Venture capitalist participation and the performance of IPO firms: empirical evidence from France, Germany, and the UK
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Frankfurt am Main [u.a.]
Lang
2007
|
| Ausgabe: | [Nachdr.] |
| Schriftenreihe: | Europäische Hochschulschriften
Reihe 5, Volks- und Betriebswirtschaft ; 3029 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | Zugl.: Münster, Univ., Diss., 2003 |
| Beschreibung: | XV, 203 S. graph. Darst. |
| ISBN: | 363152076X 0820465631 |
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| adam_text | Contents
VII
Contents
List of
Tables
.............................................................................................................................
Χ
List of
Figures
.........................................................................................................................
XII
List of Abbreviations
..............................................................................................................XIII
1
Introduction
........................................................................................................................1
1.1
Background and Motivation
.......................................................................................1
1.2
Research Question
......................................................................................................3
1.3
Proceeding and Main Findings
...................................................................................4
2
Literature Review
...............................................................................................................7
2.1
Overview
....................................................................................................................7
2.2
Characteristics of Venture Capital
.............................................................................8
2.2.1
Financial Intermediation
........................................................................................8
2.2.2
Professionalization and Management Assistance
................................................11
2.2.3
Specialization by Stage or industry
......................................................................13
2.2.4
Evaluation of Investment Opportunities and Monitoring
....................................14
2.2.5
High Risk and High Return
..................................................................................15
2.3
Financial Contracting in Venture Capital
.................................................................17
2.3.1
Contracting between Venture Capitalists and Entrepreneurs
...............................17
2.3.1.1
Syndication of Investment
............................................................................18
2.3.1.2
Staging of Investments
.................................................................................19
2.3.1.3
Convertible Securities
..................................................................................20
2.3.1.4
Control Rights
..............................................................................................21
2.3.2
Contracting between Investors and Venture Capitalists
......................................23
2.4
Venture Capital in an International Perspective
.......................................................25
2.4.1
International Differences in the Extent and Nature of Venture Capital
...............27
2.4.2
Determinants of Different Venture CapitalDevelopment Patterns
.....................31
2.4.3
Role of Different Financial Systems and Institutional
Environments..................33
2.5
Venture Capital and Going Public
...........................................................................36
2.5Л
Timing of Initial Public Offerings
........................................................................37
2.5.2
Reputation, Certification and, Underpricmg
........................................................38
2.5.3
Operating and Market Performance
.............................................,.......................41
2.6
Conclusions and Open Research Questions.,.,
.........................................................44
Vni
Contents
3
Venture Capital in Europe
................................................................................................47
3.1
Overview
..................................................................................................................47
3.2
United Kingdom
.......................................................................................................51
3.2.1
Pioneering Venture Capital in Europe
.................................................................51
3.2.2
Government Initiatives
.........................................................................................53
3.2.3
Current State and Peculiarities of the British Venture Capital Market
................56
3.3
France
.......................................................................................................................58
3.3.1
Support for Small Firms in the Tradition of French Industrial Politics
...............58
3.3.2
Institutionalization of Venture Capital in the
1980s
and
1990s...........................60
3.3.3
The Role of Public Institutions in the Promotion of Venture Capital
..................62
3.4
Germany
...................................................................................................................64
3.4.1
Government Support Programs and Industry Evolution
......................................64
3.4.2
The Experience of the Deutsche
Wagnisfinanzierungsgesellschaft.....................67
3.4.3
Recent Developments and the Transformation of the Industry
............................68
