메뉴 건너뛰기




Volumn 89, Issue 3, 2008, Pages 488-512

Who are the active investors?. Evidence from venture capital

Author keywords

Corporate governance; Financial intermediation; Human capital; Investor activism; Venture capital

Indexed keywords


EID: 52249110645     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2007.09.003     Document Type: Article
Times cited : (419)

References (72)
  • 1
    • 0036313914 scopus 로고    scopus 로고
    • Endogenous Matching and the empirical determinants of contract form
    • Ackerberg D., and Botticini M. Endogenous Matching and the empirical determinants of contract form. Journal of Political Economy 110 (2002) 564-591
    • (2002) Journal of Political Economy , vol.110 , pp. 564-591
    • Ackerberg, D.1    Botticini, M.2
  • 2
    • 0002893643 scopus 로고    scopus 로고
    • Formal and real authority in organizations
    • Aghion P., and Tirole J. Formal and real authority in organizations. Journal of Political Economy 105 (1997) 1-29
    • (1997) Journal of Political Economy , vol.105 , pp. 1-29
    • Aghion, P.1    Tirole, J.2
  • 3
    • 0344032944 scopus 로고    scopus 로고
    • Make versus buy in trucking: asset ownership, job design and Information
    • Baker, George, and Thomas Hubbard. Make versus buy in trucking: asset ownership, job design and Information. American Economic Review 93 (2003) 551-572
    • (2003) American Economic Review , vol.93 , pp. 551-572
    • Baker1    George2    Thomas Hubbard3
  • 4
    • 66149164569 scopus 로고    scopus 로고
    • Corporate governance and control
    • Constantinides G., Harris M., and Stulz R. (Eds), North-Holland, Amsterdam
    • Becht M., Bolton P., and Röell A. Corporate governance and control. In: Constantinides G., Harris M., and Stulz R. (Eds). Handbook of Economics of Finance (2003), North-Holland, Amsterdam 1-110
    • (2003) Handbook of Economics of Finance , pp. 1-110
    • Becht, M.1    Bolton, P.2    Röell, A.3
  • 6
    • 16844377675 scopus 로고    scopus 로고
    • Does function follow organizational form? Evidence from the lending practices of large and small banks
    • Berger A., Miller N., Petersen M., Rajan R., and Stein J. Does function follow organizational form? Evidence from the lending practices of large and small banks. Journal of Financial Economics 76 (2005) 237-269
    • (2005) Journal of Financial Economics , vol.76 , pp. 237-269
    • Berger, A.1    Miller, N.2    Petersen, M.3    Rajan, R.4    Stein, J.5
  • 7
    • 12144279436 scopus 로고    scopus 로고
    • Mutual fund flows and performance in rational markets
    • Berk J., and Green R. Mutual fund flows and performance in rational markets. Journal of Political Economy 112 (2004) 1269-1295
    • (2004) Journal of Political Economy , vol.112 , pp. 1269-1295
    • Berk, J.1    Green, R.2
  • 8
    • 0345447671 scopus 로고    scopus 로고
    • Managing with style: the effect of managers on firm policies
    • Bertrand M., and Schoar A. Managing with style: the effect of managers on firm policies. Quarterly Journal of Economics 118 (2003) 1169-1208
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 1169-1208
    • Bertrand, M.1    Schoar, A.2
  • 9
    • 0036219415 scopus 로고    scopus 로고
    • Venture capital in Europe: Euro.nm and the financing of European innovative firms
    • Bottazzi L., and Da Rin M. Venture capital in Europe: Euro.nm and the financing of European innovative firms. Economic Policy 17 (2002) 229-269
    • (2002) Economic Policy , vol.17 , pp. 229-269
    • Bottazzi, L.1    Da Rin, M.2
  • 10
    • 33746648705 scopus 로고    scopus 로고
    • Financing entrepreneurial firms in Europe: facts, issues, and research agenda
    • Keuschnigg C., and Kanniainen V. (Eds), MIT Press, Cambridge, MA
    • Bottazzi L., and Da Rin M. Financing entrepreneurial firms in Europe: facts, issues, and research agenda. In: Keuschnigg C., and Kanniainen V. (Eds). Venture Capital, Entrepreneurship, and Public Policy (2004), MIT Press, Cambridge, MA 3-32
    • (2004) Venture Capital, Entrepreneurship, and Public Policy , pp. 3-32
    • Bottazzi, L.1    Da Rin, M.2
  • 11
    • 52249102935 scopus 로고    scopus 로고
    • Bottazzi, L., Da Rin, M., Hellmann, T., 2007. What is the role of legal systems in financial Intermediation? Theory and evidence. Journal of Financial Intermediation, forthcoming.
