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Does Venture Capital Syndication Spur Employment Growth and Shareholder Value? Evidence from German IPO Data
The study examines empirically the syndication of
equity by multiple venture capitalists in Germany. The results show that the syndication of equity and the number of venture capitalists involved cannot be fully explained by firm characteristics like size, age or industry affiliation.
Link
ftp://papers.mpiew-jena.mpg.de/egp/discussionpapers/2004-21.pdf