【本期主题】Geographic Concentration of Venture Capital Investors, Corporate Monitoring, and Firm Performance
This paper examines how the coordination of venture capital (VC) investors in their syndication, measured by their geographic concentration, affects their monitoring effectiveness and portfolio firm performance. We find that the likelihood of firms’ successful exits through IPOs and acquisitions, and their survivor rates increase as physical distances among VC investors decrease. These findings are robust to using the introduction of new direct airline routes that reduce the travel time between VC investors as an exogenous shock to geographic distance. We also find that among VC-backed IPO firms, those with geographically concentrated VC investors experience lower IPO underpricing, larger post-IPO valuation, and higher founder turnover-performance sensitivity. VC investors located far away from other VCs are more likely to sit on the boards of their portfolio firms, possibly to complement their lack of coordination.
【报告人】 Jun-Koo KANG
【时 间】2017年5月19日 上午10:00
Dr. Jun-Koo KANG is Canon Professor and Distinguished Professor of Finance at Nanyang Business School, Nanyang Technological University (NTU). Prior to joining NTU, Dr. Kang was the MSU Federal Credit Union Endowed Chair in Financial Institutions and Investments at Michigan State University.
Dr. Kang’s research interests include corporate finance and international finance, cross-border mergers and acquisitions, corporate governance, capital raising, international portfolio allocation, and banking. His research has been published in leading finance journals, such as Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American Economic Review, Journal of Financial and Quantitative Analysis, Journal of Business, and Pacific-Basin Finance Journal.
He currently serves as a co-editor of Pacific-Basin Finance Journal, an associate editor of Japan and the World Economy, Journal of Financial Perspectives, and Asia-Pacific Journal of Financial Studies, and an editorial review board member of Journal of International Business Studies. He is also a senior fellow and secretary of the Asia Bureau of Finance and Economics Research and a research fellow of the Asian Institute of Corporate Governance.
In a recent article by Chan, Chen, and Lee (2011), he was ranked number one in the Asia–Pacific region based on articles published in 21 leading finance journals during 1990-2008. Dr. Kang received his Ph.D. in finance from the Ohio State University.