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Venture Capital

Fund Certification, Performance Prediction and Learnings from the Past

Series:

Armin Höll-Steiner

This book contains three studies. The first study investigates the relationship between private equity investors and fund managers and how intermediaries can mitigate their agency problems. The incentive structure of three intermediary types and their behavior in signaling fund qualities to investors are studied theoretically. A recommendation which intermediary to consult is given. The second study presents a new statistical method to predict the performance distribution of venture capital direct investments. The accuracy of this method is investigated and compared to existing approaches. The third study is about the European venture capital market’s historic development before and after the internet bubble and reasons for the bad development especially after the bubble.

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Acronyms XIX

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Acronyms AIC Akaike Information Criterion BCI Business Climate Index BCPE Box-Cox Power Exponential BO Buyout BVCA British Venture Capital Association CAPM Capital Asset Pricing Model CEPRES Center for Private Equity Research CPV Credit Portfolio View CREM Credit Risk Evaluation Model EVCA European Venture Capital Association GAMLSS Generalized Additive Model of Location, Scale and Shape GDP Gross Domestic Product GP General Partner IPO Initial Public Offering IRR Internal Rate of Return XX Acronyms LP Limited Partner M&A Mergers and Acquisitions MCS Monte Carlo Simulation MIRR Modified Internal Rate of Return NASDAQ National Association of Securities Dealers Auto- mated Quotations NAV Net Asset Value OLS Ordinary Least Square PE Private Equity PME Public Market Equivalent SBC Schwarz Criterion TVE Thompson Venture Economics TVPI Total Value to Paid-In USA United States of America USD United States Dollar VC Venture Capital VIF Variance Inflation Factor

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