haku: @author Kemper, J. / yhteensä: 2
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| Tekijä: | Dittmann, I. Maug, E. Kemper, J. |
| Otsikko: | How fundamental are fundamental values? Valuation methods and their impact on the performance of German venture capitalists |
| Lehti: | European Financial Management
2004 : DEC, VOL. 10:4, p. 609-638 |
| Asiasana: | Discounted cash flow Initial public offerings Performance appraisal Valuation Venture capital Germany |
| Kieli: | eng |
| Tiivistelmä: | This work studies how the use of alternative valuation methodologies affects investment performance for a sample of 53 German venture capitalists. Investment performance is measured by the amount of investments they need to write off and by the number of companies they take public. It is found that a significant number of investment managers use discounted cash flow (DCF) techniques, but only a minority appears to use a discount rate related to the cost of capital. |
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