The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
The Syndication of Venture Capital Investments
Abstract
This paper examines three rationales for the syndication of venture capital investments, using a sample of 271 private biotechnology firms. Syndication is commonplace, even in the first-round investments. Experienced venture capitalists primarily syndicate first-round investments to venture investors with similar levels of experience. In later rounds, established venture capitalists syndicate investments to both their peers and to less experienced capita) providers. When experienced venture capitalists invest for the first time in later rounds, the firm is usually doing well. Syndication also often insures that the ownership stake of the venture capitalist stays constant in later venture rounds. I argue that the results are consistent with the proposed explanations.
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Citations
Cites
The role of venture capital in the creation of public companies
Barry, C. B., Muscarella, C. J., Peavy, J. W., & Vetsuypens, M. R. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90064-7 · Cited by 1,167
Cited by
N. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690
“Thus, when stock market values fall, this can create a chain reaction in which the highly volatile IPO market shuts down, which then may reduce the flow of funds in private angel finance and venture capital equity markets.”
InfluentialSyndication Networks and the Spatial Distribution of Venture Capital Investments
Sorenson, O., & Stuart, T. E. (2001) · American Journal of Sociology · doi:10.1086/321301 · Cited by 1,925
Why do venture capital firms exist? theory and canadian evidence
Amit, R., Brander, J., & Zott, C. (1998) · Journal of Business Venturing · doi:10.1016/s0883-9026(97)00061-x · Cited by 746
The Determinants of Board Structure at the Initial Public Offering
Baker, M., & Gompers, P. A. (2003) · The Journal of Law and Economics · doi:10.1086/380409 · Cited by 624
The Importance of Slack for New Organizations Facing ‘Tough’ Environments
Bradley, S. W., Shepherd, D. A., & Wiklund, J. (2011) · Journal of Management Studies · doi:10.1111/j.1467-6486.2009.00906.x · Cited by 349
Metadata
- Authors
- Lerner, J.
- Venue
- Financial Management
- Publisher
- Wiley
- Published
- 1994
- Volume
- 23
- Issue
- 3
- Pages
- 16
- ISSN
- 0046-3892 (ISSN-L)
- OpenAlex
- W2082800434
- Cited by
- 822
- References
- 1
- FWCI
- 20.27
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
