenzschrift Nottingham gnd-content Management Buyout (DE-588)4215208-2 s Risikokapital (DE-588)4124067-4 s DE-604 Wright, Mike 1952-2019 Sonstige (DE-588)128790369 oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008642801&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Management buy-outs and venture capital into the next millenium Management buyouts - Case studies blmsh Management buyouts blmsh Venture capital - Case studies blmsh Venture capital blmsh Management buyouts -- Forecasting -- Congresses Venture capital -- Forecasting -- Congresses Management buyouts -- Europe -- Forecasting -- Congresses Venture capital -- Europe -- Forecasting -- Congresses Twenty-first century -- Forecasts -- Congresses Management Buyout (DE-588)4215208-2 gnd Risikokapital (DE-588)4124067-4 gnd |
subject_GND | (DE-588)4215208-2 (DE-588)4124067-4 (DE-588)1071861417 |
title | Management buy-outs and venture capital into the next millenium |
title_auth | Management buy-outs and venture capital into the next millenium |
title_exact_search | Management buy-outs and venture capital into the next millenium |
title_full | Management buy-outs and venture capital into the next millenium ed. by Mike Wright ... |
title_fullStr | Management buy-outs and venture capital into the next millenium ed. by Mike Wright ... |
title_full_unstemmed | Management buy-outs and venture capital into the next millenium ed. by Mike Wright ... |
title_short | Management buy-outs and venture capital |
title_sort | management buy outs and venture capital into the next millenium |
title_sub | into the next millenium |
topic | Management buyouts - Case studies blmsh Management buyouts blmsh Venture capital - Case studies blmsh Venture capital blmsh Management buyouts -- Forecasting -- Congresses Venture capital -- Forecasting -- Congresses Management buyouts -- Europe -- Forecasting -- Congresses Venture capital -- Europe -- Forecasting -- Congresses Twenty-first century -- Forecasts -- Congresses Management Buyout (DE-588)4215208-2 gnd Risikokapital (DE-588)4124067-4 gnd |
topic_facet | Management buyouts - Case studies Management buyouts Venture capital - Case studies Venture capital Management buyouts -- Forecasting -- Congresses Venture capital -- Forecasting -- Congresses Management buyouts -- Europe -- Forecasting -- Congresses Venture capital -- Europe -- Forecasting -- Congresses Twenty-first century -- Forecasts -- Congresses Management Buyout Risikokapital Europa Konferenzschrift Nottingham |
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