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dc.contributor.authorLehmann, Erik E.en
dc.date.accessioned2009-01-28T16:09:56Z-
dc.date.available2009-01-28T16:09:56Z-
dc.date.issued2004-
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
dc.language.isoengen
dc.publisher|aMax Planck Institute for Research into Economic Systems |cJenaen
dc.relation.ispartofseries|aPapers on Entrepreneurship, Growth and Public Policy |x2104en
dc.subject.jelG24en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordZusammenschluss von Kapitalgebernen
dc.subject.keywordVenture Capitalen
dc.subject.keywordHuman Capitalen
dc.subject.keywordSyndicationen
dc.subject.keywordFirm Performanceen
dc.subject.stwRisikokapitalen
dc.subject.stwKartellen
dc.subject.stwUnternehmensgründungen
dc.subject.stwFinanzierungen
dc.subject.stwBörsenkursen
dc.subject.stwUnternehmenswachstumen
dc.subject.stwBeschäftigungseffekten
dc.subject.stwDeutschlanden
dc.titleDoes Venture Capital Syndication Spur Employment Growth and Shareholder Value? Evidence from German IPO Data-
dc.typeWorking Paperen
dc.identifier.ppn390722243en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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