메뉴 건너뛰기




Volumn 17, Issue 3, 2010, Pages 362-380

Local bias in venture capital investments

Author keywords

Home bias; Venture capital

Indexed keywords


EID: 77951499759     PISSN: 09275398     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jempfin.2009.11.001     Document Type: Article
Times cited : (348)

References (63)
  • 1
    • 58149277430 scopus 로고    scopus 로고
    • The process of creative construction: knowledge spillovers, entrepreneurship and economic growth
    • Agarwal R., Audretsch D., Sarkar M. The process of creative construction: knowledge spillovers, entrepreneurship and economic growth. Strategic Entrepreneurship Journal 2007, 1:263-286.
    • (2007) Strategic Entrepreneurship Journal , vol.1 , pp. 263-286
    • Agarwal, R.1    Audretsch, D.2    Sarkar, M.3
  • 3
    • 34047204232 scopus 로고    scopus 로고
    • Location: a neglected determinant of firm growth
    • Audretsch D.B., Dohse D. Location: a neglected determinant of firm growth. Review of World Economics 2007, 143(1):79-107.
    • (2007) Review of World Economics , vol.143 , Issue.1 , pp. 79-107
    • Audretsch, D.B.1    Dohse, D.2
  • 4
    • 34548246142 scopus 로고    scopus 로고
    • The Localisation of Entrepreneurship Capital: Evidence from Germany. Regional Science 86,
    • Audretsch, D., Keilbach, M., 2007. The Localisation of Entrepreneurship Capital: Evidence from Germany. Regional Science 86, 351-365.
    • (2007) , pp. 351-365
    • Audretsch, D.1    Keilbach, M.2
  • 5
    • 77951499075 scopus 로고    scopus 로고
    • Financing Clusters of Innovation: The Geography of Venture Capital Investment, US and UK
    • Oxford University, Available at SSRN
    • Babcock-Lumish T.L. Financing Clusters of Innovation: The Geography of Venture Capital Investment, US and UK. Working Paper 2009, Oxford University, Available at SSRN: http://ssrn.com/abstract=1358931.
    • (2009) Working Paper
    • Babcock-Lumish, T.L.1
  • 6
    • 0001671710 scopus 로고
    • The role of venture capitalists in the creation of public companies: evidence from the going public process
    • Barry C.B., Muscarella C.J., Peavy J.W., Vetsuypens M.R. The role of venture capitalists in the creation of public companies: evidence from the going public process. Journal of Financial Economics 1990, 27:447-471.
    • (1990) Journal of Financial Economics , vol.27 , pp. 447-471
    • Barry, C.B.1    Muscarella, C.J.2    Peavy, J.W.3    Vetsuypens, M.R.4
  • 7
    • 0000271059 scopus 로고    scopus 로고
    • Venture capital financing, moral hazard, and learning
    • Bergemann D., Hege U. Venture capital financing, moral hazard, and learning. Journal of Banking and Finance 1998, 22:703-735.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 703-735
    • Bergemann, D.1    Hege, U.2
  • 11
  • 12
    • 0007884883 scopus 로고    scopus 로고
    • Home bias at home: local equity preference in domestic portfolios
    • Coval J.D., Moskowitz T.J. Home bias at home: local equity preference in domestic portfolios. Journal of Finance 1999, 2045-2073.
    • (1999) Journal of Finance , pp. 2045-2073
    • Coval, J.D.1    Moskowitz, T.J.2
  • 13
    • 0034861189 scopus 로고    scopus 로고
    • The geography of investment: informed trading and asset prices
    • Coval J.D., Moskowitz T.J. The geography of investment: informed trading and asset prices. Journal of Political Economy 2001, 109:811-841.
    • (2001) Journal of Political Economy , vol.109 , pp. 811-841
    • Coval, J.D.1    Moskowitz, T.J.2
  • 14
    • 33644807710 scopus 로고    scopus 로고
    • The determinants of venture capital portfolio size: empirical evidence
    • Cumming D.J. The determinants of venture capital portfolio size: empirical evidence. Journal of Business 2006, 79:1083-1125.
    • (2006) Journal of Business , vol.79 , pp. 1083-1125
    • Cumming, D.J.1
  • 17
    • 53149124451 scopus 로고    scopus 로고
    • Preplanned exit strategies in venture capital
    • Cumming D., Johan S. Preplanned exit strategies in venture capital. European Economic Review 2008, 52:1209-1251.
    • (2008) European Economic Review , vol.52 , pp. 1209-1251
