Valuation and default risk assessment in venture capital investments: the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Hamburg
Kovač
2012
|
| Schriftenreihe: | Schriftenreihe Finanzmanagement
92 |
| Schlagworte: | |
| Online-Zugang: | Ausführliche Beschreibung Inhaltsverzeichnis |
| Beschreibung: | XIV, 138 S. graph. Darst. 21 cm, 204 g |
| ISBN: | 9783830066583 3830066589 |
Internformat
MARC
| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV040400744 | ||
| 003 | DE-604 | ||
| 005 | 20130416 | ||
| 007 | t | ||
| 008 | 120903s2012 gw d||| m||| 00||| eng d | ||
| 015 | |a 12,N29 |2 dnb | ||
| 015 | |a 12,A35 |2 dnb | ||
| 016 | 7 | |a 1024097404 |2 DE-101 | |
| 020 | |a 9783830066583 |c kart. : EUR 69.80 (DE), EUR 71.80 (AT) |9 978-3-8300-6658-3 | ||
| 020 | |a 3830066589 |9 3-8300-6658-9 | ||
| 024 | 3 | |a 9783830066583 | |
| 035 | |a (OCoLC)808723902 | ||
| 035 | |a (DE-599)DNB1024097404 | ||
| 040 | |a DE-604 |b ger |e rakddb | ||
| 041 | 0 | |a eng | |
| 044 | |a gw |c XA-DE-HH | ||
| 049 | |a DE-12 |a DE-188 |a DE-945 | ||
| 082 | 0 | |a 332.04154 |2 22/ger | |
| 082 | 0 | |a 658.155 |2 22/ger | |
| 084 | |a QP 752 |0 (DE-625)141934: |2 rvk | ||
| 084 | |a 650 |2 sdnb | ||
| 084 | |a 330 |2 sdnb | ||
| 100 | 1 | |a Mokwa, Christopher F. |e Verfasser |0 (DE-588)1025109309 |4 aut | |
| 245 | 1 | 0 | |a Valuation and default risk assessment in venture capital investments |b the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents |c Christopher F. Mokwa |
| 264 | 1 | |a Hamburg |b Kovač |c 2012 | |
| 300 | |a XIV, 138 S. |b graph. Darst. |c 21 cm, 204 g | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Schriftenreihe Finanzmanagement |v 92 | |
| 502 | |a Zugl.: Köln, Univ., Diss., 2012 | ||
| 650 | 0 | 7 | |a Risikokapital |0 (DE-588)4124067-4 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Risikomanagement |0 (DE-588)4121590-4 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Informationsauswahl |0 (DE-588)4139258-9 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Sorgfaltspflicht |0 (DE-588)4181859-3 |2 gnd |9 rswk-swf |
| 655 | 7 | |0 (DE-588)4113937-9 |a Hochschulschrift |2 gnd-content | |
| 689 | 0 | 0 | |a Risikokapital |0 (DE-588)4124067-4 |D s |
| 689 | 0 | 1 | |a Risikomanagement |0 (DE-588)4121590-4 |D s |
| 689 | 0 | 2 | |a Informationsauswahl |0 (DE-588)4139258-9 |D s |
| 689 | 0 | 3 | |a Sorgfaltspflicht |0 (DE-588)4181859-3 |D s |
| 689 | 0 | |5 DE-604 | |
| 830 | 0 | |a Schriftenreihe Finanzmanagement |v 92 |w (DE-604)BV013087358 |9 92 | |
| 856 | 4 | 2 | |m X:MVB |q text/html |u http://www.verlagdrkovac.de/978-3-8300-6658-3.htm |3 Ausführliche Beschreibung |
| 856 | 4 | 2 | |m DNB Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025253943&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-025253943 | ||
Datensatz im Suchindex
| _version_ | 1804149449924018176 |
|---|---|
| adam_text | IMAGE 1
CONTENTS
LIST OF TABLES IX
LIST OF FIGURES X
LIST OF SYMBOLS AND ABBREVIATIONS XI
1 INTRODUCTION 1
2 BIASES IN MANAGEMENT FORECASTS O F VENTURE-BACKED START-UPS: EVIDENCE
FROM INTERNAL DUE DILIGENCE DOCUMENTS O F VC INVESTORS 7 2.1.
