This paper is aimed at identifying and analyzing the contribution of the major drivers of the performance of informal venture capitalists’ investments. This study analyzes data on Italian transactions and personal features of Italian Business Angels gathered during 2007 – 2011 with the support of IBAN (Italian Business Angels Network). The econometric analysis investigates the returns of business angels’ investments and their major determinants (industry, exit strategy, experience, holding period, rejection rate, year of divestiture). The major results are the followings:1) differently from previous literature, the relationship between Experience and IRR is quadratic and significant; 2) for the first time, is confirmed by quantitative data that short Holding period (below 3 years) earn a lower IRR; 3) the Rejection rate is logarithmic and the impact on IRR is positive and significant. Finally, the outcomes of the empirical analysis performed in this study allow identifying new and concrete insights on possible policy interventions

Linear and nonlinear determinants of the performance of informal venture capitalists' investments: an empirical analysis

CAPIZZI, VINCENZO
2013

Abstract

This paper is aimed at identifying and analyzing the contribution of the major drivers of the performance of informal venture capitalists’ investments. This study analyzes data on Italian transactions and personal features of Italian Business Angels gathered during 2007 – 2011 with the support of IBAN (Italian Business Angels Network). The econometric analysis investigates the returns of business angels’ investments and their major determinants (industry, exit strategy, experience, holding period, rejection rate, year of divestiture). The major results are the followings:1) differently from previous literature, the relationship between Experience and IRR is quadratic and significant; 2) for the first time, is confirmed by quantitative data that short Holding period (below 3 years) earn a lower IRR; 3) the Rejection rate is logarithmic and the impact on IRR is positive and significant. Finally, the outcomes of the empirical analysis performed in this study allow identifying new and concrete insights on possible policy interventions
2013
Capizzi, Vincenzo
File in questo prodotto:
Non ci sono file associati a questo prodotto.

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11565/3833701
 Attenzione

Attenzione! I dati visualizzati non sono stati sottoposti a validazione da parte dell'ateneo

Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
social impact