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Title:

Venture Capital Firm Returns from Acquisition Exits

Document type:
Working Paper
Author(s):
Achleitner, A. K.; Braun, R.; Lutz, E.; Reiner, U.
Non-TUM Co-author(s):
Nein
Cooperation:
-
Abstract:
In this paper we investigate the returns to venture capital firms from acquisition exits. Starting from M&A; literature, we develop three detailed categorizations of acquisitions based on the acquirer’s motive and related agency issues. We use a proprietary data set of 2,356 venture capital-backed transactions from North America and Europe exited between 1982 and 2008 to assess our hypotheses. First, we show that returns from financial buyers are not statistically different from strategic acquirer...     »
Intellectual Contribution:
Discipline-based Research
Year:
2012
Key publication:
Nein
International:
Ja
Commissioned:
not commissioned
Interdisciplinarity:
Nein
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