Money Chasing Deals? The Impact of Fund Inflows on Private Equity Valuations

By Bruce D. Phelps. 2000

385 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/c04183cc4d68fde126885f82b8e7917f86906aa2

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Citations in the corpus

7. Coming from good stock: Career histories and new venture formation (2002, background): “%) of the SPEC sample firms had records in the Venture One database (see Gompers and Lerner 1997 for a discussion of this database); 95 (55”
Whom You Know Matters: Venture Capital Networks and Investment Performance (2007, neutral): “Gompers and Lerner (2000) show that the prices VCs pay when investing in portfolio companies increase as more money flows into the VC industry, holding investment opportunities constant.”
Throwing Good Money after Bad? Political and Institutional Influences on Sequential Decision Making in the Venture Capital Industry (2007, methodology): “VC firms often specialize in high-risk investments, such as start-up ventures in unproven, high-technology industries (Gompers and Lerner, 2000b; Hellmann and Puri, 2000).”
Why does IPO Volume Fluctuate so Much (2003, neutral): “Studies of venture capital funds by Gompers and Lerner (2000), mutual funds by Warther (1995) and Wermers (1999), and developing country markets by Clark and Berko (1996) and Stulz (2000) show that inflows into all of these investment vehicles vary substantially over time.”
Corporations and the Financing of Innovation: The Corporate Venturing Experience (2002, background): “This history of corporate venture capital is based on Fast (1978); Hardymon, DeNino, and Salter (1983); Venture Economics (1986); and assorted press accounts.”
Herd Behaviour and Cascading in Capital Markets: A Review and Synthesis (2003, background): “Gompers and Lerner (2000) provide evidence of ‘money chasing deals’ in venture capital.”
Public Policy and the Creation of Active Venture Capital Markets (2006, background): “[38] Gompers, Paul, and Josh Lerner (2000) ’Money chasing deals? The impact of fund inflows on private equity valuations,’ Journal of Financial Economics, 55 (1), 281— 325.”
Controlling for the Impact of Variable Liquidity in Commercial Real Estate Price Indices (2003, methodology): “2 Gompers and Lerner (2000) employ the Heckman correction procedure in a study of the venture capital market.”
The Investment Behavior of Private Equity Fund Managers (2003, neutral): “This suggests a time trend in the degree of competition existing managers face, with funds 9 Gompers and Lerner (2000) use price/earnings and market/book ratios of public firms in CRSP and Compustat to control for industry-specific investment opportunities among private firms, but find neither to…”
Trademarks and Venture Capital Valuation (2014, neutral): “For established firms in the UK, Greenhalgh and Rogers (2006a) analyze both trademark and patenting activities and report similar patterns in their data.”
Venture Capital and Other Private Equity: A Survey (2011, neutral): “(Gompers and Lerner 2000) find that competition for a limited number of attractive investments leads to a positive relationship between capital inflows and valuations of new investments.”
Venture Capital Reputation, Post-IPO Performance and Corporate Governance (2009, methodology): “Consistent with Gompers and Lerner (2000) and Lee and Wahal (2004), VC-backed IPO issuers tend to be younger, and consistent with Lee and Wahal, IPOs with VC backing typically are 12 underwritten by more prestigious lead investment banks.”