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Tereza Tykvová
Title
Prof. Dr.
Last Name
Tykvová
First name
Tereza
Email
tereza.tykvova@unisg.ch
Phone
+41 71 224 7090
Now showing
1 - 10 of 23
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PublicationPoor Industry Conditions as an External Disciplining Mechanism in Takeovers( 2023-03-08)
;Fidrmuc, JanaCorporate Governance: An International ReviewResearch Question/Issue: Many mergers destroy shareholder value because managers waste corporate resources to pursue private benefits. This paper considers poor conditions in the acquirer industry as a novel external disciplining mechanism that mitigates agency problems in takeovers. Research Findings/Insights: Using textual analysis, we build a new measure of industry conditions based on acquirer peers' 10-K statements. We link this measure to acquirer announcement abnormal returns and find that more negative industry conditions are associated with higher abnormal returns. Theoretical/Academic Implications: Our results suggest that poor industry conditions impose discipline on managers who then tend to focus on deals that create value for acquirer shareholders. Practitioner/Policy Implications: Shareholders can rely on better alignment of interests with their managers during poorer industry conditions. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.Type: journal articleJournal: Corporate Governance: An International Review -
PublicationConnected VCs and strategic alliances: Evidence from biotech companies( 2021-02)
;Brinster, LeonhardWe study a new channel through which portfolio companies benefit from ties among venture capitalists (VCs). By tracing individual VCs' investment and syndication histories, we show that VCs' ties improve companies' access to strategic alliance partners. While existing studies demonstrate that alliances are more frequent among companies sharing the same VC, we provide evidence that alliances are also more frequent among companies indirectly connected through VC syndication networks. In addition, our results suggest that VCs' ties mitigate asymmetric information problems that arise when alliances are formed. Finally, strategic alliances between companies from connected VCs' portfolios tend to perform well. We demonstrate that this type of alliance is associated with higher IPO chances. We also address alternative explanations and related endogeneity concerns.Type: journal articleJournal: Journal of Corporate FinanceVolume: 66Issue: 101835Scopus© Citations 8 -
PublicationIPO withdrawals: Are corporate governance and VC characteristics the guiding light in the rough sea of volatile markets?( 2021-04)
;Reiff, AnnikaMore than 25% of all US firms that file for an IPO withdraw their offering from registration. Our study, which includes 3438 US domestic first-time IPO filings between 1997 and 2014, examines whether in times of high market volatility, high-quality corporate governance and VC backing may serve as a signal and thus reduce the withdrawal probability. Our results from an interaction term analysis support the view that corporate governance characteristics, but not the VC backing per se, tend to provide signals in highly volatile markets. In addition, our paper delves into the effect of VC characteristics. Local VCs tend to reduce the withdrawal probability. The same holds for VC syndication, particularly in highly volatile markets. Finally, our findings lend support to the conclusion that in highly volatile environments, reputable VCs tend to follow the dual-track strategy or postpone the IPO of their portfolio firms more often than in less volatile markets.Type: journal articleJournal: Journal of Corporate FinanceVolume: 67Issue: 101908Scopus© Citations 17 -
PublicationThe role of strategic alliances in VC exits: evidence from the biotechnology industry( 2020-08-20)
;Brinster, Leonhard ;Hopp, Christiann 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 articleJournal: Venture CapitalIssue: 22(3)Scopus© Citations 3 -
PublicationNew Technology Assessment in Entrepreneurial Financing - Does Crowdfunding Predict Venture Capital Investments?( 2019)
;Kaminski, J. ;Hopp, C.Type: journal articleJournal: Technological Forecasting and Social ChangeIssue: 139Scopus© Citations 41 -
