A theory of strategic venture investing

By Thomas F. Hellmann. 2002

396 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/b0405d683000a2813512857c99f9fc670f1ef917

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Citations in the corpus

Investment Cycles and Startup Innovation (2013, neutral): “…is related to a growing body of work that considers the role of financial intermediaries in the innovation process (see Kortum and Lerner, 2000; Hellmann, 2002; Lerner, Sorensen, and Stromberg, 2011; Sorensen, 2007; Tian and Wang, 2013; Manso, 2011; Hellmann and Puri, 2000; Mollica and…”
What Do Entrepreneurs Pay for Venture Capital Affiliation (2004, background): “…is a dummy variable (mean = 0.11) for whether the VC is a corporate investor, since evidence and theory suggest that this method of organizing entrepreneurial finance has different organizational and incentive implications relative to independent VCs (Gompers and Lerner (1999) and Hellmann (2002)).”
Venture Capital Performance: the Disparity Between Europe and the United States (2009, background): “6Additional evidence on the less frequent use of contingent securities outside the US is documented for example in Kaplan, Martel and Stromberg (2003), Lerner and Schoar (2005), Cumming (2005) and Bascha an Walz (2001), when comparing them to US studies.”
Building Relationships Early: Banks in Venture Capital (2008, background): “Hellmann (2002) provides a general theory of how strategic venture investors differ from independent venture capitalists.”
The Determinants of Venture Capital Portfolio Size: Empirical Evidence (2006, neutral): “(Gompers and Lerner, 1996, 1999a), as are corporate funds (Gompers and Lerner, 1999a,b; Hellmann, 2002).”
The Effect of Capital Market Characteristics on the Value of Start-Up Firms (2004, neutral): “∗We thank Patrick Bolton, Mike Burkart, Paul Gompers, Denis Gromb, Thomas Hellmann, Christian Keuschnigg, Pete Kyle, Josh Lerner, Kjell Nyborg, Enrico Perotti, Per Strömberg, Elu von Thadden, Masako Ueda, Jeff Wurgler, and seminar participants at the University of Amsterdam, Humboldt University Berl”
Who are the active investors? Evidence from venture capital (2008, background): “[40] Hellmann, Thomas (2002) ’A Theory of Strategic Venture Investing.”
Venture Capital Conflicts of Interest: Evidence from Acquisitions of Venture-Backed Firms (2010, neutral): “5 For example, the strategic objectives of corporate venture capitalists are likely to be in conflict with both the traditional venture capitalists and the start-up founders (Hellmann, 2002) and this may have an impact on the start-ups’ development, direction, valuation, and their exit strategy.”
Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future Research (2014, background): “, Chemmanur and Chen 2011) and between corporate and independent venture capital (Hellmann 2002; Fulghieri and Sevilir 2009a), empirical research on these issues has been very limited, perhaps because of data limitations.”
IPOs, trade sales and liquidations: Modelling venture capital exits using survival analysis (2007, neutral): “Many rationales have been suggested to explain the co-investment of such deals (Admati and Pfleiderer, 1994, Barry, Muscarella, Perry, and Vetsuypens, 1990, Megginson and Weiss, 1991, Brander, Amit, and Antweiler, 2002, Lerner, 1994 and Hellmann, 2001).”
Friends, Family, or Fools: Entrepreneur Experience and its Implications for Equity Distribution and Resource Mobilization (2012, background): “These individuals are more likely to 14 encourage customers and suppliers to make relationship-specific investments (Hellmann, 2002).”
Corporate Venture Capitalists and Independent Venture Capitalists: What do they know, Who do They Know and Should Entrepreneurs Care? (2005, background): “Recognizing the different and complementary roles of the two types of investors has also implications for emerging theoretical research that models the portfolio company’s choice between corporate venture capital and independent venture capital investors (Hellmann, 2002).”
Corporate Venture Capital, Value Creation, and Innovation (2014, neutral): “Finally, Hellmann (2002) has argued that CVCs may invest in entrepreneurial firms with a view toward gaining exposure to the entrepreneurial firm’s technology, mainly to benefit the CVC parent.”
Investment, Duration, and Exit Strategies for Corporate and Independent Venture Capital‐Backed Start‐Ups (2015, neutral): “…Duration, and Exit Strategies for Corporate and Independent Venture Capital-Backed Start-Ups BING GUO Universidad Carlos III de Madrid Business and Administration Department Calle Madrid 126, Getafe 28903, Spain bing.guo@uc3m.es YUN LOU HEC Paris, Department of Accounting and Management Control”
Venture Capital Financing and the Growth of High-Tech Start-Ups: Disentangling Treatment from Selection Effects (2011, background): “They are likely to differ in the objectives hey pursue, their organization, and their investment capabilities see e.g. Gompers and Lerner, 2000; Hellmann, 2002).”