Tourist investors in venture capital and innovation
Köhne, Jonas
Promoteur(s) : Professor Tykova, Teresa
Date de soutenance : 5-sep-2018/11-sep-2018 • URL permanente : http://hdl.handle.net/2268.2/5987
Détails
Titre : | Tourist investors in venture capital and innovation |
Auteur : | Köhne, Jonas |
Date de soutenance : | 5-sep-2018/11-sep-2018 |
Promoteur(s) : | Professor Tykova, Teresa |
Membre(s) du jury : | Ledent, Maxime
Surlemont, Bernard |
Langue : | Anglais |
Mots-clés : | [en] venture capital |
Discipline(s) : | Sciences économiques & de gestion > Finance |
Institution(s) : | Université de Liège, Liège, Belgique University of Hohenheim, Stuttgart, Germany |
Diplôme : | Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management |
Faculté : | Mémoires de la HEC-Ecole de gestion de l'Université de Liège |
Résumé
[en] Using data from investment rounds in venture capital backed companies, I study the
characteristics of the recent trend of “tourist” venture capital investors directly investing
in start-ups alongside traditional venture capitalists. More specifically, I analyze the
investments made by these “tourist” VC investors – e.g. mutual funds, sovereign wealth
funds, investment banks and pension funds - to determine their investment behavior
compared to traditional venture capitalists.
By means of descriptive statistics, I fundamentally analyze a sample constituted of more
than 55,000 investments in 10,000 unique portfolio companies to identify patterns. The
implications drawn, and data issues uncovered require subsequent research.
Within the scope of the data sample, I find that “tourist” VC investors are likely to invest
in IT and healthcare sectors, they favor “high-volume” deals, later investment rounds,
larger and more mature companies compared to traditional VCs. In Addition, “tourists”
seem to prefer participation in VC syndications. Though, they can act as lead investors as
well.
Fichier(s)
Document(s)
Description: PDF version of the master's thesis
Taille: 1.54 MB
Format: Adobe PDF
Annexe(s)
Description: PDF of do-file work in STATA 14
Taille: 1.48 MB
Format: Adobe PDF
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