The Oxford Handbook of Venture Capital

ISBN : 9780195391596

Douglas Cumming
1056 Pages
182 x 248 mm
Pub date
May 2012
Oxford Handbooks in Finance
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Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routs are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs may exit by secondary sales, where the entrepreneur retains his or her share but the VC sells to another company or another investor, buybacks, where the entrepreneur repurchases the VC's interest, and write-offs or liquidations. The Oxford Handbook of Venture Capital provides a comprehensive picture of all of the issues dealing with the structure, governance, and performance of venture capital. It comprises contributions from 55 authors currently based in 12 different countries.


Part I. Introduction
Chapter 1
Douglas Cumming, York University Schulich School of Business
Part II. The Structure of Venture Capital
Chapter 2
Alexander Groh, EM Lyon Business School
Chapter 3
Joern Block, Erasmus School of Economics, Erasmus University Rotterdam, Geertjan De Vires, Department of Applied Economics, Erasmus University Rotterdam, and Philipp Sandner, EXIST Founders' Grant Munich
Chapter 4
C.N.V. Krishnan, Case Western Reserve University, and Ronald Masulis, University of New South Wales and Vanderbilt University
Chapter 5
Jennifer Walske, Haas Business School, University of California Berkeley, and Andrew Zacharakis, Babson College
Chapter 6
Gary Dushnitsky, London Business School
Chapter 7
Joseph A. McCahery, Tilburg University, Erik P.M. Vermeulen, Tilburg University, and Andrew M. Banks, Tilburg University
Chapter 8
Susan Chaplinsky, Darden Graduate School of Business, University of Virginia, and David Haushalter, Smeal College of Business, The Pennsylvania State University
Chapter 9
Maria Rosa Scarlata, ESADE, and Luisa Alemany, ESADE
Part III. Venture Capital Screening, Staging and Syndication
Chapter 10
Chris Yung, McIntyre School of Commerce, University of Virginia
Chapter 11
Marina Balboa, University of Alicante - Department of Financial Economics, Jose Marti, Universidad Complutense de Madrid, and Alvaro Tresierra, Universidad Complutense de Madrid
Chapter 12
Yong Li, SUNY Buffalo
Chapter 13
Tom Vanacker, Vlerick Leuven Gent Management School, Arnout Seghers, Vlerick Leuven Gent Management School, and Sophie Manigart, Vlerick Leuven Gent Management School
Chapter 14
Denis Trapido, University of California, Irvine
Part IV. Venture Capital Valuation and Financial Contracting
Chapter 15
Dietmar Leisen, University of Mainz
Chapter 16
Richard Smith, A Gary Andersen Graduate School of Management, University of California Riverside
Chapter 17
Ola Bengtsson, University of Illinois at Urbana-Champaign
Chapter 18
Manuel A. Utset, Florida State University School of Law
Chapter 19
Azin Sharifzadeh, Goethe University Frankfurt and Uwe Walz, Goethe University Frankfurt
Chapter 20
Ron Christian Antonczyk, KPMG Corporate Finance Singapore, Wolgang Breuer, RWTH Aachen University and Malte Brettel, RWTH Aachen University
Chapter 21
Paul Vronsky, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, San Francisco
Part V. Venture Capital Value Added and Performance
Chapter 22
Wolfgang Bessler, Center for Finance and Banking, Justus-Liebig-University Giessen,Julian Holler, Institute of Finance, University of Hamburg, Germany, Martin Seim, Center for Finance and Banking, Justus-Liebig-University Giessen, and Jan Zimmermann, Center for Finance and Banking, Justus-Liebig-University Giessen
Chapter 23
Roberta Dessi, Toulouse School of Economics, and Nina Yin, Toulouse School of Economics
Chapter 24
John Hand, University of North Carolina - Chapel Hill
Chapter 25
Jess Chua, University of Calgary, and Zhenyu Wu, University of Saskatchewan
Chapter 26
Jaeho Lee, Pophang University of Science and Technology (POSTECH)
Part VI. Regional Perspectives on Venture Capital
Chapter 27
Sampsa Samila, National University of Singapore and Brock University
Chapter 28
Ravi Madhaven, Katz Graduate School of Business, University of Pittsburgh, and Akie Iriyama, SUNY Buffalo
Chapter 29
Stefano Bonini, Bocconi University and New York University
Chapter 30
Roman Kraeussl, VU University Amsterdam, and Stefan Krause, Banque de France
Chapter 31
Douglas Cumming, Schulich School of Business, York University, and Na Dai, SUNY Albany
Chapter 32
Emanuel Shachmurove, Esq., Independent, and Yochanan Shachmurove, The City College of the City University of New York, and Department of Economics University of Pennsylvania
Chapter 33
Darek Klonowski, Brandon University

About the author: 

Douglas Cumming is Professor of Finance and Entrepreneurship and the Ontario Research Chair at the Schulich School of Business, York University. His research is primarily focused on venture capital, private equity, IPOs, law and finance, market surveillance and hedge funds. He has published over 70 refereed papers in leading journals, and is the co-author (with Sofia Johan) of Venture Capital and Private Equity Contracting: An International Perspective (2009 Elsevier). He has consulted for a variety of governmental and private organizations in Australasia, Europe and North America.

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