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
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Hamburg
Kovač
2012
|
| Series: | Schriftenreihe Finanzmanagement
92 |
| Subjects: | |
| Online Access: | Ausführliche Beschreibung Inhaltsverzeichnis |
| Physical Description: | XIV, 138 S. graph. Darst. 21 cm, 204 g |
| ISBN: | 9783830066583 3830066589 |
Staff View
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Record in the Search Index
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| 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
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| any_adam_object | 1 |
| author | Mokwa, Christopher F. |
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| author_variant | c f m cf cfm |
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| bvnumber | BV040400744 |
| classification_rvk | QP 752 |
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| 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 |
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| isbn | 9783830066583 3830066589 |
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| 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 |
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