    • Bottazzi, L., Da Rin, M., Hellmann, T., 2007. What is the role of legal systems in financial Intermediation? Theory and evidence. Journal of Financial Intermediation, forthcoming.
  • 12
    • 0036021940 scopus 로고    scopus 로고
    • Venture capital syndication: improved venture selection vs. value added hypothesis
    • Brander J., Amit R., and Antweiler W. Venture capital syndication: improved venture selection vs. value added hypothesis. Journal of Economics and Management Strategy 11 (2002) 423-452
    • (2002) Journal of Economics and Management Strategy , vol.11 , pp. 423-452
    • Brander, J.1    Amit, R.2    Antweiler, W.3
  • 13
    • 52249085928 scopus 로고    scopus 로고
    • Brander, J., Egan, E., Hellmann, T., 2005. Value creation in venture capital: a comparison of exit values across Canadian provinces and US states. Leading Edge, Vancouver, B.C.
    • Brander, J., Egan, E., Hellmann, T., 2005. Value creation in venture capital: a comparison of exit values across Canadian provinces and US states. Leading Edge, Vancouver, B.C.
  • 14
    • 33745700751 scopus 로고    scopus 로고
    • The cost of bankruptcy: Chapter 7 liquidation versus chapter 11 reorganization
    • Bris A., Welch I., and Zhu N. The cost of bankruptcy: Chapter 7 liquidation versus chapter 11 reorganization. Journal of Finance 61 (2006) 1253-1303
    • (2006) Journal of Finance , vol.61 , pp. 1253-1303
    • Bris, A.1    Welch, I.2    Zhu, N.3
  • 15
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa J., and Kedia S. Explaining the diversification discount. Journal of Finance 57 (2002) 1731-1762
    • (2002) Journal of Finance , vol.57 , pp. 1731-1762
    • Campa, J.1    Kedia, S.2
  • 16
    • 0142157063 scopus 로고    scopus 로고
    • Financing and advising: optimal financial contracts with venture capitalists
    • Casamatta C. Financing and advising: optimal financial contracts with venture capitalists. Journal of Finance 58 (2003) 2059-2085
    • (2003) Journal of Finance , vol.58 , pp. 2059-2085
    • Casamatta, C.1
  • 17
    • 52249090745 scopus 로고    scopus 로고
    • Cestone, G., 2004. Venture capital meets contract theory: risky claims or formal control? CEPR Discussion Paper N.3462, London.
    • Cestone, G., 2004. Venture capital meets contract theory: risky claims or formal control? CEPR Discussion Paper N.3462, London.
