Thesis (Ph. D.)--University of Washington, 2007. / Vita. Includes bibliographical references (leaves 95-115).

Diss. (sammanfattning) Stockholm : Karolinska institutet, 2001. / Härtill 4 uppsatser.

Thesis (Ph.D.)--Rensselaer Polytechnic Institute, 2005. / Includes bibliographical references.

Thesis (Ph. D.)--University of Texas at El Paso, 2008. / Title from title screen. Vita. CD-ROM. Includes bibliographical references. Also available online.

Hochsch. für Unternehmensführung, Diss.--Vallendar, 2002.

Thesis (MS)--Montana State University--Bozeman, 2009. / Typescript. Chairperson, Graduate Committee: James R. Brown. Includes bibliographical references (leaves 57-59).

We explore certain structural elements of venture capital investment, focusing on the role of venture capital as an asset class dedicated to technology investment. The structural role of technology as contributing to the total factor productivity is captured through the use of endogenous growth mechanisms as found in Romer (1990) and Rivera-Batiz and Romer (1991). In the first chapter, we explain certain elements of the two recessions in the first decade of the 21st century by combining these endogenous growth mechanisms with a financial accelerator in the market for production capital to capture the financial elements associated with decreased leverage after a financial crisis. In the second chapter, we assess the impact of policies in the late 1970s which largely created venture capital by encouraging technology investment to occur through debt contracts rather than equity contracts. We explain a set of stylized facts by contrasting a debt mechanism and an equity mechanism for an asset that derives its value from returns to technology goods in a stochastic endogenous growth model. Our final chapter deals with the disposition of venture capitalists towards Knightian uncertainty. We show that an uncertainty-loving behavior of venture capitalists leads to a Pareto improvement in the economy. However, the magnitude of the effect of changes in disposition towards uncertainty is small, implying that bubbles in the venture capital market caused by this type of uncertainty-loving behavior should not be a great concern for investors and policy makers.

Submitted by Maykon Nascimento (maykon.albani@hotmail.com) on 2015-03-02T19:14:36Z No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Ricardo dos Santos.pdf: 849191 bytes, checksum: 6b7ff768a31fcbd40a6b330171bf102a (MD5) / Approved for entry into archive by Elizabete Silva (elizabete.silva@ufes.br) on 2015-03-06T19:11:13Z (GMT) No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Ricardo dos Santos.pdf: 849191 bytes, checksum: 6b7ff768a31fcbd40a6b330171bf102a (MD5) / Made available in DSpace on 2015-03-06T19:11:13Z (GMT). No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Ricardo dos Santos.pdf: 849191 bytes, checksum: 6b7ff768a31fcbd40a6b330171bf102a (MD5) Previous issue date: 2015-03-02 / O estudo tem por objetivo avaliar os fatores que possam explicar a captação de recursos (fundraising) dos fundos de Private Equity e Venture Capital (PE/VC). Em linhas gerais, a proposta é averiguar empiricamente quais são os fatores que impactam na captação de recursos pelos fundos de PE/VC. A amostra foi formada por 25 países e em um espaço temporal de 6 anos (2006-2011). Foram identificados seis fatores: atividade econômica, desenvolvimento do mercado de capitais, governança corporativa, desenvolvimento socioambiental, empreendedorismo e tributação. Assim, construiu-se através de Análise Fatorial seis fatores que foram compostos por 26 variáveis. Por meio de regressão múltipla foram investigadas as relações entre a captação de recursos por parte dos fundos PE/VC e os fatores gerados. Os resultados demonstraram que apesar dos fatores testados serem significativos, a captação dos recursos é fortemente influenciada pelo nível de desenvolvimento do mercado de capitais. Os resultados aqui encontrados se tornam relevantes, pois discutem uma realidade crescente tanto no Brasil quanto no mundo, visto que o mercado de PE/VC solidifica-se como alternativa de captação de recursos. / This study aims to evaluate the factors that might explain the fundraising of Private Equity and Venture Capital funds (PE/VC). Generally, the proposal is to investigate empirically what are the factors that impact on fundraising of PE/VC funds. The sample was composed of 25 countries and a timeline of 6 years (2006-2011). Six factors were identified: Economic Activity, Development of Stock Markets, Corporate Governance, Social-environmental Development, Entrepreneurship and Taxation. I constructed through factor analysis six factors that were composed of 26 variables. Through multiple regression were investigated relationships between fundraising of PE/VC funds and the factors generated. The results showed that despite the significant factors being tested, the uptake of resources is strongly influenced by the level of development of the stock market. The findings become relevant because argue a growing reality in Brazil and the world, since the market for PE/VC solidifies itself as an alternative of fundraising.

