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- Isaksson, Anders, 1965-
(författare)
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Studies on the venture capital process
- 2006
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis consists of an introductory part, including venture capital definitions, the history of venture capital in Sweden, and an overview of the venture capital process, and four self-contained papers on venture capital and the venture capital process.Paper 1 investigates the standardisation of the contractual strategies applied in the Swedish venture capital industry. The study was based on a questionnaire data regarding the use of contractual covenants. Our results indicate that the greatest differences occur among those with different investment preferences. There would appear to be two distinct venture capital cultures controlling contractual choices in these groups. Our findings generally conform to expectations as predicated by institutional theory.Paper 2 investigate venture capital firms’ valuation practices in two different economic contexts, in the economic boom of 1999 and in the downturn market of 2002 by using an experimental case study design with a case based on a real firm. Contrary to our expectations, in times of heightened stringency and economic downturn, venture capital investors employ fewer valuation models than they do in boom times. The main contribution of our research is an increase in the knowledge of venture capitalists’ valuation practices under different market conditions. It can also contribute to researchers developing more relevant theories of valuation, valuation models and valuation practice.Paper 3 empirically examines the linkage between governance, trust and performance based on a questionnaire sent to entrepreneurs in venture capital backed companies in Sweden. The results suggest that the level of trust between the venture capitalist and the entrepreneur affects the relationship between VCs governance and the portfolio company’s performance.Paper 4 analyse exit strategies and exit-directed activities among entrepreneurs in venture capital relationships. The study focuses on the effect of the venture capital organization (independent, public sector and captive) on strategy and exit-directed activities. The results indicate that firms with a trade sale strategy tend to have a higher degree of exit activities compared to other exit strategies. Furthermore, the type of venture capital organization involved (especially when comparing private independent VCs to public sector VCs) also affects exit strategies and activities.
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2. |
- Isaksson, Anders, 1965-, et al.
(författare)
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The Ex-Dividend-Day Price Behaviour of Blue-Chip Stocks : International Evidence
- 2013
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Ingår i: Asian Journal of Finance & Accounting. - : Macrothink Institute. - 1946-052X. ; 5:1
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Tidskriftsartikel (refereegranskat)abstract
- To explain the ex-day stock price behaviour, previous research has mostly focused on dividend yield and expected return. Most of these studies concentrated on the US markets and were conducted in a stable economic condition. This paper examines the most liquid common stock (blue-chip) prices behaviour on the ex-day in a period of financial crisis and covers four major capital markets from different geographic locations (the US, the UK, Japan, and China). On the New York and Shanghai Stock Exchanges, we observe that the stock prices drop does not differ from the dividend amount on the ex-dividend day and there is no evidence of abnormal return and short-term trading. On the Tokyo Stock Exchange, the stock prices fall less than the dividend amount, which is in contrast to the London Stock Exchange, where the stock prices fall more than the dividend amount. On the Tokyo and London Stock Exchanges, we observe abnormal return and short-term trading around the ex-day. Possible explanations for these differences can be financial crisis (in the UK) and short-term trading (in the Japan)
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3. |
- Isaksson, Anders, 1965
(författare)
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Venture Capital - begrepp och definitioner
- 2000
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Ingår i: Svenska Riskkapitalföreningens medlemsmatrikel 2000/2001. - Stockhom : Svenska Riskkapitalföreningen. ; , s. 28-32
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Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- Venture capital som begrepp är relativt nytt i Sverige. Som så mycket annat inom det finansiella området har begreppsapparaten även färgats starkt av USA där venture capital, som en definierad investeringsform, funnits sedan 50-talet. Svenska begrepp blandas friskt med engelska eller ”svengelska” begrepp. Snarlika engelska ord som venture capital och riskcapital har i många svenska översättningar blivit synonymer. Kombinationen av branschens ungdom i det svenska språket och svåröversatta uttryck och facktermer har därför inneburit en viss begreppsförvirring. Denna artikel syftar därför att reda ut en del av de begrepp och definitioner förekommer inom området.
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- Thorsell, Anna, 1981-, et al.
(författare)
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Director experience and the performance of IPOs : Evidence from Sweden
- 2014
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Ingår i: Australasian Accounting Business and Finance Journal. - Wollongong : University of Wollongong. - 1834-2000 .- 1834-2019. ; 8:1, s. 3-24
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Tidskriftsartikel (refereegranskat)abstract
- An initial public offering (IPO) represents one of the final stages in the life of a small firm as it transitions from private to public. In this paper the experience of directors is examined to determine the extent of the role they play in ensuring a successful listing. Unique data from 122 IPOs on the Swedish Stock Exchange have been examined in a search for the effect of director experience on aftermarket performance. Specific aspects of director experience within a board, such as interlocking directorships and average tenure, are connected to the underpricing of Swedish IPOs. Contrary to expectations, no statistically significant relationship was found between long-run aftermarket performance and director experience at the time of an IPO. This suggests that the previous experience of directors, as measured in earlier studies, is less relevant to long-term aftermarket performance in Sweden. This stresses the importance of examining different institutional contexts.
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5. |
- Zackariasson, Peter, et al.
(författare)
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Phronesis and creativity: Knowledge work in video game development
- 2006
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Ingår i: Creativity and Innovation Management. - : Wiley. - 1467-8691 .- 0963-1690. ; 15:4, s. 419-429
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Tidskriftsartikel (refereegranskat)abstract
- This article presents a study of the knowledge work involved in the development of video games. The success of these games is based on the ability to create a sense of immersion for the gamers. In the case presented here, dedicated gamers were also preferred when hiring personnel to develop the games. Speaking about the know-how of this specific group in terms of phronesis, the detailed and practical understanding of a particular field, enables an understanding of the idiosyncratic competence of this group and its importance for the development process. The video game development process is also structured to enable an open-ended process under the continuous influence of the gamers. The article concludes that innovative and creative work needs to be able to exploit a variety of competencies and that the notion of phronesis has to date been relatively under-theorized and therefore deserves more detailed attention.
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