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HOW POTENTIAL KNOWLEDGE SPILLOVERS BETWEEN VENTURE CAPITALISTS' ENTREPRENEURIAL PROJECTS AFFECT THE SPECIALIZATION AND DIVERSIFICATION OF VC FUNDS WHEN VC EFFORT HAS VALUE
- Kang, Hyoung Goo;
- Burton, Richard M.;
- Mitchell, Will
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12초록
Research concerning diversification and specialization of venture capital funds typically does not consider how a VC's effort might influence performance of different portfolios. We develop a model that analyzes VC effort when there is the potential for cross-sectional and/or serial knowledge spillover among projects. The model generates two implications concerning VC effort and performance. First, VC post-investment effort is a nonmonotonic function of performance shocks, especially for diversified VCs. Second, greater cross-sectional and serial knowledge spillovers improve the performance of specialization relative to diversification, and shape how the number of decision stages in a project affects portfolio choice.
키워드
venture capital; diversifi cation; specialization; VC post-investment effort; knowledge spillover; START-UP FIRMS; INVESTMENT; PERFORMANCE; PORTFOLIO; MODEL; DETERMINANTS; SYNDICATION; NETWORKS; RETURNS
- 제목
- HOW POTENTIAL KNOWLEDGE SPILLOVERS BETWEEN VENTURE CAPITALISTS' ENTREPRENEURIAL PROJECTS AFFECT THE SPECIALIZATION AND DIVERSIFICATION OF VC FUNDS WHEN VC EFFORT HAS VALUE
- 저자
- Kang, Hyoung Goo; Burton, Richard M.; Mitchell, Will
- DOI
- 10.1002/sej.115
- 발행일
- 2011-09
- 유형
- Article
- 권
- 5
- 호
- 3
- 페이지
- 227 ~ 246