Tereza Tykvová

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Prof. Dr.
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Tykvová
First name
Tereza
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tereza.tykvova@unisg.ch
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+41 71 224 7090
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    Item type:Publication,
    The role of strategic alliances in VC exits: evidence from the biotechnology industry
    (2020-08-20)
    Brinster, Leonhard
    ;
    Hopp, Christian
    ;
    Tykvova, Tereza  
    n this study, we analyze the impact of strategic alliances on VC exits. We explicitly ask whether strategic alliances may serve as a certifying device for new potential investors and whether the role alliances play differs in IPO and M&As. We hypothesize that strategic alliances serve as a certifying device particularly in instances with many uninformed buyers (IPOs) but not when there is a single buyer (M&As). To empirically test this hypothesis, we draw on a sample of 663 US VC-backed biotechnology companies founded between 2004 and 2008. We explicitly control for observed and unobserved heterogeneity in our cohort sample, alleviate concerns relating to self-selection into alliance activity, and assuage methodological concerns with respect to censoring. Our findings suggest that alliances improve the probability of successful exits for IPOs, but not for M&As. Moreover, we find a smaller effect than prior studies do.
    Type:journal article
    Journal:Venture Capital
    Issue:22(3)
    URL:https://www.tandfonline.com/doi/full/10.1080/13691066.2020.1814192
    DOI:10.1080/13691066.2020.1814192
    URI:https://www.alexandria.unisg.ch/handle/20.500.14171/111856
    Scopus© Citations 5