    • Cumming, D.1    Johan, S.2
  • 18
    • 0041511938 scopus 로고    scopus 로고
    • Venture capital financing and the growth of startup firms
    • Davila A., Foster G., Gupta M. Venture capital financing and the growth of startup firms. Journal of Business Venturing 2003, 18:689-708.
    • (2003) Journal of Business Venturing , vol.18 , pp. 689-708
    • Davila, A.1    Foster, G.2    Gupta, M.3
  • 19
    • 33744777897 scopus 로고    scopus 로고
    • When does corporate venture capital investment create firm value?
    • Dushnitsky G., Lenox M.J. When does corporate venture capital investment create firm value?. Journal of Business Venturing 2006, 21:753-772.
    • (2006) Journal of Business Venturing , vol.21 , pp. 753-772
    • Dushnitsky, G.1    Lenox, M.J.2
  • 20
    • 33847265440 scopus 로고    scopus 로고
    • Firm-level implications of early stage venture capital investment - an empirical investigation
    • Engel D., Keilbach M. Firm-level implications of early stage venture capital investment - an empirical investigation. Journal of Empirical Finance 2006, 14:150-167.
    • (2006) Journal of Empirical Finance , vol.14 , pp. 150-167
    • Engel, D.1    Keilbach, M.2
  • 21
    • 25844490154 scopus 로고    scopus 로고
    • Wanna dance? How firms and underwriters choose each other
    • Fernando C.S., Gatchev V.A., Spindt P.A. Wanna dance? How firms and underwriters choose each other. Journal of Finance 2005, 60:2437-2469.
    • (2005) Journal of Finance , vol.60 , pp. 2437-2469
    • Fernando, C.S.1    Gatchev, V.A.2    Spindt, P.A.3
  • 22
    • 0000815950 scopus 로고
    • Investor diversification and international equity markets
    • French K.R., Poterba J.M. Investor diversification and international equity markets. American Economic Review 1991, 81:222-226.
    • (1991) American Economic Review , vol.81 , pp. 222-226
    • French, K.R.1    Poterba, J.M.2
  • 23
    • 33746840224 scopus 로고    scopus 로고
    • What you are is what you like - similar biases in venture capitalists' evaluations of start-up teams
    • Franke N., Gruber M., Harhoff D., Henkel J. What you are is what you like - similar biases in venture capitalists' evaluations of start-up teams. Journal of Business Venturing 2006, 21:802-826.
    • (2006) Journal of Business Venturing , vol.21 , pp. 802-826
    • Franke, N.1    Gruber, M.2    Harhoff, D.3    Henkel, J.4
  • 24
    • 0012606473 scopus 로고    scopus 로고
    • Industrial Location and Regional Growth, Cambridge University Press, Cambridge, 2002
    • Fujita M., Thisse J.-F. Economics of Agglomeration; Cities 2002, Industrial Location and Regional Growth, Cambridge University Press, Cambridge, 2002.
    • (2002) Economics of Agglomeration; Cities
    • Fujita, M.1    Thisse, J.-F.2
  • 25
    • 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 1995, 50:1461-1489.
    • (1995) Journal of Finance , vol.50 , pp. 1461-1489
    • Gompers, P.1
  • 27
    • 0001094026 scopus 로고    scopus 로고
    • Money chasing deals? The impact of fund inflows on the valuation of private equity investments
    • Gompers P., Lerner J. Money chasing deals? The impact of fund inflows on the valuation of private equity investments. Journal of Financial Economics 2000, 55:281-325.
    • (2000) Journal of Financial Economics , vol.55 , pp. 281-325
    • Gompers, P.1    Lerner, J.2
  • 28
    • 33846190557 scopus 로고    scopus 로고
    • Whom you know matters: venture capital networks and investment performance
    • Hochberg Y., Ljungqvist A., Lu Y. Whom you know matters: venture capital networks and investment performance. Journal of Finance 2007, 62:251-301.
    • (2007) Journal of Finance , vol.62 , pp. 251-301
    • Hochberg, Y.1    Ljungqvist, A.2    Lu, Y.3
  • 30
    • 4344630945 scopus 로고    scopus 로고
    • What do entrepreneurs pay for venture capital affiliation?
    • Hsu D. What do entrepreneurs pay for venture capital affiliation?. Journal of Finance 2004, 59:1805-1844.
    • (2004) Journal of Finance , vol.59 , pp. 1805-1844
    • Hsu, D.1
  • 31
    • 12344320638 scopus 로고    scopus 로고
