Explaining venture capital firms' syndication behavior: a longitudinal study
AbstractUsing a unique methodological approach, we examine factors related to venture capital firmsâ€™ (VCFsâ€™) involvement in syndication. We argue that VCFsâ€™ investment strategy matters in terms of the extent to which VCFs engage in syndication. We test several hypotheses pertaining to VCFsâ€™ syndication behavior based on a longitudinal data set of realized strategies of 200 U.S.-based VCFs over a twelve-year period. Overall, we find support for both knowledge-based and financial arguments for why VCFs engage in syndication. We discuss our results and provide avenues for future research.
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Bibliographic InfoPaper provided by Vlerick Leuven Gent Management School in its series Vlerick Leuven Gent Management School Working Paper Series with number 2004-18.
Length: 21 pages
Date of creation: 21 Oct 2004
Date of revision:
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