3.5
Conclusions
..............................................................................................................70
4
Design of Analysis
...........................................................................................................73
4.1
Overview
..................................................................................................................73
4.2
Hypotheses
...............................................................................................................73
4.2.1
Long-Run Performance of IPOs
...........................................................................73
4.2.2
Screening, Monitoring, and Certification of Venture Capitalists
.........................74
4.2.3
Financial Systems and Adverse Selection
............................................................77
4.2.4
Organizational Forms and Sources of Venture Capital Funds
.............................82
4.2.5
International Venture Capitalists and the Role of Government Agencies
...........86
4.3
Data Sample
.............................................................................................................89
4.3.1
Data Collection and Sources
................................................................................89
4.3.2
Sample Characteristics
.........................................................................................90
4.3.3
Selection Issues
....................................................................................................93
4.4
Methodology
............................................................................................................95
4.4.1
Accounting Performance Measures
.....................................................................95
4.4.2
Market Performance Measures
.............................................................................96
4.4.2.1 Tobins sß....................................................................................................97
4.4.2.2
Buy and Hold Returns and Wealth Relatives
...............................................98
4.4.3
Quality of Venture-Backing
...............................................................................103
4.4.4
Control Variables
...............................................................................................104
4.4.5
Testing for Differences between Venture- and
Non
Venture-Backed Firms
.....105
Contents
IX
5
Empirical
Evidence
........................................................................................................107
5.1
Univariate
Analysis
................................................................................................107
5.1.1
Firm and Offering Characteristics at the Time of the IPO
.................................107
5.1.2
Post-Issue Performance
......................................................................................112
5.1.2.1
Accounting Performance
............................................................................112
5.1.2.2
Market Performance
...................................................................................113
5.1.3
Experience and Involvement of Different Types of Venture Capitalists
...........119
5.1.4
Underwriter Quality
...........................................................................................123
5.2
Multivariate Analysis
.............................................................................................125
5.2.1
Full Sample Results
............................................................................................125
5.2.1.1
Accounting Performance
............................................................................125
5.2.1.2 Tobin sß....................................................................................................129
5.2.1.3
Wealth Relatives
........................................................................................132
5.2.2
Venture-Backed IPOs
.........................................................................................138
5.2.2.1
Certification and Monitoring Quality
.........................................................138
5.2.2.2
Backing of Different Types of Venture Capitalists
....................................141
5.2.3
Robustness Checks
.............................................................................................145
5.3
Discussion, Limitations, and Alternative Explanations
.........................................145
6
Conclusion
......................................................................................................................149
6.1
Comparison of the Main Results
............................................................................149
6.2
Discussion and Outlook
.........................................................................................150
Appendices
.............................................................................................................................153
References
..............................................................................................................................183
This thesis investigates whether venture capitalists in Europe have a positive
impact on the operating and long-run market performance of firms they bring
public. To examine this issue a hand-collected international data set of ven¬
ture- and
non
venture-backed IPOs at the French
Nouveau Marché,
German
Neuer Markt,
and British tectiMARK dating from
1996
to
1999
is used. The
findings suggest that there are substantial variations in the experience and
sophistication of venture capitalists. Moreover, venture-backed IPOs do not
generally outperform
non
venture-backed issues, irrespective of the applied
