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| Author: | Nahata, R. |
| Title: | Venture capital reputation and investment performance |
| Journal: | Journal of Financial Economics
2008 : NOV, VOL. 90:2, p. 127-151 |
| Index terms: | investments venture capital initial public offerings mergers reputation certification |
| Language: | eng |
| Abstract: | A new measure of venture capital (VC) firm reputation is presented. Its performance implications are analysed on private companies. Controlling for portfolio company quality and other VC-specific factors, companies are found to be backed by more reputable VCs by initial public offering (IPO) capitalization share, to be more likely to exit successfully, to access public markets faster, and to have higher asset productivity at IPOs. VCs' IPO Capitalization share is suggested to effectively capture both VC screening and monitoring expertise. |
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