Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/231358
Authors: 
Christopoulos, Dimitris
Köppl, Stefan
Köppl-Turyna, Monika
Year of Publication: 
2021
Series/Report no.: 
Research Paper No. 16
Abstract: 
We look at syndication in the venture capital industry. Investments conducted by syndicates are believed to have better chances of being successful, measured by the survival probability of portfolio companies or by successful exits. Using a novel and large dataset, covering several countries, our analysis shows that strong network ties of investors are associated with success of portfolio companies in Europe. We also show that there are differences in the association of network centrality with survival between different financing rounds, the former being more important in early-stage investments. Finally, we show a strong association of network ties of investors with sales growth of portfolio companies, before and after the deal.
Subjects: 
Venture Capital
Networks
Europe
Investment Syndication
JEL: 
G11
G24
M13
Document Type: 
Working Paper

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