The impact of fund inflows on staging and investment behaviour

Lauterbach, Rainer and Hass, Lars Helge and Schweizer, Denis (2014) The impact of fund inflows on staging and investment behaviour. International Small Business Journal, 32 (6). pp. 644-666. ISSN 0266-2426

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Abstract

This article demonstrates that increased inflows of capital into private equity and venture capital funds can influence the investment behaviour of fund managers by increasing staging intensity, increasing amount per financing round, and accelerating speed of capital allocation. These changes do not appear to be related to expectations of improved investment performance. The study extends the work of Gompers and Lerner who interpret these inflows as demand pressure for venture capital securities to drive up prices during periods of high inflows. Using a unique dataset, the study examines the effects of this pressure on investment behaviour.

Item Type:
Journal Article
Journal or Publication Title:
International Small Business Journal
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/1400/1403
Subjects:
ID Code:
65729
Deposited By:
Deposited On:
17 Jul 2013 14:53
Refereed?:
Yes
Published?:
Published
Last Modified:
01 Jan 2020 08:34