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dc.contributor.authorLehmann, Erik E.en_US
dc.date.accessioned2009-01-28T16:09:56Z-
dc.date.available2009-01-28T16:09:56Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/19966-
dc.description.abstractThis study examines empirically the syndication of equity by multiple venture capitalists in Germany. Following the literature, there are mainly two competing views as to why venture capitalists syndicate investments. First, syndication can be viewed as a means of risk-sharing. Second, venture capitalists may provide important productive resources to firms, capital and information. We test hypotheses based on these two aspects. The results show that the syndication of equity and the number of venture capitalists involved cannot be fully explained by firm characteristics like size, age or industry affiliation. Although syndicated investments do not differ significantly in stock-market performance, they show significantly higher growth rates.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesPapers on entrepreneurship, growth and public policy 2104en_US
dc.subject.jelG24en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordZusammenschluss von Kapitalgebernen_US
dc.subject.keywordVenture Capitalen_US
dc.subject.keywordHuman Capitalen_US
dc.subject.keywordSyndicationen_US
dc.subject.keywordFirm Performanceen_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwKartellen_US
dc.subject.stwUnternehmensgründungen_US
dc.subject.stwFinanzierungen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwUnternehmenswachstumen_US
dc.subject.stwBeschäftigungseffekten_US
dc.subject.stwDeutschlanden_US
dc.titleDoes venture capital syndication spur employment growth and shareholder value? : Evidence from German IPO dataen_US
dc.typeWorking Paperen_US
dc.identifier.ppn390722243en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Discussion Papers on Entrepreneurship, Growth and Public Policy, MPI für Ökonomik

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