  • 18
    • 0040705364 scopus 로고    scopus 로고
    • Are some mutual fund managers better than others? Cross-sectional patterns in behavior and performance
    • Chevalier J., and Ellison G. Are some mutual fund managers better than others? Cross-sectional patterns in behavior and performance. Journal of Finance 54 (1999) 875-899
    • (1999) Journal of Finance , vol.54 , pp. 875-899
    • Chevalier, J.1    Ellison, G.2
  • 19
    • 11044231189 scopus 로고    scopus 로고
    • The risk and return of venture capital
    • Cochrane J. The risk and return of venture capital. Journal of Financial Economics 75 (2005) 3-52
    • (2005) Journal of Financial Economics , vol.75 , pp. 3-52
    • Cochrane, J.1
  • 20
    • 33746635221 scopus 로고    scopus 로고
    • Public policy and the creation of active venture capital markets
    • Da Rin M., Nicondano G., and Sembenelli A. Public policy and the creation of active venture capital markets. Journal of Public Economics 90 (2006) 1699-1723
    • (2006) Journal of Public Economics , vol.90 , pp. 1699-1723
    • Da Rin, M.1    Nicondano, G.2    Sembenelli, A.3
  • 21
    • 25844501663 scopus 로고    scopus 로고
    • Information and control in alliances and ventures
    • Dessein W. Information and control in alliances and ventures. Journal of Finance 60 (2005) 2513-2549
    • (2005) Journal of Finance , vol.60 , pp. 2513-2549
    • Dessein, W.1
  • 22
    • 8144229493 scopus 로고    scopus 로고
    • Human capital theory and venture capital firms: exploring "home runs" and " strike outs"
    • Dimov D., and Shepherd D. Human capital theory and venture capital firms: exploring "home runs" and " strike outs". Journal of Business Venturing 20 (2005) 1-21
    • (2005) Journal of Business Venturing , vol.20 , pp. 1-21
    • Dimov, D.1    Shepherd, D.2
  • 24
    • 52249083798 scopus 로고    scopus 로고
    • EVCA - European Venture Capital Association 2005. EVCA Corporate Governance Guidelines. EVCA, Zaventem, Belgium.
    • EVCA - European Venture Capital Association 2005. EVCA Corporate Governance Guidelines. EVCA, Zaventem, Belgium.
  • 25
    • 29344460646 scopus 로고    scopus 로고
    • Does the source of capital affect capital structure?
    • Faulkender M., and Petersen M. Does the source of capital affect capital structure?. Review of Financial Studies 19 (2005) 45-79
    • (2005) Review of Financial Studies , vol.19 , pp. 45-79
    • Faulkender, M.1    Petersen, M.2
  • 26
    • 52249101844 scopus 로고    scopus 로고
    • Fenn, G., Liang, N., Prowse, S., 1995. The economics of the private equity market. Unpublished working paper, Board of Governors of the Federal Reserve System, Washington, DC.
    • Fenn, G., Liang, N., Prowse, S., 1995. The economics of the private equity market. Unpublished working paper, Board of Governors of the Federal Reserve System, Washington, DC.
  • 27
    • 52249118194 scopus 로고    scopus 로고
    • Fulghieri, P., Sevilir, M., 2004. Size and Focus of a Venture Capitalist's Portfolio. Unpublished working paper, University of North Carolina.
    • Fulghieri, P., Sevilir, M., 2004. Size and Focus of a Venture Capitalist's Portfolio. Unpublished working paper, University of North Carolina.
  • 28
    • 0033661553 scopus 로고    scopus 로고
    • Hierarchies and the organization of knowledge in production
    • Garicano L. Hierarchies and the organization of knowledge in production. Journal of Political Economy 108 (2000) 874-904
    • (2000) Journal of Political Economy , vol.108 , pp. 874-904
    • Garicano, L.1
  • 29
    • 84993858218 scopus 로고
    • Optimal investment, monitoring, and the staging of venture capital
    • Gompers P. Optimal investment, monitoring, and the staging of venture capital. Journal of Finance 50 (1995) 1461-1490
    • (1995) Journal of Finance , vol.50 , pp. 1461-1490
    • Gompers, P.1
  • 30
    • 0030240848 scopus 로고    scopus 로고
    • Grandstanding in the venture capital industry
    • Gompers P. Grandstanding in the venture capital industry. Journal of Financial Economics 42 (1996) 133-156
    • (1996) Journal of Financial Economics , vol.42 , pp. 133-156
    • Gompers, P.1
  • 31
    • 0030525137 scopus 로고    scopus 로고
    • The use of covenants: an empirical analysis of venture partnership agreements
    • Gompers P., and Lerner J. The use of covenants: an empirical analysis of venture partnership agreements. Journal of Law and Economics 39 (1996) 463-498
