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

Gavin C. Reid, Julia A. Smith

Research output: Working paperDiscussion paper

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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.
Original languageEnglish
Place of PublicationSt Andrews, UK
Number of pages49
Publication statusPublished - 2005

Publication series

NameCRIEFF Discussion Papers
Volume0510
ISSN (Print)1364-453X

Keywords

  • venture capital
  • high technology
  • accounting information
  • intangible assets

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