    • Local does as local is: information content of the geography of individual investors' common stock investments
    • Ivkovic Z., Weisbenner S. Local does as local is: information content of the geography of individual investors' common stock investments. Journal of Finance 2005, 267-306.
    • (2005) Journal of Finance , pp. 267-306
    • Ivkovic, Z.1    Weisbenner, S.2
  • 32
    • 33644789788 scopus 로고    scopus 로고
    • Allocation of attention to portfolio companies and the performance of venture capital firms
    • Jääskeläinen M., Maula M.V.J., Seppä T. Allocation of attention to portfolio companies and the performance of venture capital firms. Entrepreneurship Theory & Practice 2006, 30:185-206.
    • (2006) Entrepreneurship Theory & Practice , vol.30 , pp. 185-206
    • Jääskeläinen, M.1    Maula, M.V.J.2    Seppä, T.3
  • 33
    • 0037507344 scopus 로고    scopus 로고
    • The optimal portfolio of start-up firms in venture capital finance
    • Kanniainen V., Keuschnigg C. The optimal portfolio of start-up firms in venture capital finance. Journal of Corporate Finance 2003, 9:521-534.
    • (2003) Journal of Corporate Finance , vol.9 , pp. 521-534
    • Kanniainen, V.1    Keuschnigg, C.2
  • 34
    • 3042649312 scopus 로고    scopus 로고
    • Start-up investment with scarce venture capital support
    • Kanniainen V., Keuschnigg C. Start-up investment with scarce venture capital support. Journal of Banking and Finance 2004, 28:1935-1959.
    • (2004) Journal of Banking and Finance , vol.28 , pp. 1935-1959
    • Kanniainen, V.1    Keuschnigg, C.2
  • 36
    • 1842782326 scopus 로고    scopus 로고
    • Taxation of a venture capitalist with a portfolio of firms
    • Keuschnigg C. Taxation of a venture capitalist with a portfolio of firms. Oxford Economic Papers 2004, 56:285-306.
    • (2004) Oxford Economic Papers , vol.56 , pp. 285-306
    • Keuschnigg, C.1
  • 39
    • 70349909322 scopus 로고    scopus 로고
    • Should Venture Capitalists Put All Their Eggs in One Basket? Diversification Versus Pure Play Strategies in Venture Capital. Financial Management 38,
    • Knill, A.M., 2009. Should Venture Capitalists Put All Their Eggs in One Basket? Diversification Versus Pure Play Strategies in Venture Capital. Financial Management 38, 441-486.
    • (2009) , pp. 441-486
    • Knill, A.M.1
  • 40
    • 0001862139 scopus 로고
    • Friendship as a social process: a substantive and methodological analysis
    • Van Nostrand, New York, M. Berger, T. Abel, C.H. Page (Eds.)
    • Lazarsfeld P.F., Merton R.K. Friendship as a social process: a substantive and methodological analysis. Freedom and Control in Modern Society 1954, 18-66. Van Nostrand, New York. M. Berger, T. Abel, C.H. Page (Eds.).
    • (1954) Freedom and Control in Modern Society , pp. 18-66
    • Lazarsfeld, P.F.1    Merton, R.K.2
  • 41
    • 84993865817 scopus 로고
    • VCs and the oversight of private firms
    • Lerner J. VCs and the oversight of private firms. Journal of Finance 1995, 301-318.
    • (1995) Journal of Finance , pp. 301-318
    • Lerner, J.1
  • 42
    • 0037213857 scopus 로고    scopus 로고
    • Public versus private venture capital: seeding or crowding out? A pan-European perspective
    • Leleux B., Surlemont B. Public versus private venture capital: seeding or crowding out? A pan-European perspective. Journal of Business Venturing 2003, 18:81-104.
    • (2003) Journal of Business Venturing , vol.18 , pp. 81-104
    • Leleux, B.1    Surlemont, B.2
  • 45
  • 49
    • 42449123076 scopus 로고    scopus 로고
    • Attracting foreign venture capital: the role of a local investor, Entrepreneurship and Regional Development 20,
    • Mäkelä M, and M.V.J. Maula MVJ. 2007. Attracting foreign venture capital: the role of a local investor, Entrepreneurship and Regional Development 20, 237-257.
    • (2007) , pp. 237-257
    • Mäkelä, M.M.V.J.1    Maula, M.V.J.2
  • 50
    • 84977723575 scopus 로고
    • Venture capitalist certification in initial public offerings
    • Megginson W.L., Weiss K.A. Venture capitalist certification in initial public offerings. Journal of Finance 1991, 46:879-903.
