An Index for Venture Capital

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An Index for Venture Capital

Author Info

John Quigley (University of California, Berkeley)
Susan Woodward (Sand Hill Econometrics, Menlo Park, California)

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John M. Quigley

Abstract

In this paper we build an index of value for venture capital. Our approach overcomes the problems of intermittent, infrequent pricing of private company deals by using a repeat valuation model to build the index, and it corrects for selection bias in the reporting of values. We use a unique data set from Sand Hill Econometrics. The index measures the return and risk for venture capital. Its covariance with other asset classes from 1987-1999 enables us to explore the role of venture capital in diversified portfolios during a period of increased importance of venture capital in the economy.

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Paper provided by Department of Economics, Institute for Business and Economic Research, UC Berkeley in its series Department of Economics, Working Paper Series with number 1059.

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Date of creation: 11 Jul 2003
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Handle: RePEc:cdl:econwp:1059

Note: oai:cdlib1:iber/econ-1059
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This paper has been announced in the following NEP Reports:

NEP-ALL-2004-05-09 (All new papers)
NEP-ENT-2004-05-09 (Entrepreneurship)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February. [Downloadable!] (restricted)

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Alexander Ljungqvist & Matthew Richardson & Daniel Wolfenzon, 2008. "The Investment Behavior of Buyout Funds: Theory and Evidence," NBER Working Papers 14180, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Susan E. Woodward & Robert E. Hall, 2004. "Benchmarking the Returns to Venture," NBER Working Papers 10202, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)

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This page was last updated on 2009-11-19.

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