capital

Venture Capital Investor Behaviour in the Backing of UK High Technology Firms: Financial Reporting and the Level of Investment

This paper is an empirical investigation into the ways in which venture capitalists value (and invest in) high technology firms, focusing on financial reporting, risk disclosure and intangible assets. It is based on questionnaire returns from UK investors in diverse sectors, ranging from biotechnology, through software/ computer services, to communications and medical services.

Venture Capitalists’ Selection Process: The Case of Biotechnology Proposals

The paper analyses venture capitalists’ selection process in biotechnology ventures. Despite the higher risk of biotech investments, the authors find no evidence that VCs require higher hurdle rates or more complete contracts for these investments, compared to investments in other technology-based companies.

Whom You Know Matters: Venture Capital Networks and Investment Performance

Many financial markets are characterized by strong relationships and networks, rather than arm’s-length,
spot-market transactions, according to the authors. They examine the performance consequences of this organizational choice in the context of relationships established when VCs syndicate portfolio company investments, using a comprehensive sample of U.S. based VCs over the period 1980 to 2003.

Social Capital, Public Spending and the Quality of Economic Development

This paper carries out an empirical assessment of the relationship between social capital and the quality of economic development in Italy. The analysis draws on a dataset collected by the author including about two hundred variables representing different aspects of economic development and four “structural” dimensions of social capital.