告诉我一些新的东西:创业公司的估值，信息不对称，以及信息更新的缓解效应

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Venture Capital Pub Date : 2022-01-02 DOI:10.1080/13691066.2022.2026744

Lukas Koenig, Julius Tennert

{"title":"告诉我一些新的东西:创业公司的估值，信息不对称，以及信息更新的缓解效应","authors":"Lukas Koenig, Julius Tennert","doi":"10.1080/13691066.2022.2026744","DOIUrl":null,"url":null,"abstract":"ABSTRACT A high level of information asymmetry is characterizing for venture capital investments making new information about entrepreneurial companies especially valuable for a venture capitalist’s valuation process. This paper uses text classification and text mining methodology to extract structured data about capital allocation plans in a unique sample of 1,550 European funding rounds that serves as proxy for the private informational updates shared with investors by entrepreneurs. We show that venture capitalists incorporate the content and specificity of information into their valuation process. Further, results confirm that the value of new information is dependent on the prevailing level of information asymmetry.","PeriodicalId":46643,"journal":{"name":"Venture Capital","volume":"43 1","pages":"47 - 69"},"PeriodicalIF":2.8000,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"5","resultStr":"{\"title\":\"Tell me something new: startup valuations, information asymmetry, and the mitigating effect of informational updates\",\"authors\":\"Lukas Koenig, Julius Tennert\",\"doi\":\"10.1080/13691066.2022.2026744\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT A high level of information asymmetry is characterizing for venture capital investments making new information about entrepreneurial companies especially valuable for a venture capitalist’s valuation process. This paper uses text classification and text mining methodology to extract structured data about capital allocation plans in a unique sample of 1,550 European funding rounds that serves as proxy for the private informational updates shared with investors by entrepreneurs. We show that venture capitalists incorporate the content and specificity of information into their valuation process. Further, results confirm that the value of new information is dependent on the prevailing level of information asymmetry.\",\"PeriodicalId\":46643,\"journal\":{\"name\":\"Venture Capital\",\"volume\":\"43 1\",\"pages\":\"47 - 69\"},\"PeriodicalIF\":2.8000,\"publicationDate\":\"2022-01-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"5\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Venture Capital\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1080/13691066.2022.2026744\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Venture Capital","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1080/13691066.2022.2026744","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 5

摘要

高水平的信息不对称是风险投资的特征，使得关于创业公司的新信息对风险资本家的估值过程特别有价值。本文使用文本分类和文本挖掘方法从1550个欧洲融资轮的独特样本中提取有关资本配置计划的结构化数据，这些数据作为企业家与投资者分享的私人信息更新的代理。我们表明，风险资本家将信息的内容和特殊性纳入其估值过程。此外，研究结果证实，新信息的价值取决于当前信息不对称的水平。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Tell me something new: startup valuations, information asymmetry, and the mitigating effect of informational updates

ABSTRACT A high level of information asymmetry is characterizing for venture capital investments making new information about entrepreneurial companies especially valuable for a venture capitalist’s valuation process. This paper uses text classification and text mining methodology to extract structured data about capital allocation plans in a unique sample of 1,550 European funding rounds that serves as proxy for the private informational updates shared with investors by entrepreneurs. We show that venture capitalists incorporate the content and specificity of information into their valuation process. Further, results confirm that the value of new information is dependent on the prevailing level of information asymmetry.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Venture Capital BUSINESS, FINANCE-

CiteScore

4.10

自引率

16.70%

发文量

期刊介绍： Venture Capital publishes cutting edge research-based papers from academics and practitioners on all aspects of private equity finance such as: •institutional venture capital •informal venture capital •corporate venture capital •public sector venture capital •community venture capital It also covers all aspects of the venture capital process from investment decision to exit, including studies on: •investment patterns •investment decision-making •investment performance •realisation of investment value exit routes (including the relationship with junior capital markets such as NASDAQ, EASDAQ, AIM and Nouvelle March). •economic impact and public policy