Made available in DSpace on 2016-12-23T13:42:10Z (GMT). No. of bitstreams: 1 Andre Abreu de Almeida.pdf: 396896 bytes, checksum: 704d9dbf4cef2a6c34705a4089d16012 (MD5) Previous issue date: 2013-03-22 / Esta pesquisa teve como objetivo investigar a influência do PE/VC sobre a informatividade dos lucros contábeis das empresas listadas na BM&FBovespa. Considerou-se informatividade a intensidade da relação entre o lucro contábil e o retorno das ações, apurada pelo coeficiente angular da reta estimada entre as variáveis PEVC e Lucro Líquido Ajustado (LLA). Adicionalmente, a pesquisa abordou a Influência do efeito conjunto PE/VC e governança sobre a informatividade dos lucros contábeis. Espera-se com esta pesquisa contribuir com a ampliação do conhecimento sobre o papel da contabilidade no mercado de capitais. A amostra foi composta por 1.177 observações de empresas não-financeiras listadas na BM&FBovespa no período de 2004 a 2011. O resultado apurado confirma hipótese de que a informatividade dos lucros contábeis é positivamente relacionada com a existência de PE/VC / This research aimed at investigating the influence of PE / VC on the informativeness earnings of companies listed on the BM&FBovespa. It was considered informativity as the intensity of the relationship between accounting profit and stock returns, calculated by the slope estimated between the variables PEVC and Adjusted Net Income (LLA). Additionally, the study investigated the influence of the combined effect of PE / VC and governance on the informativeness earnings. It is expected that this research contribute for the expansion knowledge improvement on the role of accounting in capital markets. The sample consisted of 1177 observations of nonfinancial companies listed on the BM & FBovespa in the period from 2004 to 2011. The result of this research confirm the hypothesis that the informativeness of earnings is positively related to the existence of PE / VC

O investimento em capital de risco, enquanto participação acionária em projetos embrionários, ou ainda em fase inicial, é envolto em incerteza, baixa liquidez e grande risco, oferecendo como contrapartida uma possibilidade de rentabilidade acima de qualquer padrão de mercado). O presente trabalho buscou classificar os diversos fatores de atratividade dos empreendimentos de risco, de modo a poder classificá-los pela sua relativa prioridade média em relação ao poder de decisão dos investidores de capital de risco. Os itens que obtiveram maior média foram a indicação através de uma rede confiável, a taxa de retorno e potencial donegócio e a existência de produto ou idéia superior. Ainda, o perfil médio dos investidores foi identificado como sendo do sexo masculino, com idade entre os 25 e os 34 anos, possui pósgraduação, com um montante total investido de menos de 250 mil dólares, realiza os investimentos de forma particular, investiu de uma a duas vezes nos últimos cinco anos no mercado de capital de risco, deixa seu capital investido por um período de 1 a 3 anos, se classifica como um investidor anjo, e não utiliza recursos de terceiros em seus investimentos. Foram identificadas variações dentre grupos específicos de investidores, como uma maior procura por liquidez e segurança nos investidores que optam por estratégias de investimento de menor prazo médio, a menor busca por experiência prévia do empreendedor em investidores de menor faixa etária, bem como uma maior exigência média geral nas investidoras de sexo feminino, bem como uma exigência por maior capacidade e experiência gerencial da equipe de gestão do empreendimento por investidores que possuem uma maior frequência de investimento no mercado de capital de risco. Por fim, o trabalho buscou apresentar um modelo de atração para os investidores a ser utilizado por empreendimentos que planejem captar recursos no mercado de capital de risco Brasileiro / Investment in venture capital, as an equity investment in embryonic projects, or even in the initial phase, is surrounded by uncertainty, low liquidity and great risk, offering as a counterpart a possibility of profitability above any market standard. The present work sought o classify the various factors of attractiveness of risk ventures, in order to be able to classify them by their relative average priority in relation to the decision-making inpact of venture capital investors. The items that obtained the highest average were the indication through a reliable network, the rate of return and potential of the business and the existence of a superior product or idea. In addition, the average profile of investors was identified as male, aged 25 to 34 years, has a postgraduate degree, with a total amount invested of less than $ 250,000, makes investments in a particular way, invested one to two times in the last five years in the venture capital market, leaves its capital invested for a period of 1 to 3 years, qualifies as an angel investor, and does not use third-party resources in its investments. Variations have been identified among specific groups of investors, such as a greater demand for liquidity and security in investors who opt for smaller term investment strategies, the smaller search for previous experience of the entrepreneur in younger investors, as well as a higher requirement overall average in female investors, as well as a requirement for greater capacity and managerial experience of the venture management team by investors who have a higher frequency of investment in the venture capital market. Finally, the work sought to present a model of attraction for investors to be used by enterprises that plan to raise funds in the Brazilian venture capital market.