How Do Corporate Venture Capitalists Create Value for ...

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References Barry, C., C. Muscarella, J. Peavy III, and M. Vetsuypens, 1990, “The Role of Venture Capital In the Creation of Public Companies: Evidence from the Going Public Process,” Journal of Financial Economics, Vol. 27, pp. 447-471. Barber, B. M. and J. D. Lyon, 1996, “Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics,” Journal of Financial Economics, Vol. 41, pp. 359-399. Chemmanur, T. J., and Z. Chen, 2003, "Angels, Venture Capitalists, and Entrepreneurs: A Dynamic Model of Private Equity Financing," Working Paper. Chemmanur, T., and E. Loutskina, 2005, “The Role of Venture Capital Backing in Initial Public Offerings: Certification, Screening, or Market Power?” Working paper, Boston College. Coles, J., M. Hertzel, and M. Santhanakrishnan, 2002, “Influence of Complementarity on the Performance of Entrepreneurial Companies,” Working Paper. Fama, E. F., and K. R. French, 1997, “Industry Costs of Equity,” Journal of Financial Economics, Vol. 43, pp. 153-193. Gompers, P., 2002, “Corporation and the Financing of Innovation: The Corporate Venturing Experience,” Working Paper. Gompers, P., and J. Lerner, 2000, “The Determinants of Corporate Venture Capital Success,” in R. Morck (editor), Concentrated Corporate Ownership, University of Chicago Press, pp. 17-50. Hellmann, T., 2002, “Theory of Strategic Venture Investing,” Journal of Financial Economics, Vol. 64, pp. 285-314. Hellmann, T. and M. Puri, 2000, “The Interaction between Product Market and Financing Strategy: The Role of Venture Capital,” Review of Financial Studies, Vol. 13, pp. 959-984. Hellman, T. and M. Puri, 2002, “Venture Capital and Professionalization of Start-Up Firms: Empirical Evidence,” Journal of Finance, Vol. 57, pp. 169-197. Ivanov, V., 2003, “Do Corporate Venture Capitalists Have Superior Project Selection Ability? Evidence from the Going Public Process,” Working Paper. Lee, P., and S. Wahal, 2002, “Grandstanding, Certification and the Underpricing of Venture Capital Backed IPOs,” forthcoming in Journal of Financial Economics. Leland, H. E. and D. H. Pyle, 1977, “Informational Asymetries, Financial Structure, and Financial Intermediation,” The Journal of Finance, Vol. XXXII, pp. 371-388. Reprinted in Bhattacharya and Constantinides 1989, pp. 255-271. 34
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Page 1 and 2: How Do Corporate Venture Capitalist
Page 3 and 4: 1. Introduction How Do Corporate Ve
Page 5 and 6: documented that IVCs are able to cr
Page 7 and 8: control for firm industry, size, an
Page 9 and 10: Overall, our empirical findings ind
Page 11 and 12: a CVC since they represent financia
Page 13 and 14: Table 1 presents the summary statis
Page 15 and 16: We start with the probit analysis o
Page 17 and 18: could have received CVC financing b
Page 19 and 20: firms’ industry dummies to accoun
Page 21 and 22: experience similar time from first
Page 23 and 24: acking is of higher quality (in oth
Page 25 and 26: investment IPO firms are more likel
Page 27 and 28: Panel B of Table 6a reports the res
Page 29 and 30: IPO market, CVCs are able to attrac
Page 31 and 32: Market price is CRSP stock price an
Page 33 and 34: IVC backing dummy, and the reputati
Page 35: Our findings can be summarized as f
Page 39 and 40: Table 2a Patterns of Corporate Vent
Page 41 and 42: Table 3 Amount Invested and Pricing
Page 43 and 44: Table 4b Exit Strategies for CVC Ba
Page 45 and 46: Table 5b Probability of Delisting f
Page 47 and 48: Table 6b Market Participants in CVC
Page 49 and 50: Table 7b Valuation of CVC Backed an

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