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http://hdl.handle.net/10419/43244
  

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dc.contributor.authorKraeussl, Romanen_US
dc.contributor.authorKrause, Stefanen_US
dc.date.accessioned2010-03-29en_US
dc.date.accessioned2010-12-15T09:22:24Z-
dc.date.available2010-12-15T09:22:24Z-
dc.date.issued2010en_US
dc.identifier.piurn:nbn:de:hebis:30-75139-
dc.identifier.urihttp://hdl.handle.net/10419/43244-
dc.description.abstractThe objective of this study is to determine whether specific industries across countries or within countries are more likely to reach a stage of profitability and make a successful exit. In particular, we assess whether firms in certain industries are more prone to exit via IPO, be acquired, or exit through a leveraged buy-out. We are also interested in analyzing whether substantial differences across industries and countries arise when looking separately at the success' rate of firms which have received venture funding at the early seed and start-up stages, vis-à-vis firms that received funding at later stages. Our results suggest that, inasmuch as some of the differences in performance can be explained by country-specific factors, there are also important idiosyncratic differences across industries: In particular, firms in the biotech and the medical / health / life science sectors tend to be significantly more likely to have a successful exit via IPO, while firms in the computer industry and communications and media are more prone to exit via merger or acquisition. Key differences across industries also emerge when considering infant versus mature firms, and their preferred exit.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2010/02en_US
dc.subject.jelG24en_US
dc.subject.jelG3en_US
dc.subject.ddc330en_US
dc.subject.keywordVenture Capitalen_US
dc.subject.keywordSuccess Ratesen_US
dc.subject.keywordCountry Comparisonen_US
dc.subject.keywordIndustry Comparisonen_US
dc.subject.keywordBiotech Firmsen_US
dc.subject.stwRisikokapitalen_US
dc.subject.stwBrancheen_US
dc.subject.stwUnternehmensgründungen_US
dc.subject.stwUnternehmensentwicklungen_US
dc.subject.stwErfolgsfaktoren_US
dc.subject.stwSchätzungen_US
dc.subject.stwBiotechnische Industrieen_US
dc.subject.stwIT-Industrieen_US
dc.subject.stwUSAen_US
dc.subject.stwEuropaen_US
dc.titleAre particular industries more likely to succeed? A comparative analysis of VC investment in the US and Europeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn62276084Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cfswop:201002-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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