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| Tekijä: | Cumming, D.J. MacIntosh, J.G. |
| Otsikko: | A cross-country comparison of full and partial venture capital exits |
| Lehti: | Journal of Banking and Finance
2003 : MAR, VOL 27:3, p. 511-548 |
| Asiasana: | Stock markets Venture capital Regulations Mergers Canada USA |
| Vapaa asiasana: | IPO |
| Kieli: | eng |
| Tiivistelmä: | This paper considers the issue of when venture capitalists (VCs) make a partial, as opposed to a full exit, for the full range of exit vehicles. A full exit for an initial public offerings (IPO) involves a sale of all of the venture capitalist's holdings within one year of the IPO, a partial exit involves sale of only part of the venture capitalist's holdings within that period. This study considers the determinants of full and partial venture capital exits for all five exit vehicles. A number of comparative empirical tests are also performed on samples of full and partial exits derived from a survey of Canadian and U.S. venture capital firms. The data offer support to the central hypothesis of the paper: that the greater the degree of information asymmetry between the selling VC and the buyer, the greater the likelihood of a partial exit to signal quality. |
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