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The Venture Capital Cycle

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The Venture Capital Cycle

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Paperback

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The Venture Capital Cycle by Paul A. Gompers
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Description

The venture captial industry in the United States has grown dramatically over the last two decades. Annual inflows to venture funds have expanded from virtually zero in the mid-1970s to more than US$9 billion in 1997. Many of the most visible new firms -including Apple Computer, Genentech, Intel, Lotus, Microsoft and Yahoo - have been backed by venture capital funds. Yet despite this tremendous growth and its visible success, venture capital remains a mysterious industry. Numerous misconceptions persist about the nature and role of venture capitalists. Paul Gompers and Josh Lerner's extensive research on venture capital organizations is based largely on original data sets developed through close relationships with institutional investors in venture capital funds and investment advisors. "The Venture Capital Cycle" synthesizes their path-breaking work. After an historical overview, the book looks at the formation of funds, the investment of the funds in operating companies and the liquidation of these investments. The concluding chapter provides a road map for future research in this growing area. Three themes run throughout the book. The first is that all venture capitalists confront tremendous incentive and information problems. The second is that because the various stages of the venture capital processes are related, the entire process is best viewed as a cycle. The third is that, unlike most financial markets, the venture capital industry adjusts very slowly to shifts in the supply of capital and the demand for financing.
Release date NZ
November 30th, 2002
Country of Publication
United States
Illustrations
15
Imprint
MIT Press
Pages
385
Dimensions
178x229x19
ISBN-13
9780262571586
Product ID
12161782

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