PublicationLegal Framework Quality and Success of (Different Types of) Venture Capital Investments( 2018)© 2017 Elsevier B.V. Drawing on an analysis of 8,270 companies from 41 countries, I explore the relationship between success of venture capital investments and legal frameworks in the investment countries. Legal framework quality is related to success, but the effect varies with the deal type. First, the significant and positive relationship between legal framework quality and success is more pronounced for domestic deals than for international deals. Further investigations suggest that international venture capitalists often exit their portfolio companies abroad, particularly when these companies are located in countries with inefficient legal frameworks. In addition, the results lend support to the view that international venture capitalists have a greater experience and reputation. Second, legal framework quality seems to be more important for success in syndicated than in standalone deals. This finding supports the view that a sound legal framework may improve the benefit–cost balance of syndication, while an inefficient legal framework may tend to increase costs in syndicated deals.Type: journal articleJournal: Journal of Banking and FinanceVolume: 87
Scopus© Citations 26 -
PublicationVenture Capital and Private Equity Financing: An Overview of Recent Literature and an Agenda for Future Research( 2018)© 2017, Springer-Verlag GmbH Germany. This paper surveys the growing body of recent literature on venture capital (VC) and private equity (PE) and formulates an agenda for future research. Specifically, it covers and categorizes 314 articles that have appeared in top leading international journals since 2011 and points to areas that deserve deeper investigation. 67.8% of these works deal exclusively with VC and 26.8% deal exclusively with PE. The main “hot” topics in VC and PE research are: (1) heterogeneity (e.g., in affiliation, experience, reputation) within the VC and PE industries and its effects, (2) the causal link between VC and PE financing and various aspects of company performance, such as growth or innovation, (3) the performance of VC and PE funds and how to measure it properly. In the literature on VC, (4) internationalization and (5) the processes through which VC investors and entrepreneurs select and match with each other are also highly relevant topics. Most recent works (81.2%) are empirical and strategies that aim at identifying causal effects have been getting widespread. Although new sources of data have been used and the European (and to a lesser extent Asian) VC and PE industries have been gaining ground in recent research, more than 52% of all empirical papers still rely on US data.Type: journal articleJournal: Journal of Business EconomicsVolume: 88(3)
Scopus© Citations 58 -
PublicationUnderstanding Innovation, Entrepreneurial Ventures and Finance in Europe and the World( 2017)
;Roger, P.© Credit and Capital Markets, Volume 50, Issue 3, pp. 393-402. Report Understanding Innovation, Entrepreneurial Ventures and Finance in Europe and the World 2nd European Joint Conference of the Academy of Entrepreneurial Finance (Europe) and the Academy of Behavioral Finance & Economics Patrick Roger and Tereza Tykvová. From 15 to 17 March 2017, Stuttgart was hosting the 2nd European Joint Conference of the Academy of Entrepreneurial Finance (Europe) and the Academy of Behavioral Finance & Economics. The event was organized by the University of Hohenheim and co-hosted by the "Thematic Network Innovation, Entrepreneurship and Finance (INEF)". 58 participants from 13 different countries gathered in Stuttgart to discuss latest academic research in the areas Entrepreneurial Finance and Behavioral Finance & Economics. -
PublicationType: journal articleJournal: Journal of Financial and Quantitative AnalysisVolume: 52
Scopus© Citations 20 -
PublicationGoing Public via Special Purpose Acquisition Companies: Frogs do Not Turn into Princes( 2016)
;Kolb, J.© 2016 Elsevier B.V. Special purpose acquisition companies (SPACs) are cash shells that try to buy private operating firms to which they confer a public-listing status. Private operating firms tend to use SPACs as an alternative way to get listed, particularly in years with weak IPO activity and volatile markets, such as 2008 and 2009. In these two years, approximately 31% of firms went public through a SPAC acquisition rather than through an IPO. Our results from the analysis of 127 SPAC acquisitions and 1128 IPOs during the wave of “new-generation” SPACs starting in 2003 lend support to the conjecture that particular small and levered firms with low growth opportunities tend to use this vehicle. SPAC acquisitions also may be fueled by the cash-out motives of existing shareholders. Venture capitalists and private equity investors tend to refrain from using SPAC acquisitions as an exit route. Tracking long-term abnormal returns, we find that SPAC firms are associated with severe underperformance in comparison to the market, the industry and (comparable) IPO firms.Type: journal articleJournal: Journal of Corporate FinanceVolume: 40Scopus© Citations 49
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