performance measure. Instead, merely the more experienced international
venture capitalists appear to have positive effects on both the operating and
market performance of portfolio firms. The overall results are interpreted as
evidence for the heterogeneity of venture capitalists operating in the European
market.
Georg
Rindermann studied Business Administrations at the University of
Frankfurt, and the University of Parts IX
Dauphine,
before joining the
Department of
International
Business at the University of
Münster
as a Ph.D.
candidate. He was a fetow of the Franco-German College for Higher Edu¬
cation, founded
Щ
the French and German Ministries, and vising doctoral
student at the School of Business, University of Alberta. In
2003
the author
iBceàmd Ws
doctoral degree
fioro
the University of Minster.
|
| adam_txt |
Contents
VII
Contents
List of
Tables
.
Χ
List of
Figures
.
XII
List of Abbreviations
.XIII
1
Introduction
.1
1.1
Background and Motivation
.1
1.2
Research Question
.3
1.3
Proceeding and Main Findings
.4
2
Literature Review
.7
2.1
Overview
.7
2.2
Characteristics of Venture Capital
.8
2.2.1
Financial Intermediation
.8
2.2.2
Professionalization and Management Assistance
.11
2.2.3
Specialization by Stage or industry
.13
2.2.4
Evaluation of Investment Opportunities and Monitoring
.14
2.2.5
High Risk and High Return
.15
2.3
Financial Contracting in Venture Capital
.17
2.3.1
Contracting between Venture Capitalists and Entrepreneurs
.17
2.3.1.1
Syndication of Investment
.18
2.3.1.2
Staging of Investments
.19
2.3.1.3
Convertible Securities
.20
2.3.1.4
Control Rights
.21
2.3.2
Contracting between Investors and Venture Capitalists
.23
2.4
Venture Capital in an International Perspective
.25
2.4.1
International Differences in the Extent and Nature of Venture Capital
.27
2.4.2
Determinants of Different Venture CapitalDevelopment Patterns
.31
2.4.3
Role of Different Financial Systems and Institutional
Environments.33
2.5
Venture Capital and Going Public
.36
2.5Л
Timing of Initial Public Offerings
.37
2.5.2
Reputation, Certification and, Underpricmg
.38
2.5.3
Operating and Market Performance
.,.41
2.6
Conclusions and Open Research Questions.,.,
.44
Vni
Contents
3
Venture Capital in Europe
.47
3.1
Overview
.47
3.2
United Kingdom
.51
3.2.1
Pioneering Venture Capital in Europe
.51
3.2.2
Government Initiatives
.53
3.2.3
Current State and Peculiarities of the British Venture Capital Market
.56
3.3
France
.58
3.3.1
Support for Small Firms in the Tradition of French Industrial Politics
.58
3.3.2
Institutionalization of Venture Capital in the
1980s
and
1990s.60
3.3.3
The Role of Public Institutions in the Promotion of Venture Capital
.62
3.4
Germany
.64
3.4.1
Government Support Programs and Industry Evolution
.64
3.4.2
The Experience of the Deutsche
Wagnisfinanzierungsgesellschaft.67
3.4.3
Recent Developments and the Transformation of the Industry
.68
3.5
Conclusions
.70
4
Design of Analysis
.73
4.1
Overview
.73
4.2
Hypotheses
.73
4.2.1
Long-Run Performance of IPOs
.73
4.2.2
Screening, Monitoring, and Certification of Venture Capitalists
.74
4.2.3
Financial Systems and Adverse Selection
.77
4.2.4
Organizational Forms and Sources of Venture Capital Funds
.82
4.2.5
International Venture Capitalists and the Role of Government Agencies
.86
4.3
Data Sample
.89
4.3.1
Data Collection and Sources
.89
4.3.2
Sample Characteristics
.90
4.3.3
Selection Issues
.93
4.4
Methodology
.95
4.4.1
Accounting Performance Measures
.95
4.4.2
Market Performance Measures
.96
4.4.2.1 Tobins'sß.97
4.4.2.2
Buy and Hold Returns and Wealth Relatives
.98
4.4.3
Quality of Venture-Backing
.103
4.4.4
Control Variables
.104
4.4.5
Testing for Differences between Venture- and
Non
Venture-Backed Firms
.105
Contents
IX
5
Empirical
Evidence
.107
5.1
Univariate
Analysis
.107
5.1.1
Firm and Offering Characteristics at the Time of the IPO
.107
5.1.2
Post-Issue Performance
.112
5.1.2.1
Accounting Performance
.112
5.1.2.2
Market Performance
.113
5.1.3
Experience and Involvement of Different Types of Venture Capitalists
.119
5.1.4
Underwriter Quality
.123
5.2
Multivariate Analysis
.125
5.2.1
Full Sample Results
.125
5.2.1.1
Accounting Performance
.125
5.2.1.2 Tobin'sß.129
5.2.1.3
Wealth Relatives
.132
5.2.2
Venture-Backed IPOs
.138
5.2.2.1
Certification and Monitoring Quality
.138
5.2.2.2
Backing of Different Types of Venture Capitalists
.141
5.2.3
Robustness Checks
.145
5.3
Discussion, Limitations, and Alternative Explanations
.145
6
Conclusion
.149
6.1
Comparison of the Main Results
.149
6.2
Discussion and Outlook
.150
Appendices
.153
References
.183
This thesis investigates whether venture capitalists in Europe have a positive
impact on the operating and long-run market performance of firms they bring
public. To examine this issue a hand-collected international data set of ven¬
ture- and
non
venture-backed IPOs at the French
Nouveau Marché,
German
Neuer Markt,
and British tectiMARK dating from
1996
to
1999
is used. The
findings suggest that there are substantial variations in the experience and
sophistication of venture capitalists. Moreover, venture-backed IPOs do not
generally outperform
non
venture-backed issues, irrespective of the applied
performance measure. Instead, merely the more experienced international
venture capitalists appear to have positive effects on both the operating and
market performance of portfolio firms. The overall results are interpreted as
evidence for the heterogeneity of venture capitalists operating in the European
market.
Georg
Rindermann studied Business Administrations at the University of
Frankfurt, and the University of Parts IX
Dauphine,
before joining the
Department of
International
Business at the University of
Münster
as a Ph.D.
