Venture Capital Investment: An Agency Analysis of UK Practice

Venture Capital Investment: An Agency Analysis of UK Practice

by Gavin Reid
     
 

ISBN-10: 0415179696

ISBN-13: 9780415179690

Pub. Date: 11/10/1998

Publisher: Taylor & Francis

Gavin Reid presents a systematic analysis of what drives investor-investee relations in venture capital markets. In the first analytical work to use a unified framework, he draws upon a modern and general approach to contracting relations, namely principal-agent analysis. This book establishes a clear theoretical framework involving risk management, information

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Overview

Gavin Reid presents a systematic analysis of what drives investor-investee relations in venture capital markets. In the first analytical work to use a unified framework, he draws upon a modern and general approach to contracting relations, namely principal-agent analysis. This book establishes a clear theoretical framework involving risk management, information handling and the 'trading' of risk and information. Using powerful modern theory as a general and coherent frame of reference to analyse an extensive body of new evidence, the author shows how top investors manage risk and monitor investees, and examines the best relationship between investor and investee. Exploring the principles governing high-risk/high-return investment, this is a unique insight into the turbulent world of the venture capitalist.

Product Details

ISBN-13:
9780415179690
Publisher:
Taylor & Francis
Publication date:
11/10/1998
Series:
Routledge Studies in the Modern World Economy Series
Pages:
384
Product dimensions:
6.14(w) x 9.21(h) x 0.94(d)

Table of Contents

List of figures
List of tables
Preface
List of abbreviations
Pt. 1Background
1The analysis of venture capital practice3
2Venture capital14
3Investigating investor-investee relations34
4Principles of agency analysis49
Pt. 2Evidence
5Instrumentation67
6Fieldwork81
7Investor and investee characteristics94
Pt. 3Cases
8Case study J: independent principal109
9Case study H: principal a banking subsidiary130
10Case study G: principal public sector owned148
Pt. 4Analysis
11Risk management171
12The demand for information by investors185
13The supply of venture capital and the development of investees' accounting information systems197
14Seeking optimality through the exchanging of risk and information219
Epilogue257
App. ASemi-structured interview (SSI) schedule for investor (P)263
App. BAdministered questionnaire (AQ) for mature small firms (A)295
App. CTelephone questionnaire (TQ) for mature small firms (A)325
References341
Author index349
Subject index352

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