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dc.contributor.authorTykvová, Terezaen_US
dc.date.accessioned2009-02-16T14:47:28Z-
dc.date.available2009-02-16T14:47:28Z-
dc.date.issued2003en_US
dc.identifier.urihttp://hdl.handle.net/10419/23979-
dc.description.abstractUsing a unique, hand-collected database of all venture- backed firms listed on Germany's Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and characteristics of German vs. foreign venture capital firms. The discrepancy in the investment and divestment strategies may be explained by the grandstanding phenomenon, the value-added hypothesis and certification issues. German venture capitalists are typically younger and smaller than their counterparts from abroad. They syndicate less. The sectoral structure of their portfolios differs from that of foreign venture capital firms. We also find that German venture capitalists typically take companies with lower offering volumes on the market. They usually finance firms in a later stage, carry through fewer investment rounds and take their portfolio firms public earlier. In companies where a German firm is the lead venture capitalist, the fraction of equity held by the group of venture capitalists is lower, their selling intensity at the IPO is higher and the committed lock-up period is longer.en_US
dc.language.isoengen_US
dc.publisherZentrum für Europäische Wirtschaftsforschung (ZEW) Mannheim-
dc.relation.ispartofseriesZEW Discussion Papers 03-44en_US
dc.subject.jelG32en_US
dc.subject.jelD82en_US
dc.subject.jelG24en_US
dc.subject.ddc330en_US
dc.subject.keywordVenture Capitalen_US
dc.subject.keywordIPOen_US
dc.subject.keywordLock-upen_US
dc.subject.keywordNeuer Markten_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwEmissionsgeschäften_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwNeuer Markten_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleIs the Behavior of German Venture Capitalists Different? Evidence from the Neuer Markten_US
dc.typeWorking Paperen_US
dc.identifier.ppn37101638Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zewdip:1353-
Appears in Collections:Publikationen von Forscherinnen und Forschern des ZEW
ZEW Discussion Papers

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