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|Title: ||AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTAL EXITS|
|Authors: ||Félix, Elisabete Gomes Santana|
Esperança, José Paulo
Gulamhussen, Mohamed Azzim
Pires, Cesaltina Pacheco
|Keywords: ||Venture capital|
|Issue Date: ||2009|
|Publisher: ||PORTUGUESE JOURNAL OF MANAGEMENT STUDIES|
|Abstract: ||This article analyzes Portuguese venture capital exits, exploring the relationship between the type
of exit and the asymmetry of information of the venture capital investments. The central hypothesis being
tested is that the occurrence of partial exits is associated with signalling the investment quality and with
the reduction of the degree of informational asymmetry.
The data resulted from a study elaborated by Small Business Investment, SA and Price WaterHouse
Coopers, for the Associação Portuguesa de Capital de Risco e de Desenvolvimento (APCRI), by way of
questionnaire sent to the resident Portuguese venture capital companies.
We used Logit models in which the dependent variable is a dummy indicating if a partial exit
occurred and the independent variables are all dummies referring to investment and divestment characteristics.
We conclude that when the exit occurs through IPO, this increases the probability of a partial exit
occurring and that the longer the duration, the smaller is the probability of a partial exit. Both results
support the hypothesis that the higher the degree of informational asymmetry, the higher the probability
of a partial exit.|
|Appears in Collections:||CEFAGE - Publicações - Artigos em Revistas Nacionais Com Arbitragem Científica|
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