candidate. He was a fetow of the Franco-German College for Higher Edu¬
cation, founded
Щ
the French and German Ministries, and vising doctoral
student at the School of Business, University of Alberta. In
2003
the author
iBceàmd Ws
doctoral degree
fioro
the University of Minster. |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Rindermann, Georg |
| author_facet | Rindermann, Georg |
| author_role | aut |
| author_sort | Rindermann, Georg |
| author_variant | g r gr |
| building | Verbundindex |
| bvnumber | BV023268024 |
| classification_rvk | QP 752 |
| ctrlnum | (OCoLC)635346850 (DE-599)BVBBV023268024 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | [Nachdr.] |
| format | Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Deutschland (DE-588)4011882-4 gnd Großbritannien (DE-588)4022153-2 gnd Frankreich (DE-588)4018145-5 gnd |
| geographic_facet | Deutschland Großbritannien Frankreich |
| id | DE-604.BV023268024 |
| illustrated | Illustrated |
| index_date | 2024-07-02T20:34:43Z |
| indexdate | 2024-07-09T21:14:33Z |
| institution | BVB |
| isbn | 363152076X 0820465631 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016453089 |
| oclc_num | 635346850 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR |
| owner_facet | DE-355 DE-BY-UBR |
| physical | XV, 203 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | Lang |
| record_format | marc |
| series | Europäische Hochschulschriften |
| series2 | Europäische Hochschulschriften : Reihe 5, Volks- und Betriebswirtschaft |
| spelling | Rindermann, Georg Verfasser aut Venture capitalist participation and the performance of IPO firms empirical evidence from France, Germany, and the UK Georg Rindermann [Nachdr.] Frankfurt am Main [u.a.] Lang 2007 XV, 203 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Europäische Hochschulschriften : Reihe 5, Volks- und Betriebswirtschaft 3029 Zugl.: Münster, Univ., Diss., 2003 Risikokapital (DE-588)4124067-4 gnd rswk-swf Going Public (DE-588)4219438-6 gnd rswk-swf Beteiligungsfinanzierung (DE-588)4144978-2 gnd rswk-swf Unternehmen (DE-588)4061963-1 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf Frankreich (DE-588)4018145-5 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Beteiligungsfinanzierung (DE-588)4144978-2 s Risikokapital (DE-588)4124067-4 s Unternehmen (DE-588)4061963-1 s Going Public (DE-588)4219438-6 s DE-604 Frankreich (DE-588)4018145-5 g Großbritannien (DE-588)4022153-2 g Europäische Hochschulschriften Reihe 5, Volks- und Betriebswirtschaft ; 3029 (DE-604)BV000001798 3029 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016453089&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016453089&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Rindermann, Georg Venture capitalist participation and the performance of IPO firms empirical evidence from France, Germany, and the UK Europäische Hochschulschriften Risikokapital (DE-588)4124067-4 gnd Going Public (DE-588)4219438-6 gnd Beteiligungsfinanzierung (DE-588)4144978-2 gnd Unternehmen (DE-588)4061963-1 gnd |
| subject_GND | (DE-588)4124067-4 (DE-588)4219438-6 (DE-588)4144978-2 (DE-588)4061963-1 (DE-588)4011882-4 (DE-588)4022153-2 (DE-588)4018145-5 (DE-588)4113937-9 |
| title | Venture capitalist participation and the performance of IPO firms empirical evidence from France, Germany, and the UK |
| title_auth | Venture capitalist participation and the performance of IPO firms empirical evidence from France, Germany, and the UK |
| title_exact_search | Venture capitalist participation and the performance of IPO firms empirical evidence from France, Germany, and the UK |
| title_exact_search_txtP | Venture capitalist participation and the performance of IPO firms empirical evidence from France, Germany, and the UK |
| title_full | Venture capitalist participation and the performance of IPO firms empirical evidence from France, Germany, and the UK Georg Rindermann |
| title_fullStr | Venture capitalist participation and the performance of IPO firms empirical evidence from France, Germany, and the UK Georg Rindermann |
| title_full_unstemmed | Venture capitalist participation and the performance of IPO firms empirical evidence from France, Germany, and the UK Georg Rindermann |
| title_short | Venture capitalist participation and the performance of IPO firms |
| title_sort | venture capitalist participation and the performance of ipo firms empirical evidence from france germany and the uk |
| title_sub | empirical evidence from France, Germany, and the UK |
| topic | Risikokapital (DE-588)4124067-4 gnd Going Public (DE-588)4219438-6 gnd Beteiligungsfinanzierung (DE-588)4144978-2 gnd Unternehmen (DE-588)4061963-1 gnd |
| topic_facet | Risikokapital Going Public Beteiligungsfinanzierung Unternehmen Deutschland Großbritannien Frankreich Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016453089&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016453089&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV000001798 |
| work_keys_str_mv | AT rindermanngeorg venturecapitalistparticipationandtheperformanceofipofirmsempiricalevidencefromfrancegermanyandtheuk |