    • (1996) Journal of Law and Economics , vol.39 , pp. 463-498
    • Gompers, P.1    Lerner, J.2
  • 32
    • 0039927635 scopus 로고    scopus 로고
    • An analysis of compensation in the U.S. venture capital partnership
    • Gompers P., and Lerner J. An analysis of compensation in the U.S. venture capital partnership. Journal of Financial Economics 51 (1999) 3-44
    • (1999) Journal of Financial Economics , vol.51 , pp. 3-44
    • Gompers, P.1    Lerner, J.2
  • 33
    • 0006134202 scopus 로고    scopus 로고
    • Can corporate venture capital succeed? Organizational structure, complementarities, and success
    • Morck R. (Ed), University of Chicago Press, Chicago
    • Gompers P., and Lerner J. Can corporate venture capital succeed? Organizational structure, complementarities, and success. In: Morck R. (Ed). Concentrated Ownership (2000), University of Chicago Press, Chicago 17-50
    • (2000) Concentrated Ownership , pp. 17-50
    • Gompers, P.1    Lerner, J.2
  • 36
    • 0000318873 scopus 로고    scopus 로고
    • The theory and practice of corporate finance: evidence from the field
    • Graham J., and Harvey C. The theory and practice of corporate finance: evidence from the field. Journal of Financial Economics 60 (2001) 187-243
    • (2001) Journal of Financial Economics , vol.60 , pp. 187-243
    • Graham, J.1    Harvey, C.2
  • 37
    • 0001073135 scopus 로고
    • The use of knowledge in society
    • Hayek F. The use of knowledge in society. American Economic Review 35 (1945) 519-530
    • (1945) American Economic Review , vol.35 , pp. 519-530
    • Hayek, F.1
  • 38
    • 0000125534 scopus 로고
    • Sample selection bias as a specification error
    • Heckman J. Sample selection bias as a specification error. Econometrica 47 (1979) 153-161
    • (1979) Econometrica , vol.47 , pp. 153-161
    • Heckman, J.1
  • 39
    • 0032387703 scopus 로고    scopus 로고
    • The allocation of control rights in venture capital contracts
    • Hellmann T. The allocation of control rights in venture capital contracts. Rand Journal of Economics 29 (1998) 57-76
    • (1998) Rand Journal of Economics , vol.29 , pp. 57-76
    • Hellmann, T.1
  • 40
    • 0036098360 scopus 로고    scopus 로고
    • A Theory of strategic venture investing
    • Hellmann T. A Theory of strategic venture investing. Journal of Financial Economics 64 (2002) 285-314
    • (2002) Journal of Financial Economics , vol.64 , pp. 285-314
    • Hellmann, T.1
  • 41
    • 33746211730 scopus 로고    scopus 로고
    • Hellmann, T., 2006. IPOs, acquisitions, and the use of convertible securities in venture capital. Journal of Financial Economics 81, 649-679.
    • Hellmann, T., 2006. IPOs, acquisitions, and the use of convertible securities in venture capital. Journal of Financial Economics 81, 649-679.
  • 42
    • 0034552621 scopus 로고    scopus 로고
    • The interaction between product market and financing strategy: the role of venture capital
    • Hellmann T., and Puri M. The interaction between product market and financing strategy: the role of venture capital. Review of Financial Studies 13 (2000) 959-984
    • (2000) Review of Financial Studies , vol.13 , pp. 959-984
    • Hellmann, T.1    Puri, M.2
  • 43
    • 0013118760 scopus 로고    scopus 로고
    • Venture capital and the professionalization of start-ups: Empirical evidence
    • Hellmann T., and Puri M. Venture capital and the professionalization of start-ups: Empirical evidence. Journal of Finance 57 (2002) 169-197
    • (2002) Journal of Finance , vol.57 , pp. 169-197
    • Hellmann, T.1    Puri, M.2
  • 44
    • 41549118940 scopus 로고    scopus 로고
    • Building relationships early: banks in venture capital
    • Hellmann T., Lindsey L., and Puri M. Building relationships early: banks in venture capital. Review of Financial Studies 21 (2008) 513-541
    • (2008) Review of Financial Studies , vol.21 , pp. 513-541
    • Hellmann, T.1    Lindsey, L.2    Puri, M.3
  • 45
    • 52249114767 scopus 로고    scopus 로고
    • Hochberg, Y., 2004. Venture capital and corporate governance in the newly public firm. Unpublished working paper. Cornell University.
    • Hochberg, Y., 2004. Venture capital and corporate governance in the newly public firm. Unpublished working paper. Cornell University.