INTRODUCTION 7
2.2. EMPIRICAL PREDICTIONS 11
2.3. DATASET AND DESCRIPTIVE STATISTICS 16
2.3.1. SAMPLE ORIGINATION 16
2.3.2. SAMPLE SELECTION ISSUES 17
2.3.3. DATA DESCRIPTION 18
2.4. EMPIRICAL METHODOLOGY 22
2.5. EMPIRICAL FINDINGS 28
2.6. DISCUSSION AND CONCLUSION 40
3 THE RELEVANCE OF FINANCIAL VERSUS NON-FINANCIAL INFORMATION FOR
THE VALUATION O F VENTURE CAPITAL-BACKED FIRMS 43
3.1. INTRODUCTION 43
3.2. THEORETICAL CONSIDERATIONS AND HYPOTHESES DEVELOPMENT 4 6
3.2.1. FINANCIAL STATEMENT INFORMATION 48
3.2.2. NON-FINANCIAL INFORMATION 4 9
3.2.3. DEAL CHARACTERISTICS 51
3.2.4. PREDICTABILITY 51
3.3. DATA 52
3.3.1. SAMPLE ORIGINATION 52
3.3.2. SAMPLE SELECTION ISSUES 53
3.3.3. DATA DESCRIPTION 54
3.4. RESEARCH DESIGN 61
3.4.1. VALUE RELEVANCE 61
3.4.2. PREDICTIONS AND VALUATION ACCURACY TESTING 63
3.5. EMPIRICAL ANALYSES AND RESULTS 65
3.5.1. EXPLAINING VENTURE VALUATIONS 65
3.5.2. VALUATION ACCURACY O F PREDICTION MODELS 69
VII
HTTP://D-NB.INFO/1024097404
IMAGE 2
CONTENTS
3.6. ROBUSTNESS TESTS 74
3.6.1. ABSOLUTE PERCENTAGE ERRORS 74
3.6.2. RESEARCH DESIGN CHOICE: LOG-REGRESSIONS VS. RANKREGRESSIONS 76
3.6.3. FIRM MATURITY AND VALUATION ACCURACY 79
3.7. DISCUSSION AND CONCLUSION 81
4 THE RELEVANCE OF BIASES IN MANAGEMENT FORECASTS FOR DEFAULT RISK
ASSESSMENT AND VALUATION IN VENTURE CAPITAL INVESTMENTS 83 4.1.
INTRODUCTION 83
4.2. LITERATURE REVIEW AND EMPIRICAL PREDICTIONS 84
4.3. DATASET 88
4.3.1. SAMPLE ORIGINATION 88
4.3.2. SAMPLE SELECTION ISSUES 90
4.3.3. DATA DESCRIPTION 90
4.4. EMPIRICAL ANALYSES 92
4.5. ROBUSTNESS TESTS 106
4.6. DISCUSSION AND CONCLUSION 110
5 SUMMARY AND CONCLUSION 113
APPENDICES 117
APPENDIX A : DESCRIPTION O F THE KFW INVESTMENT PROGRAM 117
APPENDIX B : DEFINITION O F FINANCIAL MEASURES 118
REFERENCES 119
VIII
|
| any_adam_object | 1 |
| author | Mokwa, Christopher F. |
| author_GND | (DE-588)1025109309 |
| author_facet | Mokwa, Christopher F. |
| author_role | aut |
| author_sort | Mokwa, Christopher F. |
| author_variant | c f m cf cfm |
| building | Verbundindex |
| bvnumber | BV040400744 |
| classification_rvk | QP 752 |
| ctrlnum | (OCoLC)808723902 (DE-599)DNB1024097404 |
| dewey-full | 332.04154 658.155 |
| dewey-hundreds | 300 - Social sciences 600 - Technology (Applied sciences) |
| dewey-ones | 332 - Financial economics 658 - General management |
| dewey-raw | 332.04154 658.155 |
| dewey-search | 332.04154 658.155 |
| dewey-sort | 3332.04154 |
| dewey-tens | 330 - Economics 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02450nam a2200565 cb4500</leader><controlfield tag="001">BV040400744</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20130416 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">120903s2012 gw d||| m||| 00||| eng d</controlfield><datafield tag="015" ind1=" " ind2=" "><subfield code="a">12,N29</subfield><subfield code="2">dnb</subfield></datafield><datafield tag="015" ind1=" " ind2=" "><subfield code="a">12,A35</subfield><subfield code="2">dnb</subfield></datafield><datafield tag="016" ind1="7" ind2=" "><subfield code="a">1024097404</subfield><subfield code="2">DE-101</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9783830066583</subfield><subfield code="c">kart. : EUR 69.80 (DE), EUR 71.80 (AT)</subfield><subfield code="9">978-3-8300-6658-3</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">3830066589</subfield><subfield code="9">3-8300-6658-9</subfield></datafield><datafield tag="024" ind1="3" ind2=" "><subfield code="a">9783830066583</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)808723902</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)DNB1024097404</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakddb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">gw</subfield><subfield code="c">XA-DE-HH</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-188</subfield><subfield code="a">DE-945</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">332.04154</subfield><subfield code="2">22/ger</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">658.155</subfield><subfield code="2">22/ger</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QP 752</subfield><subfield code="0">(DE-625)141934:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">650</subfield><subfield code="2">sdnb</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">330</subfield><subfield code="2">sdnb</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Mokwa, Christopher F.</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)1025109309</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Valuation and default risk assessment in venture capital investments</subfield><subfield code="b">the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents</subfield><subfield code="c">Christopher F. Mokwa</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Hamburg</subfield><subfield code="b">Kovač</subfield><subfield code="c">2012</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XIV, 138 S.</subfield><subfield code="b">graph. Darst.