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What One Can Learn From the Initial Public Offering of Google? A Twenty-Year Excursion to the Venture Capital Industry

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  • Emanuel Shachmurove

    ()
    (University of Michigan Law School)

  • Yochanan Shachmurove

    ()
    (The City College of The City University of New York and the University of Pennsylvania)

Abstract

Over the past two decades the venture capital industry became a major focus for the financial media. With potential for high rates of return, this industry attracts entrepreneurs looking for opportunities to invest. While some investments are successful and highly publicized, many are not. This paper gives insight about the role financing in different stages plays in determining the success of an investment. It compares data on the rates of return of 2,678 venture-backed public companies during multiple stages of financing. Additionally, this paper evaluates how the rates of return of these companies have changed between the 1980s and 1990s.

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Bibliographic Info

Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 04-041.

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Length: 24 pages
Date of creation: 25 Oct 2004
Date of revision:
Handle: RePEc:pen:papers:04-041

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Keywords: Annualized returns; Venture Capital; Venture-Backed Public Companies; Stage of Financing; Initial Public Offering; Early-Stage Financing; Seed Financing; Research and Development Financing; Start-up Financing; First-Stage Financing; Expansion Financing; Second-Stage Financing; Third-Stage and Mezzanine Financing; Bridge Financing; Acquisition/Buyout Financing; Acquisition Financing; Management /Leveraged Buyout;

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  1. Lerner, Josh, 1995. " Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, vol. 50(1), pages 301-18, March.
  2. Paul Gompers & Josh Lerner, 1998. "Conflict of Interest in the Issuance of Public Securities: Evidence from Venture Capital," NBER Working Papers 6847, National Bureau of Economic Research, Inc.
  3. Martin, John D. & Petty, J. William, 1983. "An Analysis of the Performance of Publicly Traded Venture Capital Companies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 18(03), pages 401-410, September.
  4. Mansfield, Edwin, 1986. "The R&D Tax Credit and Other Technology Policy Issues," American Economic Review, American Economic Association, vol. 76(2), pages 190-94, May.
  5. Hellmann, Thomas, 2002. "A theory of strategic venture investing," Journal of Financial Economics, Elsevier, vol. 64(2), pages 285-314, May.
  6. Wang, Susheng & Zhou, Hailan, 2004. "Staged financing in venture capital: moral hazard and risks," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 131-155, January.
  7. Gordon Murray, 1999. "Early-stage venture capital funds, scale economies and public support," Venture Capital, Taylor & Francis Journals, vol. 1(4), pages 351-384, October.
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