Money Chasing Deals?: The Impact of Fund Inflows on the Valuation of Private Equity Investments

By Paul A. Gompers, Josh Lerner. 2000

125 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/c3eda3c5821a05ea7adc6ea7a33ef91bfaa95b4e

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Citations in the corpus

Institutional demand pressure and the cost of corporate loans (2011, background): “…Warther (1995), Wermers (1999), Frazzini and Lamont (2006), and Coval and Stafford (2007) on stock-price pressure generated by mutual fund flows; Gompers and Lerner (2000) on private-equity valuations due to fund inflows; Cornelli, Goldreich, and Ljungqvist (2006) on small investors impact on…”
The Globalization of Angel Investments: Evidence across Countries (2015, unknown): “The consequences of these agency problems may be periods of overfunding in certain sectors (Gompers and Lerner, 1999).”
Contracts and Exits in Venture Capital Finance (2008, unknown): “…the long-term performance of European VC IPO and acquisition exits depending on the role of the VC fund(s) pre- and post-exit, and on the nature of financial contracts between entrepreneurs and VCs and would be fruitful (see Gompers and Lerner, 1999, 2001, 2002, for related U.S.-based VC research).”
How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface (2011, unknown): “These results are also tangentially related with earlier empirical work by Gompers and Lerner (2000) who nd that pro t shares are higher for older and larger VCs. Similarly, Kaplan and Schoar (2005), who analyze both VC and buyout fund returns and show that there is a large degree of heterogeneity…”
Preplanned Exit Strategies in Venture Capital (2008, unknown): “One possible explanation is related to the time period considered around the Internet bubble, and the phenomenon of money chasing deals with few control rights for high-tech start-ups (Gompers and Lerner, 2000), which is consistent with more favourable deal terms for early stage investees.”
Private equity returns and disclosure around the world (2010, unknown): “A priori, we would expect a negative coefficient if excess capital bids up deal prices and lowers returns (Gompers and Lerner, 2000).”