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Venture Capital

Fund Certification, Performance Prediction and Learnings from the Past

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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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Bibliography Aizenman, Joshua / Kendall, Jake (2008): The Internationalization of Venture Capital and Private Equity, SSRN Working Paper, URL http: //ssrn.com/abstract=1275544. Akantziliotou, K. / Rigby, R. A. / Stasinopoulos, D. M. (2002): The R Implementation of Generalized Additive Models for Location, Scale and Shape, in: Statistical Modelling in Society: Proceedings of the 17th International Workshop on Statistical Modelling, edited by Stasinopoulos, D. M. and Touloumi, G., Greece 2002, pp. 75–83. Akerlof, George A. (1970): The Market for ’Lemons’: Quality Uncer- tainty and the Market Mechanism, in: Quarterly Journal of Economics, Vol. 84, pp. 488–500. Albano, Gian Luigi / Lizzeri, Alessandro (2001): Strategic Certifica- tion and Provision of Quality, in: International Economic Review, Vol. 42, pp. 267–283. Askar, Atif (2008): Performance-Messung bei Venture Capital-Fonds, Marburg 2008, ISBN 3828895166. Balboa, Marina Ramo´n / Mart´ı, Jose´ Pello´n (2007): Factors That Determine the Reputation of Private Equity Managers in Developing Mar- kets, in: Journal of Business Venturing, Vol. 22, pp. 453–480. Barry, Christopher B. (1994): New Directions in Research On Venture Capital Finance, in: Financial Management, Vol. 23, pp. 3–15. 222 Bibliography Beauchamp, Charles F. (2006): An Empirical Examination of ’Learning’ Within the Private Equity Industry,Mississippi State University Working Paper. Black, B. / Gilson, R. (1998): Venture Capital and the Structure of Capital Markets: Banks versus Stock Markets, in: Journal of Financial Economics, Vol. 47, pp. 243–278. Bonini, Stefano / Alkan Aktuccar, Senem (2009): The Macro and Political Determinants of Venture Capital Investments...

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