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The 'New' Venture Capital Cycle (Part I): The Importance of Private Secondary Market Liquidity
Jose Miguel Mendoza
University of Oxford
Erik P. M. Vermeulen
Tilburg University - Department of Business Law; Philips International BV; Tilburg Law and Economics Center (TILEC); Kyushu University - Faculty of Law
May 3, 2011
Lex Research Topics in Corporate Law & Economics Working Paper No. 1/2011
Abstract:
This paper demonstrates that liquidity gaps disrupt the venture capital cycle. How should this problem be addressed? We offer a new perspective on the venture capital cycle and argue that the emergence of more liquidity options can bridge these gaps. Analyzing the development of secondary marketplaces for private shares in non-listed companies in the United States and similar initiatives in Europe, Israel and India, this paper makes the case that the development of a structured pre-IPO segment in stock markets can remedy the disruptions in the venture capital industry.
Number of Pages in PDF File: 39
Keywords: venture capital, innovation, entrepreneurship, venture capital cycle, liquidity, stock markets, secondary markets, SecondMarket, SharesPost, IPO, trade sale
JEL Classification: G15, G18, G24, G28, K22
working papers series
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Date posted: May 4, 2011
; Last revised: August 17, 2011
Suggested CitationMendoza, Jose Miguel and Vermeulen, Erik P. M., The 'New' Venture Capital Cycle (Part I): The Importance of Private Secondary Market Liquidity (May 3, 2011). Lex Research Topics in Corporate Law & Economics Working Paper No. 1/2011. Available at SSRN: http://ssrn.com/abstract=1829835 or http://dx.doi.org/10.2139/ssrn.1829835
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