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Venture capital investor behaviour in the backing of UK high technology firms: financial reporting and the level of investment

Reid, Gavin C. and Smith, Julia A. (2005) Venture capital investor behaviour in the backing of UK high technology firms: financial reporting and the level of investment. Discussion paper. Centre for Research into Industry, Enterprise, Finance and the Firm (CRIEFF), St Andrews, UK.

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Abstract

This paper is an empirical investigation into the ways in which venture capitalists value (and invest in) high technology firms, focusing on financial reporting, risk disclosure and intangible assets. It is based on questionnaire returns from UK investors in diverse sectors, ranging from biotechnology, through software/ computer services, to communications and medical services. This evidence is used to examine: (a) the usefulness of financial accounts; (b) the implications of technopole investment; (c) the extent of investor control over the investee's AIS; and (d) the role of investor opinion (e.g. on disclosure, due diligence and risk reporting) in determining the level of equity provision.

Item type: Monograph (Discussion paper)
ID code: 2421
Keywords: venture capital, high technology, accounting information, intangible assets, Finance, Accounting
Subjects: Social Sciences > Finance
Social Sciences > Commerce > Accounting
Department: Strathclyde Business School > Accounting and Finance
Depositing user: Dr Julia A. Smith
Date Deposited: 01 Dec 2006
Last modified: 27 Mar 2015 06:04
URI: http://strathprints.strath.ac.uk/id/eprint/2421

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