Information asymmetries and signals in markets for venture capital: relevance for the selection behavior and performance of early-stage investors

Zeiner, Nico

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URN: urn:nbn:de:bsz:180-madoc-621641
Document Type: Doctoral dissertation
Year of publication: 2022
Place of publication: Mannheim
University: Universität Mannheim
Evaluator: Hoisl, Karin
Date of oral examination: 27 April 2022
Publication language: English
Institution: Business School > Organisation und Innovation (Hoisl 2015-)
License: CC BY 4.0 Creative Commons Attribution 4.0 International (CC BY 4.0)
Subject: 330 Economics
650 Management
Keywords (English): entrepreneurship , venture capital , innovation , patents and intellectual property rights
Abstract: This thesis develops a new theoretical and advanced empirical understanding of the relationship between early-stage investors and young entrepreneurial firms. The first essay examines how ambiguous signals, i.e., signals that convey positive and negative information at the same time, affect the selection behavior of Venture Capital (VC) investors. The second essay investigates the selection ability of Crowdinvestors, more specifically whether additional positive information generated through the investment decisions of peer investors benefits the decision-making quality of investors that contribute later. The third essay investigates the selection behavior of VC investors under consideration of resource constraints induced by recession periods and whether a potential shift of the selection behavior of VC investors during economic recessions propagates into a differential treatment effect of VC financing on firm innovation.

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