Does overconfidence affect venture capital firms' investment?

被引：3

作者：

Ben Amor, Salma ^{[1
]}

Kooli, Maher ^{[2
]}

机构：

[1] Univ Quebec Outaouais, Campus St Jerome,5 Rue St Joseph, St Jerome, PQ J7Z 0B7, Canada

[2] Univ Quebec Montreal, Sch Management, CDPQ Res Chair Portfolio Management, Dept Finance, 315 Rue St Catherine Est, Montreal, PQ H2X 3X2, Canada

来源：

JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE | 2024年 / 41卷

关键词：

Venture capital; Overconfidence; Exit; M&A; IPO; CEO OVERCONFIDENCE; DECISION; CERTIFICATION; DIRECTORS; MARKETS;

D O I：

10.1016/j.jbef.2023.100884

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the effect of overconfidence bias on VC firms' investment. Using a sample of U.S. venture capital exits by IPOs and M&As between 2000 and 2019, we construct an overconfidence index and find a strong positive relationship between the follow-on funds and the degree of overconfidence. We also find that the higher the VC's overconfidence, the shorter the time to raise new capital. Further, we show that overconfident VCs are more likely to exit their investments via IPOs rather than M&As and that the degree of overconfidence negatively and significantly affects the time to exit.

引用

页数：16

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