  • 46
    • 33846190557 scopus 로고    scopus 로고
    • Whom you know matters: venture capital networks and investment performance
    • Hochberg Y., Ljungqvist A., and Lu Y. Whom you know matters: venture capital networks and investment performance. Journal of Finance 62 (2007) 251-302
    • (2007) Journal of Finance , vol.62 , pp. 251-302
    • Hochberg, Y.1    Ljungqvist, A.2    Lu, Y.3
  • 47
    • 0002308919 scopus 로고
    • Corporate structure, liquidity and investment: evidence from Japanese industrial groups
    • Hoshi T., Kashyap A., and Scharfstein D. Corporate structure, liquidity and investment: evidence from Japanese industrial groups. Quarterly Journal of Economics 106 (1991) 33-60
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 33-60
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 48
    • 33644685604 scopus 로고    scopus 로고
    • Venture capitalists and cooperative start-up commercialization strategy
    • Hsu D. Venture capitalists and cooperative start-up commercialization strategy. Management Science 52 (2006) 204-219
    • (2006) Management Science , vol.52 , pp. 204-219
    • Hsu, D.1
  • 49
    • 1842759780 scopus 로고    scopus 로고
    • The effects of capital market characteristics on the value of start-up firms
    • Inderst R., and Müller H. The effects of capital market characteristics on the value of start-up firms. Journal of Financial Economics 72 (2004) 319-356
    • (2004) Journal of Financial Economics , vol.72 , pp. 319-356
    • Inderst, R.1    Müller, H.2
  • 50
    • 23944516772 scopus 로고    scopus 로고
    • Private equity performance: returns, persistence and capital flows
    • Kaplan S., and Schoar A. Private equity performance: returns, persistence and capital flows. Journal of Finance 60 (2005) 1791-1823
    • (2005) Journal of Finance , vol.60 , pp. 1791-1823
    • Kaplan, S.1    Schoar, A.2
  • 51
    • 0038660446 scopus 로고    scopus 로고
    • Financial contracting theory meets the real world: an empirical analysis of venture capital contracts
    • Kaplan S., and Strömberg P. Financial contracting theory meets the real world: an empirical analysis of venture capital contracts. Review of Economic Studies 70 (2003) 281-315
    • (2003) Review of Economic Studies , vol.70 , pp. 281-315
    • Kaplan, S.1    Strömberg, P.2
  • 52
    • 6344230194 scopus 로고    scopus 로고
    • Characteristics, contracts and actions: evidence from venture capitalist analyses
    • Kaplan S., and Strömberg P. Characteristics, contracts and actions: evidence from venture capitalist analyses. Journal of Finance 59 (2004) 2177-2210
    • (2004) Journal of Finance , vol.59 , pp. 2177-2210
    • Kaplan, S.1    Strömberg, P.2
  • 55
    • 0001200084 scopus 로고
    • Venture capitalists and the decision to go public
    • Lerner J. Venture capitalists and the decision to go public. Journal of Financial Economics. 35 (1994) 293-316
    • (1994) Journal of Financial Economics. , vol.35 , pp. 293-316
    • Lerner, J.1
  • 56
    • 84993865817 scopus 로고
    • Venture capitalists and the oversight of private firms
    • Lerner J. Venture capitalists and the oversight of private firms. Journal of Finance. 50 (1995) 301-318
    • (1995) Journal of Finance. , vol.50 , pp. 301-318
    • Lerner, J.1
  • 57
    • 84882477852 scopus 로고    scopus 로고
    • Self-selection models in corporate finance
    • Eckbo E. (Ed), North-Holland, Amsterdam
    • Li K., and Prabhala N. Self-selection models in corporate finance. In: Eckbo E. (Ed). Handbook of Corporate Finance (2007), North-Holland, Amsterdam 37-86
    • (2007) Handbook of Corporate Finance , pp. 37-86
    • Li, K.1    Prabhala, N.2
  • 58
    • 27544450102 scopus 로고    scopus 로고
    • CEO overconfidence and corporate investment
    • Malmendier U., and Tate G. CEO overconfidence and corporate investment. Journal of Finance 60 (2005) 2661-2700
    • (2005) Journal of Finance , vol.60 , pp. 2661-2700
    • Malmendier, U.1    Tate, G.2
  • 59
    • 52249117734 scopus 로고    scopus 로고
    • Masulis, R., Nahata, R., 2007. Strategic investing: evidence from corporate venture capital. Unpublished working paper, Vanderbilt University.
