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http://hdl.handle.net/10419/44989
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| Title: | | Geographical and institutional distances in venture capital deals: How syndication and experience drive internationalization patterns  |
| Authors: | | Tykvová, Tereza Schertler, Andrea |
| Issue Date: | | 2011 |
| Series/Report no.: | | ZEW Discussion Papers 11-022 |
| Abstract: | | Drawing on a novel dataset of worldwide venture capital deals, we investigate how venture capitalists (VCs) overcome the complexity of investing in geographically and institutionally distant regions. Our results indicate that syndicating with local VCs is a common way for foreign VCs to gain deal access, overcome the complexity of investing in distant regions and offset their lack of within-country experience. The foreign VC's distance from the portfolio company ceases to be a serious investment obstacle when he can rely on a highly experienced local VC. Our results further suggest that inexperienced VCs, i.e. those VCs with a large need for syndication, increase their chances to invest across borders when they invest in small deals jointly with local inexperienced partners. |
| Subjects: | | Multiple Regression Analysis Syndicates Venture Capital Internationalization Distance Experience |
| JEL: | | F21 G24 |
| Persistent Identifier of the first edition: | | urn:nbn:de:bsz:180-madoc-31675 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
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