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The Venture Capital Cycle, 2nd Edition

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Author Info

  • Paul Gompers

    ()
    (Harvard University)

  • Josh Lerner

    ()
    (Harvard University)

Abstract

In The Venture Capital Cycle, Paul Gompers and Josh Lerner correct widespread misperceptions about the nature and role of the venture capitalist and provide an accessible and comprehensive overview of the venture capital industry. Bringing together fifteen years of ground-breaking research into the form and function of venture capital firms, they examine the fund-raising, investing, and exit stages of venture capitalists. Three major themes run throughout the process: venture investors confront tremendous information and incentive problems; venture capital processes are inherently interrelated, and a complete understanding of the industry requires a full understanding of the venture cycle; and, unlike most financial markets, the venture capital industry adjusts very slowly to shifts in the demand for and the supply of investment capital. This second edition has been thoroughly revised in light of recent research findings, and includes six new chapters. The first part, on fund-raising, now includes a chapter that examines what determines the level of venture capital fund-raising and how tax policy influences the demand for venture capital. Three new chapters in the second part, on investing, examine what kind of distortions are introduced when the venture capital market goes dramatically up, a question prompted by the 1999-2000 market bubble; demonstrate that the venture capital industry does indeed spur innovation, an important determinant of economic growth; and examine whether and under what circumstances governments can be effective venture capitalists. Two new chapters in the third part, on exiting venture capital investments, discuss whether venture capital firms affiliated with investment-banks are prone to conflicts of interest with public offerings and how lockups on initial public offerings are used to limit conflicts of interest.

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Bibliographic Info

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This book is provided by The MIT Press in its series MIT Press Books with number 0262572389 and published in 2006.

Volume: 1
Edition: 1
ISBN: 0-262-57238-9
Handle: RePEc:mtp:titles:0262572389

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Web page: http://mitpress.mit.edu

Related research

Keywords: venture capital industry; venture cycle;

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Cited by:
  1. Fabrizi, Simona & Lippert, Steffen & Norbäck, Pehr-Johan & Persson, Lars, 2011. "Venture Capital, Patenting, and Usefulness of Innovations," CEPR Discussion Papers 8392, C.E.P.R. Discussion Papers.
  2. Cuny, Charles J. & Talmor, Eli, 2007. "A theory of private equity turnarounds," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 629-646, September.
  3. Oscar M. Valencia, 2014. "R&D Investment and Financial Frictions," Borradores de Economia 828, Banco de la Republica de Colombia.
  4. Luukkonen, Terttu & Maunula, Mari, 2007. "Non-financial Value-added of Venture Capital: A Comparative Study of Different Venture Capital Investors," Discussion Papers 1067, The Research Institute of the Finnish Economy.
  5. Maunula, Mari, 2006. "The Perceived Value-added of Venture Capital Investors. Evidence from Finnish Biotechnology Industry," Discussion Papers 1030, The Research Institute of the Finnish Economy.
  6. David B. Audretsch & Werner Bönte & Prashanth Mahagaonkar, 2007. "Nascent Entrepreneurs, Innovation and Financing Constraints," DRUID Working Papers 07-09, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  7. Paul Gompers & Anna Kovner & Josh Lerner & David Scharfstein, 2006. "Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs," NBER Working Papers 12592, National Bureau of Economic Research, Inc.
  8. Mark Mietzner & Denis Schweizer, 2014. "Hedge funds versus private equity funds as shareholder activists in Germany — differences in value creation," Journal of Economics and Finance, Springer, vol. 38(2), pages 181-208, April.
  9. Iftekhar Hasan & Haizhi Wang, 2008. "The US bankruptcy law and private equity financing: empirical evidence," Small Business Economics, Springer, vol. 31(1), pages 5-19, June.
  10. André Gygax & Anna Griffiths, 2007. "Do venture capitalists imitate portfolio size?," Financial Markets and Portfolio Management, Springer, vol. 21(1), pages 69-94, March.
  11. Fryges, Helmut & Kohn, Karsten & Ullrich, Katrin, 2012. "The interdependence of R&D activity and debt financing of young firms," ZEW Discussion Papers 12-016, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  12. Emmanuelle Dubocage & Géraldine Galindo, 2008. "Le rôle des capital-risqueurs dans l'isomorphisme stratégique des "biotechs"," Revue Finance Contrôle Stratégie, revues.org, vol. 11(4), pages 5-30, December.
  13. Terttu Luukkonen, & Mari Maunula,, 2006. "Coaching Small Biotech Companies into Success: The Value-adding Function of VC," Discussion Papers 1032, The Research Institute of the Finnish Economy.
  14. Aleksandar Bradic, 2012. "The Role of Social Feedback in Financing of Technology Ventures," Papers 1301.2196, arXiv.org.

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