    • Masulis, R., Nahata, R., 2007. Strategic investing: evidence from corporate venture capital. Unpublished working paper, Vanderbilt University.
  • 60
    • 84993914974 scopus 로고
    • The benefits of firms-creditor relationship: evidence from small business data
    • Petersen M., and Rajan R. The benefits of firms-creditor relationship: evidence from small business data. Journal of Finance 49 (1994) 3-35
    • (1994) Journal of Finance , vol.49 , pp. 3-35
    • Petersen, M.1    Rajan, R.2
  • 61
    • 84862244566 scopus 로고
    • The effect of credit market competition on lending relationship
    • Petersen M., and Rajan R. The effect of credit market competition on lending relationship. Quarterly Journal of Economics 110 (1995) 407-444
    • (1995) Quarterly Journal of Economics , vol.110 , pp. 407-444
    • Petersen, M.1    Rajan, R.2
  • 63
    • 2942686247 scopus 로고    scopus 로고
    • Venture capital finance: a security design approach
    • Repullo R., and Suarez J. Venture capital finance: a security design approach. The Review of Finance 8 (2004) 75-108
    • (2004) The Review of Finance , vol.8 , pp. 75-108
    • Repullo, R.1    Suarez, J.2
  • 64
    • 0000045786 scopus 로고
    • Authority, control and the distribution of earnings
    • Rosen S. Authority, control and the distribution of earnings. Bell Journal of Economics 13 (1982) 311-323
    • (1982) Bell Journal of Economics , vol.13 , pp. 311-323
    • Rosen, S.1
  • 65
    • 0000887602 scopus 로고
    • The structure and governance of venture capital organizations
    • Sahlman W. The structure and governance of venture capital organizations. Journal of Financial Economics 27 (1990) 452-473
    • (1990) Journal of Financial Economics , vol.27 , pp. 452-473
    • Sahlman, W.1
  • 66
    • 0142219284 scopus 로고    scopus 로고
    • Convertible securities and venture capital finance
    • Schmidt K. Convertible securities and venture capital finance. Journal of Finance 58 (2003) 1139-1166
    • (2003) Journal of Finance , vol.58 , pp. 1139-1166
    • Schmidt, K.1
  • 67
    • 36649032314 scopus 로고    scopus 로고
    • How smart is smart money: an empirical two-sided matching model of venture capital
    • Sørensen M. How smart is smart money: an empirical two-sided matching model of venture capital. Journal of Finance 62 (2007) 2725-2762
    • (2007) Journal of Finance , vol.62 , pp. 2725-2762
    • Sørensen, M.1
  • 68
    • 0008443175 scopus 로고    scopus 로고
    • Information production and capital allocation: decentralized versus hierarchical firms
    • Stein J. Information production and capital allocation: decentralized versus hierarchical firms. Journal of Finance 57 (2002) 1891-1921
    • (2002) Journal of Finance , vol.57 , pp. 1891-1921
    • Stein, J.1
  • 69
    • 3042777269 scopus 로고    scopus 로고
    • Does diversification cause the 'diversification discount'?
    • Villalonga B. Does diversification cause the 'diversification discount'?. Financial Management 33 (2004) 5-27
    • (2004) Financial Management , vol.33 , pp. 5-27
    • Villalonga, B.1
  • 70
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control, and management affect firm value?
    • Villalonga B., and Amit R. How do family ownership, control, and management affect firm value?. Journal of Financial Economics 80 (2006) 385-417
    • (2006) Journal of Financial Economics , vol.80 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 72
    • 52249093832 scopus 로고    scopus 로고
    • Zarutskie, R., 2007. Do venture capitalists affect investment performance? Evidence from first-time funds' Unpublished working paper, Fuqua Business School.
    • Zarutskie, R., 2007. Do venture capitalists affect investment performance? Evidence from first-time funds' Unpublished working paper, Fuqua Business School.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.