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Liquidity, technological opportunities, and the stage distribution of venture capital investments

Lahr, Henry and Mina, Andrea (2014). Liquidity, technological opportunities, and the stage distribution of venture capital investments. Financial Management, 43(2) pp. 291–325.

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DOI (Digital Object Identifier) Link: https://doi.org/10.1111/fima.12048
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Abstract

This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments.

Item Type: Journal Item
Copyright Holders: 2014 Financial Management Association International.
ISSN: 1755-053X
Project Funding Details:
Funded Project NameProject IDFunding Body
Seventh Framework Programme ((FP7/2007-2013)Grant agreement no. 217466EU
Not SetNot SetBIS
Not SetNot SetESRC (Economic and Social Research Council)
Not SetNot SetNESTA
Not SetNot SetUK Innovation Research Centre
Academic Unit/School: Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance
Faculty of Business and Law (FBL) > Business
Faculty of Business and Law (FBL)
Item ID: 39907
Depositing User: Henry Lahr
Date Deposited: 11 Apr 2014 11:14
Last Modified: 05 Jun 2019 17:37
URI: http://oro.open.ac.uk/id/eprint/39907
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