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Essays on venture capital.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on venture capital./
Author:	Nahata, Rajarishi Basantraj.
Description:	1 online resource (131 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 66-10, Section: A.
Contained By:	Dissertations Abstracts International66-10A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780496154067

Essays on venture capital.
Nahata, Rajarishi Basantraj.

Essays on venture capital. - 1 online resource (131 pages)

Source: Dissertations Abstracts International, Volume: 66-10, Section: A.

Thesis (Ph.D.)--Vanderbilt University, 2004.

Includes bibliographical references

This dissertation focuses on venture capital (VC) exits, VC syndication and the role of corporate venture capitalists (CVCs). The first essay investigates the impact of VC presence in private targets that are acquired by public bidders. I uncover evidence that acquisitions of these targets result in excess wealth gains to acquirers at takeover announcements. The conflict of interest arising from VCs' dual financial relationships with the two merger parties results in still higher wealth gains. In such situations, VCs' incentives to negotiate aggressively for a higher target price are compromised. The second essay analyzes strategic investing and the allocation of control rights to such investors. In particular, I analyze allocation of control rights to CVCs, when investments are strategic and document circumstances under which start-ups agree to syndicate with CVCs. I provide evidence that board structures are designed so as to mitigate conflicts of interest arising out of CVCs' own strategic objectives. The third essay examines the determinants of alternative VC exits-initial public offerings, acquisitions and write-offs-and documents factors that affect the likelihood of VC success. The likelihood of alternative VC exits is influenced by the portfolio company quality, its developmental stage, industry conditions, VC reputation, size and composition of the VC syndicate and CVC's strategic motive in investing.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9780496154067Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Corporate ventureIndex Terms--Genre/Form:

554714
Electronic books.

Essays on venture capital.
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500 $a Source: Dissertations Abstracts International, Volume: 66-10, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Masulis, Ronald W.
502 $a Thesis (Ph.D.)--Vanderbilt University, 2004.
504 $a Includes bibliographical references
520 $a This dissertation focuses on venture capital (VC) exits, VC syndication and the role of corporate venture capitalists (CVCs). The first essay investigates the impact of VC presence in private targets that are acquired by public bidders. I uncover evidence that acquisitions of these targets result in excess wealth gains to acquirers at takeover announcements. The conflict of interest arising from VCs' dual financial relationships with the two merger parties results in still higher wealth gains. In such situations, VCs' incentives to negotiate aggressively for a higher target price are compromised. The second essay analyzes strategic investing and the allocation of control rights to such investors. In particular, I analyze allocation of control rights to CVCs, when investments are strategic and document circumstances under which start-ups agree to syndicate with CVCs. I provide evidence that board structures are designed so as to mitigate conflicts of interest arising out of CVCs' own strategic objectives. The third essay examines the determinants of alternative VC exits-initial public offerings, acquisitions and write-offs-and documents factors that affect the likelihood of VC success. The likelihood of alternative VC exits is influenced by the portfolio company quality, its developmental stage, industry conditions, VC reputation, size and composition of the VC syndicate and CVC's strategic motive in investing.
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538 $a Mode of access: World Wide Web
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650 4 $a Bias. $2 gtt $3 810927
653 $a Corporate venture
653 $a Venture capital
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710 2 $a Vanderbilt University. $3 1178871
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