In The Venture Capital Cycle, Paul Gompers and Josh Lerner correct widespread misperceptions about the nature and role of the venture capitalist and provide an accessible and comprehensive overview of the venture capital industry. Bringing together fifteen years of ground-breaking research into the form and function of venture capital firms, they examine the fund-raising, investing, and exit stages of venture capitalists. Three major themes run throughout the process: venture investors confront tremendous information and incentive problems; venture capital processes are inherently interrelated, and a complete understanding of the industry requires a full understanding of the venture cycle; and, unlike most financial markets, the venture capital industry adjusts very slowly to shifts in the demand for and the supply of investment capital.This second edition has been thoroughly revised in light of recent research findings, and includes six new chapters. The first part, on fund-raising, now includes a chapter that examines what determines the level of venture capital fund-raising and how tax policy influences the demand for venture capital. Three new chapters in the second part, on investing, examine what kind of distortions are introduced when the venture capital market goes dramatically up, a question prompted by the 1999-2000 market bubble; demonstrate that the venture capital industry does indeed spur innovation, an important determinant of economic growth; and examine whether and under what circumstances governments can be effective venture capitalists. Two new chapters in the third part, on exiting venture capital investments, discuss whether venture capital firms affiliated with investment-banks are prone to conflicts of interest with public offerings and how lockups on initial public offerings are used to limit conflicts of interest.

The Venture Capital Cycle

Business & Money

Lerner, Josh

Gompers, Paul A.

Economics

Mit Pr

The venture capital industry in the United States has grown dramatically over the last two decades. Annual inflows to venture funds have expanded from virtually zero in the mid-1970s to more than $9 billion in 1997. Many of the most visible new firms—including Apple Computer, Genentech, Intel, Lotus, Microsoft, and Yahoo—have been backed by venture capital funds. Yet despite this tremendous growth and its visible success, venture capital remains a mysterious industry. Numerous misconceptions persist about the nature and role of venture capitalists. Paul Gompers and Josh Lerner's extensive research on venture capital organizations is based largely on original data sets developed through close relationships with institutional investors in venture capital funds and investment advisors. The Venture Capital Cycle synthesizes their path-breaking work. After a historical overview, the book looks at the formation of funds, the investment of the funds in operating companies, and the liquidation of these investments. The concluding chapter provides a road map for future research in this growing area. Three themes run throughout the book. The first is that all venture capitalists confront tremendous incentive and information problems. The second is that because the various stages of the venture capital processes are related, the entire process is best viewed as a cycle. The third is that, unlike most financial markets, the venture capital industry adjusts very slowly to shifts in the supply of capital and the demand for financing.

Entrepreneurial Finance: A Casebook provides students with a thorough understanding of entrepreneurial finance through the use of cases based on realistic situations. This case approach allows students to gain insight into the real world of entrepreneurial finance while sharpening their analytical skills. The cases are organized according to four major topics critical to a thorough understanding of entrepreneurial finance: Investment Analysis, Financing the Entrepreneurial Firm, Harvesting, and Renewal in the Entreprenurial Firm.

Entrepreneurial Finance: A Casebook

Sahlman,William

Finance

wiley

Spanning a wide range of US and non-US ventures in a diverse set of industries, including high technology, low technology, and service, this casebook allows readers to gain insight into the world of entrepreneurial finance while sharpening their analytical skills. The cases are organized according to four major topics critical to a thorough understanding of entrepreneurial finance: Investment Analysis, Financing the Entrepreneurial Firm, Harvesting, and Renewal in the Entrepreneurial Firm.

John Wiley&Sons

Gompers and Sahlman are two of the leading researchers and authorities in this field.

Entrepreneurial Finance : A Casebook

This volume provides a meaningful framework for understanding the relationship between venture capital and entrepreneurial success. It helps readers spot the real limitations of and challenges facing venture capitalists, entrepreneurs and individuals or institutions who want to play either role in the venture game. The authors give the background to why venture capital has exploded as an industry by explaining how venture capitalism drives - and has always driven - innovation, economic growth and job creation beyond high technology and industrialized countries.

The Money of Invention: How Venture Capital Creates New Wealth

Harvard Business Review Press

Advanced Introduction to Private Equity (Elgar Advanced Introductions series)

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. This Advanced Introduction provides an illustrative guide to private equity, integrating insights from academic research with examples to derive practical recommendations. Paul Gompers and Steven Kaplan begin by reviewing the history of private equity then exploring the evidence on performance of private equity investments at both the portfolio company level and fund level, documenting the creation of economic value. The book then presents a set of actionable frameworks for driving value creation in private equity investments. It concludes by examining how private equity investors raise funds and how they successfully manage their private equity firms. Key Features: <ul> <li>Explains what private equity investors do and how they do it</li> <li>Includes a detailed discussion of career paths in private equity</li> <li>Links real world examples that illustrate insights from academic research</li> <li>Provides an overview of the private equity industry from individual investments to fundraising to firm management</li> </ul> This Advanced Introduction is an excellent resource for investment bankers and consultants as well as prospective investors who are looking for a comprehensive yet succinct introduction to the topic. Scholars interested in the fields of finance and private equity will find the research and case studies informative and enlightening.

Kaplan, Steven N.

Edward Elgar Publishing

See the best price to sell, buy, or rent books by Gompers, Paul A.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Gompers, Paul A.

See the best price to sell, buy, or rent books by Gompers, Paul A.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

The Venture Capital Cycle

The Venture Capital Cycle

Entrepreneurial Finance: A Casebook

Entrepreneurial Finance: A Casebook

Entrepreneurial Finance : A Casebook

The Money of Invention: How Venture Capital Creates New Wealth

Advanced Introduction to Private Equity (Elgar Advanced Introductions series)

Advanced Introduction to Private Equity (Elgar Advanced Introductions series)