SEMINAR SERIES
Management Seminar
Pia Helbing（Lecturer (Assistant Professor) in Finance, The University of Edinburgh, University of Edinburgh Business School）
- Date&Time:
- 2024.5.17 (Fri) 16:30-18:00
- Venue:
- Large Seminar Room 2 on 3F, Research Bldg. No.2, Yoshida Campus, Kyoto University
- Language:
- English
- Contact:
- Asli M. COLPAN
(Title)
"Does the same investment team create value? Evidence from venture capital syndication"
Abstract:
We study the effect of repeated venture capital (VC) syndication on VC investment performance. We posit that repeated syndication is positively associated with stagnant investment returns and negatively associated with high investment returns. Using a large dataset from 1985 through 2017, we find support for our intuition. Our results show that the global financial crisis accentuates the positive relationship between repeated syndication and stagnant investment returns, and the negative relationship between repeated syndication and high investment returns. These findings are robust after addressing sample selection and endogeneity concerns. Our study provides nuanced insights to the performance implications of having the same investment teams in the context of VC syndications.