Legality and Venture Capital Exits

By Douglas J. Cumming, G. Fleming, Armin Schwienbacher. 2002

274 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/336de0a9ea949642ada7b930e397f47ee336f3c8

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Citations in the corpus

Institutions and Venture Capital (2013, background): “Pagés-Serra and Micco (2008) showed that employment protection reduces the size of sectors characterized by high intrinsic labor volatility, and Cuñat and Melitz (2007) showed that countries with less flexible labor market policies tend to specialize (in terms of international trade) in sectors with”
The impact of corporate governance mechanisms on value increase in leveraged buyouts (2007, unknown): “Much existing research has also focused on US studies, primarily covering the first wave of buyouts in the 1980s, yet there may be important legal differences between private equity markets that influence the nature of exit from investments (Cumming et al., 2006).”
Success in Global Venture Capital Investing: Do Institutional and Cultural Differences Matter? (2014, unknown): “Although a direct comparison is not possible, the economic significance is qualitatively similar to that reported in Cumming et al. (2006) and Cumming and Walz (2010).”
Venture Capitalists, Business Angels, and Performance of Entrepreneurial IPOs in the UK and France (2007, unknown): “Moreover, in line with prior governance research by La Porta et al. (1997) and venture capital research by Cumming (2003) and Cumming et al. (2004; 2006) , the paper argues that the behaviour of investors and risk financiers may be influenced by institutional and legal differences.”
Information asymmetries, agency costs and venture capital exit outcomes (2008, unknown): “VCs achieved 34% of their exits as IPOs in Australasia in 1989 to 2001 (Cumming, Fleming, and Schwienbacher 2006), 17% of their exits as IPOs in Europe in 1995 to 2005 (Cumming 2006) (25% of their exits as IPOs in the 1990 to 2001 period in Europe (Schwienbacher 2002)), and US VCs achieved 16% of…”
The European Venture Capital and Private Equity Country Attractiveness Indices (2009, unknown): “Cumming et al. (2006a) find that the quality of a country’s legal system is stronger connected to facilitating VC/PE backed exits than the size of a country’s stock market. Cumming et al. (2006b) extend this finding and show that cross-country differences in legality, including legal origin and acco”
Regulatory Harmonization and the Development of Private Equity Markets (2006, background): “…the law in influencing venture capital and private equity investment (e.g., Bigus, 2006; Hege et al., 2003; Kanniainen and Keuschnigg, 2004; Keuschnigg, 2003, 2004; Keuschnigg and Nielsen, 2001, 2003a,b, 2004; Mayer et al., 2005; Schwienbacher, 2002; Lerner and Schoar, 2005; Cumming et al., 2006).”