Venture Capital and the Finance of Innovation

2. Auflage 2010
ISBN: 978-0-470-45470-1
Verlag: Wiley

Buch, Englisch, 576 Seiten, Format (B × H): 163 mm x 231 mm, Gewicht: 719 g

This useful guide walks venture capitalists through the principles of finance and the financial models that underlie venture capital decisions. It presents a new unified treatment of investment decision making and mark-to-market valuation. The discussions of risk-return and cost-of-capital calculations have been updated with the latest information. The most current industry data is included to demonstrate large changes in venture capital investments since 1999. The coverage of the real-options methodology has also been streamlined and includes new connections to venture capital valuation. In addition, venture capitalists will find revised information on the reality-check valuation model to allow for greater flexibility in growth assumptions.

Autoren/Hrsg.

Metrick, Andrew

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines

Inhaltsverzeichnis

1. The VC Industry
2. VC Players
3. VC Returns
4. The Cost of Capital for VC
5. The Best VCs
6. VC Around the World
7. The Analysis of VC Investments
8. Term Sheets
9. Preferred Stock
10. The VC Method
11. DCF Analysis of Growth Companies
12. Comparables Analysis
13. Option Pricing
14. The Valuation of Preferred Stock
15. Later-Round Investments
16. Participating Convertible Preferred Stock
17. Implied Valuation
18. Complex Structures
19. R&D Finance
20. Monte Carlo Simulation
21. Real Options
22. Binomial Trees
23. Game Theory
24. R&D Valuation
App A. Sample Term Sheet
App B. The VCFI Spreadsheets
App C. Guide to Crystal Ball

Über Autor(innen)

Andrew Metrick is a Professor of Finance and the Theodore Nierenberg Professor of Corporate Governance at the Yale School of Management, where he teaches a course in Venture Capital and the Finance of Innovation. He was previously a faculty member in the finance department at the Wharton School of the University of Pennsylvania, and in the economics department of Harvard University. In 2010 he served as the Chief Economist for President Obama's Council of Economic Advisers. Dr. Metrick received a BA in Economics and Mathematics from Yale and a Ph.D. in Economics from Harvard. He has received numerous teaching awards and distinctions, including recognition by BusinessWeek as one of the best teachers at Wharton.

Ayako Yasuda is an Assistant Professor of Management at the Graduate School of Management, University of California, Davis. She was previously a faculty member in the finance department at the Wharton School of the University of Pennsylvania; prior to her Ph.D. she worked at the Investment Banking Division of Goldman, Sachs & Co. Dr. Yasuda received a BA and Ph.D. in Economics from Stanford University. She has won numerous research grants and has been published in the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies.