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Venture Capitalists' Exit Strategies under Information Asymmetry: Evidence from the US Venture Capital Market

Autor Matthias Eckermann
en Limba Engleză Paperback – 26 ian 2006
This book has been submitted as dissertation at the Faculty of Business Man­ agement and Economics at Dresden University of Technology, Germany on January 19, 2005. Throughout the completion of this thesis, I received much encouragement and advice from mentors, colleagues and friends. I would like to take this opportunity to thank all of them. First of all, I would like to express my gratitude to my supervisor Prof. Dr. Michael Schefczyk for providing a fruitful research atmosphere at the SAP Chair for Entrep- neurship and Innovation at Dresden University of Technology. His comments and support helped me develop and complete this thesis. Moreover, I thank Prof. Schefczyk for supporting my ambitions to conduct research in the United States. Second, I am especially grateful to Prof. Andrew L. Zacharakis, Ph.D. for hosting me as visiting scholar at Babson College and for supervising my project during this time. This thesis benefited tremendously from his knowledge and from his out­ standing support. His encouragement and support also helped me survive less pro­ ductive times. A great debt is to Prof. Dr. Herman Locarek-Junge who accepted the burden of being my second examiner at Dresden University of Technology. The final paper benefited tremendously from conversations with several experi­ enced researchers and practitioners in the United States. I want to thank Elaine I.
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Specificații

ISBN-13: 9783835001268
ISBN-10: 3835001264
Pagini: 304
Ilustrații: XVII, 287 p. 38 illus.
Dimensiuni: 148 x 210 x 17 mm
Greutate: 0.41 kg
Ediția:2006
Editura: Deutscher Universitätsverlag
Colecția Deutscher Universitätsverlag
Locul publicării:Wiesbaden, Germany

Public țintă

Research

Cuprins

Venture Capital Investing.- Exiting Ventures.- Building an Analytical Framework.- Research Methodology.- Empirical Analysis.- Conclusion and Implications.

Notă biografică

Dr. Matthias Eckermann promovierte bei Prof. Dr. Michael Schefczyk am Lehrstuhl für Entrepreneurship und Innovation an der Technischen Universität Dresden. Er ist im Investment Banking in London tätig.

Textul de pe ultima copertă

Venture capitalists (VCs) fund ventures with the aim of reaping a capital gain upon exit. Research has identified information asymmetry between inside investors and follow-on investors as a major source of friction. It is thus in the interest of VCs to reduce information asymmetry at exit.

Matthias Eckermann analyzes how VCs integrate information efficiency considerations into their exit strategies. He shows that VCs adopt specific strategies to cope with information gaps upon exit in terms of timing, exit vehicles and promotion efforts. On this basis he develops a framework to help VCs to improve profitability through decisive exit strategies.