13 research outputs found

    What drives Venture Capital Syndication

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    This paper analyses the syndication behavior of VC organisations and the factors influencing their overall propensity to co-invest. We develop hypothesis concerning the investment behavior of Venture Capitalists in the German market and compare these hypothesis to the actual empirical evidence from a data set including 2,500 VC investments. We find that the underlying theories of financial and resource driven motives can indeed be used to explain the observed behavior for syndicated venture capital investments. We show that mainly Resource driven motives foster the propensity to syndicate an investment. Additionally, we find that Venture Capital Firms tend to diversify their portfolio, such that both motives of venture capital syndication (Finance and Resource driven) seem to be present at the same time and play a significant role simultaneously for the decision to jointly co-invest. We find evidence that a lower level of experience and expertise fosters the need to syndicate an investment.Venture Capital, Syndication

    What drives venture capital syndication?

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    Using a sample of 1485 funded firms in Germany, we analyse the drivingforces of Venture Capitalist (VC) syndication and try to disentangle thecircumstances under which VCs engage in collaboration with partners. Theresults indicate that syndication is more pronounced for younger fundedfirms. For firms where products are far from commercialization, the risksthat investors face are more severe. With respect to disentangling the roleof diversification and managerial resource motives we analyse the impactof syndication activities on the industry concentration in VC portfolios.The results indicate that (all else equal) more syndication leads to morepronounced concentration on certain industries. These findings are in linewith the argument that VCs involve partners to leverage upon theiridiosyncratic skills and knowledge to either improve deal selection and/orprovide a better quality of managerial advice to the funded firm ratherthan simply using syndication to diversify portfolios

    The personality trait openness is related to cerebral 5-HTT levels

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    Potentiation of serotonergic transmission increases cognitive flexibility, but can in other circumstances increase sensitivity to stressful environmental cues. The personality trait Openness to Experience reflects and is also associated with an increased risk for mood disorders. We hypothesized that the personality trait has an association with a biomarker of serotonergic transmission, the plasma membrane serotonin transporter (5-HTT). In 50 healthy volunteers, we tested for correlations between scores on the NEO-PI-R scale Openness to Experience and its subscales, and cerebral binding of the 5-HTT selective PET radioligand [11C]DASB. Subjects were genotyped for the 5-HTT long/short polymorphism, and for a single nucleotide polymorphism in the long allele, designated LA/LG. Midbrain [11C]DASB binding correlated negatively with scores for Openness to Experience and its two subscales, Openness to Actions and Openness to Values. The latter subscore was negatively correlated with [11C]DASB binding in all brain regions in which [11C]DASB binding was quantified. Genetic analysis showed that homozygote LA carriers had significantly higher [11C]DASB binding in the caudate nucleus, but no significant differences in openness scores. Thus, high scores in personality facets indicative of cognitive flexibility and openness to change are associated with lower [11C]DASB binding. Lower abundance of 5-HTT sites may result in potentiation of serotonergic signaling, which occurs during treatment with SSRIs. We speculate that the set-point of serotonergic signaling in an individual represents a trade-off between flexibility and vulnerability when exposed to environmental stress