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Article Dans Une Revue (Article De Synthèse) Journal of Financial Intermediation Année : 2007

Experience, screening and syndication in venture capital investments

Résumé

We consider a theoretical model that offers a rationale for the syndication of venture capital investments: syndication improves the screening process of venture capitalists and prevents competition between investors after investment opportunities are disclosed. The analysis identifies the costs of syndication in terms of investment decisions or post-investment involvement of venture capitalists. These costs depend crucially on the level of experience of venture capitalists. The model generates empirical predictions concerning the determinants of syndication and the characteristics of syndicated deals.

Dates et versions

hal-04119640 , version 1 (06-06-2023)

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Catherine Casamatta, Carole Haritchabalet. Experience, screening and syndication in venture capital investments. Journal of Financial Intermediation, 2007, 16 (3), pp.368-398. ⟨10.1016/j.jfi.2007.03.003⟩. ⟨hal-04119640⟩
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