</subfield><subfield code="c">21 cm, 204 g</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">Schriftenreihe Finanzmanagement</subfield><subfield code="v">92</subfield></datafield><datafield tag="502" ind1=" " ind2=" "><subfield code="a">Zugl.: Köln, Univ., Diss., 2012</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Risikokapital</subfield><subfield code="0">(DE-588)4124067-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Risikomanagement</subfield><subfield code="0">(DE-588)4121590-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Informationsauswahl</subfield><subfield code="0">(DE-588)4139258-9</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Sorgfaltspflicht</subfield><subfield code="0">(DE-588)4181859-3</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4113937-9</subfield><subfield code="a">Hochschulschrift</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Risikokapital</subfield><subfield code="0">(DE-588)4124067-4</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Risikomanagement</subfield><subfield code="0">(DE-588)4121590-4</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="2"><subfield code="a">Informationsauswahl</subfield><subfield code="0">(DE-588)4139258-9</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="3"><subfield code="a">Sorgfaltspflicht</subfield><subfield code="0">(DE-588)4181859-3</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">Schriftenreihe Finanzmanagement</subfield><subfield code="v">92</subfield><subfield code="w">(DE-604)BV013087358</subfield><subfield code="9">92</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">X:MVB</subfield><subfield code="q">text/html</subfield><subfield code="u">http://www.verlagdrkovac.de/978-3-8300-6658-3.htm</subfield><subfield code="3">Ausführliche Beschreibung</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">DNB Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025253943&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-025253943</subfield></datafield></record></collection> |
| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV040400744 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:23:13Z |
| institution | BVB |
| isbn | 9783830066583 3830066589 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-025253943 |
| oclc_num | 808723902 |
| open_access_boolean | |
| owner | DE-12 DE-188 DE-945 |
| owner_facet | DE-12 DE-188 DE-945 |
| physical | XIV, 138 S. graph. Darst. 21 cm, 204 g |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | Kovač |
| record_format | marc |
| series | Schriftenreihe Finanzmanagement |
| series2 | Schriftenreihe Finanzmanagement |
| spelling | Mokwa, Christopher F. Verfasser (DE-588)1025109309 aut Valuation and default risk assessment in venture capital investments the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents Christopher F. Mokwa Hamburg Kovač 2012 XIV, 138 S. graph. Darst. 21 cm, 204 g txt rdacontent n rdamedia nc rdacarrier Schriftenreihe Finanzmanagement 92 Zugl.: Köln, Univ., Diss., 2012 Risikokapital (DE-588)4124067-4 gnd rswk-swf Risikomanagement (DE-588)4121590-4 gnd rswk-swf Informationsauswahl (DE-588)4139258-9 gnd rswk-swf Sorgfaltspflicht (DE-588)4181859-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Risikokapital (DE-588)4124067-4 s Risikomanagement (DE-588)4121590-4 s Informationsauswahl (DE-588)4139258-9 s Sorgfaltspflicht (DE-588)4181859-3 s DE-604 Schriftenreihe Finanzmanagement 92 (DE-604)BV013087358 92 X:MVB text/html http://www.verlagdrkovac.de/978-3-8300-6658-3.htm Ausführliche Beschreibung DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025253943&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Mokwa, Christopher F. Valuation and default risk assessment in venture capital investments the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents Schriftenreihe Finanzmanagement Risikokapital (DE-588)4124067-4 gnd Risikomanagement (DE-588)4121590-4 gnd Informationsauswahl (DE-588)4139258-9 gnd Sorgfaltspflicht (DE-588)4181859-3 gnd |
| subject_GND | (DE-588)4124067-4 (DE-588)4121590-4 (DE-588)4139258-9 (DE-588)4181859-3 (DE-588)4113937-9 |
| title | Valuation and default risk assessment in venture capital investments the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents |
| title_auth | Valuation and default risk assessment in venture capital investments the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents |
| title_exact_search | Valuation and default risk assessment in venture capital investments the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents |
| title_full | Valuation and default risk assessment in venture capital investments the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents Christopher F. Mokwa |
| title_fullStr | Valuation and default risk assessment in venture capital investments the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents Christopher F. Mokwa |
| title_full_unstemmed | Valuation and default risk assessment in venture capital investments the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents Christopher F. Mokwa |
| title_short | Valuation and default risk assessment in venture capital investments |
| title_sort | valuation and default risk assessment in venture capital investments the impact of biases in management forecasts and the relevance of selected financial and non financial information from due diligence documents |
| title_sub | the impact of biases in management forecasts and the relevance of selected financial and non-financial information from due diligence documents |
| topic | Risikokapital (DE-588)4124067-4 gnd Risikomanagement (DE-588)4121590-4 gnd Informationsauswahl (DE-588)4139258-9 gnd Sorgfaltspflicht (DE-588)4181859-3 gnd |
| topic_facet | Risikokapital Risikomanagement Informationsauswahl Sorgfaltspflicht Hochschulschrift |
| url | http://www.verlagdrkovac.de/978-3-8300-6658-3.htm http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025253943&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV013087358 |
| work_keys_str_mv | AT mokwachristopherf valuationanddefaultriskassessmentinventurecapitalinvestmentstheimpactofbiasesinmanagementforecastsandtherelevanceofselectedfinancialandnonfinancialinformationfromduediligencedocuments |