Abstract

http://ssrn.com/abstract=1514829
 
 

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Venture Capital Ownership Type, Investment Criteria and Venture Performance


Na Dai


State University of New York at Albany - School of Business & Center for Institutional Investment Management

Hoje Jo


Santa Clara University

Sul


University of New Mexico

September 25, 2009


Abstract:     
We investigate the investment behavior and exit performance of VCs that have pursued expansion outside their home locations. Our findings indicate that in the Asian VC markets, foreign VCs have relative advantages over local VCs in terms of size and experience while they are at disadvantage in information collection and monitoring due to distance. When investing alone, foreign VCs are more likely to invest in more information-transparent ventures. Networks with local VCs help alleviate information asymmetry and monitoring problem. Foreign VC investments overall are more likely to succeed. Ventures financed by foreign and local VCs jointly outperform those invested by foreign VCs alone.

Number of Pages in PDF File: 46

Keywords: Venture Capital, Ownership Type, Proximity, Information Asymmetry, Network, Venture Performance

JEL Classification: G24, G32

working papers series





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Date posted: November 29, 2009  

Suggested Citation

Dai, Na and Jo, Hoje and Sul, Venture Capital Ownership Type, Investment Criteria and Venture Performance (September 25, 2009). Available at SSRN: http://ssrn.com/abstract=1514829 or http://dx.doi.org/10.2139/ssrn.1514829

Contact Information

Na Dai (Contact Author)
State University of New York at Albany - School of Business & Center for Institutional Investment Management ( email )
1400 Washington Ave.
Albany, NY 12222
United States
Hoje Jo
Santa Clara University ( email )
Santa Clara, CA 95053
United States
408-224-8890 (Phone)
408-554-4029 (Fax)
Suleiman K. Kassicieh
University of New Mexico ( email )
MSC 05-3090
U of New Mexico
Albuquerque, NM 87131
United States
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