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Das Thema 'Unternehmensgründung/ berufliche Selbstständigkeit an deutschen Hochschulen' hat seit Mitte der 1990er Jahre zunehmend an Bedeutung gewonnen, denn es wird beabsichtigt, eine Kultur der Unternehmensgründung an den Hochschulen zu etablieren und die Studierenden auf eine berufliche Selbstständigkeit als potenzielle Zukunftsperspektive vorzubereiten. Auch der Gesetzgeber integrierte in den letzten Jahren die Gründungsfrage in den Handlungsauftrag der Universitäten, z.B. im neuen hessischen Hochschulgesetz. Der vorliegende Aufsatz berichtet über eine Untersuchung am Fachbereich Gesellschaftswissenschaften der Universität Frankfurt am Main mit dem Titel 'Gründung als Option für Sozialwissenschaften: Zur Integration des Gründungsthemas in der Lehre der Sozialwissenschaften'. Es wurde danach gefragt, in welcher Weise Studierende und Promovierende der Gesellschaftswissenschaften (Soziologie und Politikwissenschaft) im Rahmen ihres Studiums auf mögliche Tätigkeitsfelder einer selbstständigen Beschäftigung hingewiesen werden können und wie sie selbst solche Angebote beurteilen. Es werden einige Sichtweisen zur Gründung als persönliches Motiv und zur Berufsorientierung in den Sozialwissenschaften vorgestellt, die spezifischen Qualifikationsmerkmale des sozialwissenschaftlichen Studiums umrissen und einige Empfehlungen zur Beschäftigungsoption 'Selbständigkeit' gegeben. (ICI2)
This paper shows that active investors, such as venture capitalists, can affect the speed at which new ventures grow. In the absence of product market competition, new ventures financed by active investors grow faster initially, though in the long run those financed by passive investors are able to catch up. By contrast, in a competitive product market, new ventures financed by active investors may prey on rivals that are financed by passive investors by “strategically overinvesting” early on, resulting in long-run differences in investment, profits, and firm growth. The value of active investors is greater in highly competitive industries as well as in industries with learning curves, economies of scope, and network effects, as is typical for many “new economy” industries. For such industries, our model predicts that start-ups with access to venture capital may dominate their industry peers in the long run. JEL Classifications: G24; G32 Keywords: Venture capital; dynamic investment; product market competition
This paper analyzes a comprehensive data set of 108 non venture-backed, 58 venture-backed and 33 bridge financed companies going public at Germany s Neuer Markt between March 1997 and March 2000. I examine whether these three types of issues differ with regard to issuer characteristics, balance sheet data or offering characteristics. Moreover, this empirical study contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and underwriters in certifying the quality of a company when going public. Companies backed by a prestigious venture capitalist and/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex-ante uncertainty. This study provides evidence to the contrary: VC-backed IPOs appear to be more underpriced than non VCbacked IPOs.
This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany´s Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance sheet data or offering characteristics. Moreover, this empirical study contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and underwriters in certifying the quality of a company when going public. Companies backed by a prestigious venture capitalist and/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex-ante uncertainty. This analysis provides evidence to the contrary: VC-backed IPOs appear to be more underpriced than non VC-backed IPOs.