    • (1991) Journal of Finance , vol.46 , pp. 879-903
    • Megginson, W.L.1    Weiss, K.A.2
  • 52
    • 33746856262 scopus 로고    scopus 로고
    • How venture capitalists respond to unmet expectations: the role of social environment
    • Parhankangas A., Landstrom H. How venture capitalists respond to unmet expectations: the role of social environment. Journal of Business Venturing 2006, 21:773-801.
    • (2006) Journal of Business Venturing , vol.21 , pp. 773-801
    • Parhankangas, A.1    Landstrom, H.2
  • 53
    • 41149169112 scopus 로고    scopus 로고
    • The genesis of home bias? The location and portfolio choices of investment company start-ups., Journal of Financial and Quantitative Analysis 43,
    • Parwada, J.T., 2008. The genesis of home bias? The location and portfolio choices of investment company start-ups., Journal of Financial and Quantitative Analysis 43, 245-266.
    • (2008) , pp. 245-266
    • Parwada, J.T.1
  • 54
    • 0041792382 scopus 로고
    • When do venture capitalists add value?
    • Sapienza H. When do venture capitalists add value?. Journal of Business Venturing 1992, 7:9-27.
    • (1992) Journal of Business Venturing , vol.7 , pp. 9-27
    • Sapienza, H.1
  • 56
    • 14844355199 scopus 로고    scopus 로고
    • Antecedents of international and domestic learning effort. Journal of Business Venturing 20,
    • Sapienza, H.S., De Clercq, D., Sandberg, W.R., 2005. Antecedents of international and domestic learning effort. Journal of Business Venturing 20, 437-457.
    • (2005) , pp. 437-457
    • Sapienza, H.S.1    De Clercq, D.2    Sandberg, W.R.3
  • 57
    • 34547144183 scopus 로고    scopus 로고
    • A theoretical analysis of optimal financing strategies for different types of capital-constrained entrepreneurs
    • Schwienbacher A. A theoretical analysis of optimal financing strategies for different types of capital-constrained entrepreneurs. Journal of Business Venturing 2007, 22:753-781.
    • (2007) Journal of Business Venturing , vol.22 , pp. 753-781
    • Schwienbacher, A.1
  • 58
    • 0035343976 scopus 로고    scopus 로고
    • Syndication networks and the spatial distribution of venture capital investments
    • Sorenson O., Stuart T.E. Syndication networks and the spatial distribution of venture capital investments. American Journal of Sociology 2001, 1546-1588.
    • (2001) American Journal of Sociology , pp. 1546-1588
    • Sorenson, O.1    Stuart, T.E.2
  • 60
    • 0242720291 scopus 로고    scopus 로고
    • Regional transformation through technological entrepreneurship
    • Venkataraman S. Regional transformation through technological entrepreneurship. Journal of Business Venturing 2004, 19:153-167.
    • (2004) Journal of Business Venturing , vol.19 , pp. 153-167
    • Venkataraman, S.1
  • 61
    • 0344118821 scopus 로고    scopus 로고
    • The structure and management of alliances: syndication in the venture capital industry
    • Wright M., Lockett A. The structure and management of alliances: syndication in the venture capital industry. Journal of Management Studies 2003, 40:2073-2102.
    • (2003) Journal of Management Studies , vol.40 , pp. 2073-2102
    • Wright, M.1    Lockett, A.2
  • 62
    • 0000532325 scopus 로고    scopus 로고
    • The nature of information and venture capitalists' overconfidence
    • Zacharakis A.L., Shepherd D.A. The nature of information and venture capitalists' overconfidence. Journal of Business Venturing 2001, 16:311-332.
    • (2001) Journal of Business Venturing , vol.16 , pp. 311-332
    • Zacharakis, A.L.1    Shepherd, D.A.2
  • 63
    • 0037356254 scopus 로고    scopus 로고
    • The development of venture-capital-backed internet companies: an ecosystem perspective
    • Zacharakis A.L., Shepherd D.L., Coombs J.E. The development of venture-capital-backed internet companies: an ecosystem perspective. Journal of Business Venturing 2003, 18:217-231.
    • (2003) Journal of Business Venturing , vol.18 , pp. 217-231
    • Zacharakis, A.L.1    Shepherd, D.L.2    Coombs, J.E.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.