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The exit decision in the European venture capital market
Félix, Elisabete Gomes Santana; PIRES, CESALTINA PACHECO; Gulamhussen, Mohamed AzzimThis article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest t...
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTA...
Félix, Elisabete Gomes Santana; Esperança, José Paulo; Gulamhussen, Mohamed Azzim; Pires, Cesaltina PachecoThis article analyzes Portuguese venture capital exits, exploring the relationship between the type of exit and the asymmetry of information of the venture capital investments. The central hypothesis being tested is that the occurrence of partial exits is associated with signalling the investment quality and with the reduction of the degree of informational asymmetry. The data resulted from a study elaborated b...
DECISÕES DE DESINVESTIMENTO POR PARTE DAS EMPRESAS DE CAPITAL DE RISCO
Félix, Elisabete Gomes SantanaBuilding upon the equilibrium model of Jeng and Wells (2000) and prior research, we study the determinants of the European venture capital market, adding up the unemployment tax, the trade sale exit and the market/book ratio. We collected aggregated data about this market and macroeconomic data, to which we applied panel data models, with fixed and random effects. With the best adequacy of the random effect mod...
EUROPEAN VENTURE CAPITAL MARKET CHARACTERIZATION
Félix, Elisabete Gomes SantanaIn this work it was intended to carry through an analysis of the European venture capital market in the last eight years. Also it was done a summary of the venture capital industry history, carrying through a comparison between U.S.A. and Europe. In the European venture capital market analysis it was pointed out aspects about the investment totals, fundraising, investors types and investments types. Among other...
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