Polishing diamonds in the rough: The sources of syndicated venture performance

Journal of Financial Intermediation

Volumn 20, Issue 2, 2011, Pages 199-230

  Das, Sanjiv R ^a   Jo, Hoje ^a   Kim, Yongtae ^a  

^a SANTA CLARA UNIVERSITY   (United States)

Author keywords

Selection; Syndication; Value add; Venture capital

Indexed keywords

EID: 79951516558     PISSN: 10429573     EISSN: 10960473     Source Type: Journal    
DOI: 10.1016/j.jfi.2010.08.001     Document Type: Article

References (37)

1. Admati A.R., Pfleiderer P. Robust financial contracting and the role of venture capitalists. J. Finance 1994, 49:371-402.
2. Allison P.D. Survival Analysis Using the SAS System: A Practical Guide 1995, SAS Institute, Cary, NC.
3. Brander J.A., Amit R., Antweiler W. Venture-capital syndication: improved venture selection vs. the value-added hypothesis. J. Econ. Manage. Strategy 2002, 11:423452.
4. Brooks J.M., Chrischilles E., Scott S., Chen-Hardee S. Was lumpectomy underutilized for early stage breast cancer? Instrumental variables evidence for stage II patients from Iowa. Health Services Res. 2003, 38:1385-1402.
5. Bygrave W.D. Syndicated investments by venture capital firms: a networking perspectives. J. Bus. Venturing 1987, 2:139-154.
6. Casamatta C., Haritchabalet C. Experience, screening and syndication in venture capital investments. J. Finan. Intermediation 2007, 16:368-398.
7. Chemmanur, T.J., Loutskina, E., 2009. The Role of Venture Capital Backing in Initial Public Offerings: Certification, Screening, or Market Power? Working Paper, Boston College.
8. Cochrane J. The risk and return of venture capital. J. Finan. Econ. 2005, 75:3-52.
9. Cumming, D., 2001. Is the Optimality of Conventional Venture Capital Financial Contracts Generalizable? Working Paper, University of Alberta.
10. Das S.R., Jagannathan M., Sarin A. Private equity returns: an empirical examination of the exit of venture-backed companies. J. Invest. Manage. 2003, 1(1):152-177.
11. Earle C.E., Tsai J.S., Gelber R.D., Weinstein M.C., Neumann P.J., Weeks J.C. Effectiveness of chemotherapy for advanced lung cancer in the elderly: instrumental variable and propensity analysis. J. Clin. Oncol. 2001, 19:1064-1070.
12. Giot P., Schwienbacher A. IPOs, trade-sales and liquidations: modeling venture capital exits using survival analysis. J. Banking Finance 2007, 31:679-702.
13. Gompers P., Lerner J. What drives venture capital fundraising?. Brookings Pap. Econ. Act.: Microecon. 1998, 149-192.
14. Gompers P., Lerner J. Money chasing deals? The impact of fund inflows on private equity valuations. J. Finan. Econ. 2000, 55:281-325.
15. Gompers, P., Kovner, A., Lerner, J., Scharfstein, D., 2006. Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Social Entrepreneurs. NBER Working Paper 12592.
16. Gompers P., Kovner A., Lerner J., Scharfstein D. Venture capital investment cycle: the impact of public markets. J. Finan. Econ. 2008, 87(1):1-23.
17. Gompers P., Kovner A., Lerner J., Scharfstein D. Specialization and success: evidence from venture capital. J. Econ. Manage. Strategy 2009, 18:817-844.
18. Greene William H. Econometric Analysis 1993, Prentice-Hall. fifth ed.
19. Hellmann T.J., Puri M. Venture capital and the professionalization of start-up firms: empirical evidence. J. Finance 2002, 57:169197.
20. Hochberg, Y.V., 2008. Venture Capital and Corporate Governance in the Newly Public Firm. Working Paper, Northwestern University.
21. Hochberg Y.V., Ljungqvist A., Lu Y. Whom you know matters: venture capital networks and investment performance. J. Finance 2007, 62:251-301.
22. Hochberg Y.V., Ljungqvist A., Lu Y. Networking as a barrier to entry and the competitive supply of venture capital. J. Finance 2010, 65:829-859.
23. Hopp, C., Rieder, F., 2006. What Drives Venture Capital Syndication? Working Paper, University of Konstanz.
24. Kaplan S.N., Martel F., Stromberg P. How do legal differences and learning affect financial contracts?. J. Finan. Intermediation 2007, 16(3):273-311.
25. Kaplan S.N., Schoar A. Private equity returns: persistence and capital flows. J. Finance 2005, 60:1791-1823.
26. Kaplan S.N., Stromberg P. Characteristics, contracts and actions: evidence from venture capital analyses. J. Finance 2004, 59:21772210.
27. Lerner J. The syndication of venture capital investments. Finan. Manage. 1994, 23:1627.
28. Lerner J. Venture capitalists and the oversight of private firms. J. Finance 1995, 50:301-317.
29. Lindsey L.A. Blurring boundaries: the role of venture capital in strategic alliances. J. Finance 2008, 63(3):1137-1168.
30. Manigart, S., Lockett, A., Meuleman, M., Landstrom, H., Desbrieres, P., 2002. The Syndication of Venture Capital Investments in Europe: Evidence from Five European Countries. Working Paper, Ghent University.
31. Sah R.K., Stiglitz J.E. The architecture of economic systems: hierarchies and polyarchies. Amer. Econ. Rev. 1986, 76:716-727.
32. Sorensen M. How smart is smart money? A two-sided matching model of venture capital. J. Finance 2007, 62(6):2725-2762.
33. Sorenson O., Stuart T. Syndication networks and spatial distribution of venture capital investment. Amer. J. Sociology 2001, 106:1546-1588.
34. Tian, X., 2009. The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms. Working Paper, Indiana University.
35. Wang K., Wang C.K., Lu Q. Differences in performance of independent and finance-affiliated venture capital firms. J. Finan. Res. 2002, 25:5980.
36. Wilson R. The theory of syndicates. Econometrica 1968, 36:119-132.
37. Wright M., Lockett A. The structure and management of alliances: syndication in the venture capital industry. J. Manage. Stud. 2003, 40:2073-2102.