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Article Dans Une Revue Journal of Corporate Finance Année : 2021

Asset Liquidity and Venture Capital Investment

Résumé

"We examine the relationship between asset market liquidity and venture capital (VC) investment and find that it is inverted U-shaped. Asset liquidity and VC investment are positively related for low levels of asset liquidity but negatively related for higher levels of asset liquidity. We also document evidence that VC firms with more industry experience invest more in a liquid asset market than those without industry experience or with significant experience in other industries. Portfolio companies obtained their first investment in a liquid asset market are less likely to exit successfully; however, given a successful exit, they prefer to exit through mergers and acquisitions rather than going public."

Dates et versions

hal-04325667 , version 1 (06-12-2023)

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Giang Nguyen, Vinh Vo. Asset Liquidity and Venture Capital Investment. Journal of Corporate Finance, 2021, 69 (69), 18 p. ⟨10.1016/j.jcorpfin.2021.101963⟩. ⟨hal-04325667⟩
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