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Benson Ziedonis (2010) - Corporate Venture Capital And The Returns To Acquiring Portfolio Companies (view source)
Revision as of 16:37, 23 July 2012
, 16:37, 23 July 2012no edit summary
==Data==
*Sources: SDC and VentureOne (with manual verification using the Wall Street Journal)*Top 100 publicly traded US corps with direct VC investments from 1980-2003 (i.e. CVCs)*Eliminated financial investors.*Targets >= 12yrs old.*530 acqs by 61 corp investors. 89 were port-cos (note: only 6 listed in SDC as having a prior stake).*Eliminated 41 due to simultaneous events: 489 (74 CVC and 415 other).*Both private and public targets.
===Definition of Sectors===
==Results==
*Univariate CAR2 for private targets: 0.67%*CVC (internal) return is -1.05% for private targets.
Non-CVC acquisitions (N=415) have the following period based mean CARs:
