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Bewertungsunsicherheit der Investitionskriterien von Venture-Capital-Gebern – Eine Prozessperspektive


  • Tobias Kollmann

    (Universität Duisburg-Essen, Campus Essen, Lehrstuhl für E-Business und E-Entrepreneurship, Universitätsstraße 9, D-45141 Essen)

  • Andreas Kuckertz

    (Universität Duisburg-Essen, Campus Essen, Lehrstuhl für E-Business und E-Entrepreneurship, Universitätsstraße 9, D-45141 Essen)


This article analyses the decision-making process of venture capitalists and examines the uncertainty they encounter in evaluating investment proposals. Based on the economics of information we identify different degrees of uncertainty in the course of the investment process. Empirical results are provided that highlight how uncertainty differs between three stages of the investment process: the business plan evaluation phase, the due diligence, and the deal structuring phase.

Suggested Citation

  • Tobias Kollmann & Andreas Kuckertz, 2009. "Bewertungsunsicherheit der Investitionskriterien von Venture-Capital-Gebern – Eine Prozessperspektive," Credit and Capital Markets, Credit and Capital Markets, vol. 42(4), pages 563-595.
  • Handle: RePEc:kuk:journl:v:42:y:2009:i:4:p:563-595

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    More about this item

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups


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