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The impact of fund inflows on staging and investment behaviour

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The impact of fund inflows on staging and investment behaviour. / Lauterbach, Rainer; Hass, Lars Helge; Schweizer, Denis.
In: International Small Business Journal, Vol. 32, No. 6, 09.2014, p. 644-666.

Research output: Contribution to Journal/MagazineJournal articlepeer-review

Harvard

Lauterbach, R, Hass, LH & Schweizer, D 2014, 'The impact of fund inflows on staging and investment behaviour', International Small Business Journal, vol. 32, no. 6, pp. 644-666. https://doi.org/10.1177/0266242613500504

APA

Lauterbach, R., Hass, L. H., & Schweizer, D. (2014). The impact of fund inflows on staging and investment behaviour. International Small Business Journal, 32(6), 644-666. https://doi.org/10.1177/0266242613500504

Vancouver

Lauterbach R, Hass LH, Schweizer D. The impact of fund inflows on staging and investment behaviour. International Small Business Journal. 2014 Sept;32(6):644-666. doi: 10.1177/0266242613500504

Author

Lauterbach, Rainer ; Hass, Lars Helge ; Schweizer, Denis. / The impact of fund inflows on staging and investment behaviour. In: International Small Business Journal. 2014 ; Vol. 32, No. 6. pp. 644-666.

Bibtex

@article{32607165ec734efcaafd42a4b277a075,
title = "The impact of fund inflows on staging and investment behaviour",
abstract = "This article demonstrates that increased inflows of capital into private equity and venture capital funds can influence the investment behaviour of fund managers by increasing staging intensity, increasing amount per financing round, and accelerating speed of capital allocation. These changes do not appear to be related to expectations of improved investment performance. The study extends the work of Gompers and Lerner who interpret these inflows as demand pressure for venture capital securities to drive up prices during periods of high inflows. Using a unique dataset, the study examines the effects of this pressure on investment behaviour.",
keywords = "behavioural finance, China, decision making, private equity, staging, venture capital",
author = "Rainer Lauterbach and Hass, {Lars Helge} and Denis Schweizer",
year = "2014",
month = sep,
doi = "10.1177/0266242613500504",
language = "English",
volume = "32",
pages = "644--666",
journal = "International Small Business Journal",
issn = "0266-2426",
publisher = "SAGE Publications Ltd",
number = "6",

}

RIS

TY - JOUR

T1 - The impact of fund inflows on staging and investment behaviour

AU - Lauterbach, Rainer

AU - Hass, Lars Helge

AU - Schweizer, Denis

PY - 2014/9

Y1 - 2014/9

N2 - This article demonstrates that increased inflows of capital into private equity and venture capital funds can influence the investment behaviour of fund managers by increasing staging intensity, increasing amount per financing round, and accelerating speed of capital allocation. These changes do not appear to be related to expectations of improved investment performance. The study extends the work of Gompers and Lerner who interpret these inflows as demand pressure for venture capital securities to drive up prices during periods of high inflows. Using a unique dataset, the study examines the effects of this pressure on investment behaviour.

AB - This article demonstrates that increased inflows of capital into private equity and venture capital funds can influence the investment behaviour of fund managers by increasing staging intensity, increasing amount per financing round, and accelerating speed of capital allocation. These changes do not appear to be related to expectations of improved investment performance. The study extends the work of Gompers and Lerner who interpret these inflows as demand pressure for venture capital securities to drive up prices during periods of high inflows. Using a unique dataset, the study examines the effects of this pressure on investment behaviour.

KW - behavioural finance

KW - China

KW - decision making

KW - private equity

KW - staging

KW - venture capital

U2 - 10.1177/0266242613500504

DO - 10.1177/0266242613500504

M3 - Journal article

VL - 32

SP - 644

EP - 666

JO - International Small Business Journal

JF - International Small Business Journal

SN - 0266-2426

IS - 6

ER -