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Venture-Capital Investment in Minority Business

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  • TIMOTHY BATES
  • WILLIAM D. BRADFORD

Abstract

This study analyzes the performance of mature investments made by venture-capital (VC) funds that specialize in financing minority business enterprises. We explore the hypothesis that VCs focusing on investing in minority businesses earn attractive returns because this market niche is underserved. Minority VC funds collectively earned yields on their realized investments that were estimated to be broadly equivalent to those of the mainstream VC industry. However, these yields vary greatly from fund to fund. VC fund traits that predict high yields on individual investments are identified by estimating multivariate regressions explaining net investment returns. Copyright (c)2008 The Ohio State University.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1538-4616.2008.00123.x
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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 40 (2008)
Issue (Month): 2-3 (03)
Pages: 489-504

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Handle: RePEc:mcb:jmoncb:v:40:y:2008:i:2-3:p:489-504

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. Fairlie, Robert W. & Krashinsky, Harry A., 2011. "Liquidity Constraints, Household Wealth, and Entrepreneurship Revisited," Santa Cruz Department of Economics, Working Paper Series qt6hv0m2q6, Department of Economics, UC Santa Cruz.
  2. Timothy Bates & William Bradford, 2004. "Analysis of venture-capital funds that finance minority-owned businesses," The Review of Black Political Economy, Springer, vol. 32(1), pages 37-46, September.
  3. Jackson, William E. & Bates, Timothy & Bradford, William D., 2012. "Does venture capitalist activism improve investment performance?," Journal of Business Venturing, Elsevier, vol. 27(3), pages 342-354.
  4. Magnus Lofstrom & Timothy Bates, 2013. "African Americans’ pursuit of self-employment," Small Business Economics, Springer, vol. 40(1), pages 73-86, January.
  5. Timothy Bates & William Bradford, 2009. "The impact of institutional sources of capital upon the minority-oriented venture capital industry," Small Business Economics, Springer, vol. 33(4), pages 485-496, December.

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