Venture Capital and Private Equity: Bibliography


Introductory Overview

George Fenn, Nellie Liang, and Steven Prowse, The Private Equity Industry: An Overview, (Financial Markets, Institutions and Instruments Series, Volume 6, Number 4), Boston, Blackwell Publishers, 1997 (an older version was published as The Economics of the Private Equity Industry, Washington: Federal Reserve Board, 1995, and is available on-line).

Paul Gompers and Josh Lerner, The Venture Capital Cycle, Cambridge, MIT Press, 1999.

Josh Lerner, Venture Capital and Private Equity: A Casebook, New York, John Wiley, 2000.

Private Equity Fundraising and Partnerships

Legal and descriptive works:

Joseph W. Bartlett, Equity Finance, New York, John Wiley, 1995.

Craig E. Dauchy and Mark T. Harmon, "Structuring Venture Capital Limited Partnerships," The Computer Lawyer, 3 (November 1986) pages 1-7.

Michael J. Halloran, Lee F. Benton, Robert V. Gunderson, Jr., Keith L. Kearney, Jorge del Calvo, Venture Capital and Public Offering Negotiation, Englewood Cliffs, NJ, Aspen Law and Business, 1995, volume 1, chapters 1 and 2.

Practitioner and journalistic accounts:

Asset Alternatives, "Venture Firms Seek Bigger Share of Fund Profits," Private Equity Analyst, 6 (March 1996) pages 1 and 14-16.

Renee Deger, "Barbarians Behind the Gate," Venture Capital Journal, 35 (November 1995) pages 45-48.

E.S. Ely, "Dr. Silver’s Tarnished Prescription," Venture, 9 (July 1987) pages 54-58.

Steven P. Galante, Directory of Alternative Investment Programs, Wellesley, Asset Alternatives, 1995, section II.

Jason Huemer, "Brinson Partners on a Roll," Venture Capital Journal, 32 (June 1992) pages 32-36.

Robert Moreland and Jesse E. Reyes, "The Debate Over Performance," Venture Capital Journal, 32 (October 1992) pages 44-48.

Jesse E. Reyes, "Industry Struggling to Forge Tools to Measure Risk," Venture Capital Journal, 30, (September 1990) pages 23-27.

Venture Economics, 1992 Terms and Conditions of Venture Capital Partnerships, Boston, Venture Economics, 1992.

Venture Economics, "A Perspective on Venture Capital Management Fees," Venture Capital Journal, 27 (December 1987) pages 10-14.

Lisa Vincenti, "Ship of Holes," Venture Capital Journal, 35 (November 1995) pages 388-341.

Academic studies:

Paul A. Gompers, "Grandstanding in the Venture Capital Industry," Journal of Financial Economics, 43 (September 1996) pages 133-156.

Paul A. Gompers and Josh Lerner, "The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements," Journal of Law and Economics, 39 (October 1996) pages 566-599.

Paul A. Gompers and Josh Lerner, "An Analysis of Compensation in the U.S. Venture Partnership," Harvard Business School Working Paper #95-009, 1994.

Blaine Huntsman and James P. Hoban, Jr., "Investment in New Enterprise: Some Empirical Observations on Risk, Return and Market Structure," Financial Management, 9 (Summer 1980) pages 44-51.

Private Equity Investing

Legal works:

Joseph W. Bartlett, Equity Finance, New York, John Wiley, 1995.

Michael J. Halloran, Lee F. Benton, Robert V. Gunderson, Jr., Keith L. Kearney, Jorge del Calvo, Venture Capital and Public Offering Negotiation, Englewood Cliffs, NJ, Aspen Law and Business, 1995, volume 1, chapters 5 through 9.

Jack S. Levin, Structuring Venture Capital, Private Equity, and Entrepreneurial Transactions, Boston, Little, Brown, 1995, chapters 2 through 8.

Practicing Law Institute, Venture Capital (Commercial Law and Practice Course Handbook Series), New York, Practicing Law Institute, various years, various chapters.

Practitioner and journalistic accounts:

Asset Alternatives, "As Deal Valuations Soar, Managers Increasingly Resort to ‘Ratchets,’" Private Equity Analyst, 5 (December 1995) pages 1, 12-16.

Leonard A. Batterson, Raising Venture Capital and the Entrepreneur, Englewood Cliffs, NJ, Prentice-Hall, 1986.

Coopers & Lybrand, Three Keys to Obtaining Venture Capital, New York, Coopers & Lybrand, 1993.

Harold M. Hoffman and James Blakey, "You Can Negotiate with Venture Capitalists, Harvard Business Review, 65 (March-April 1987) 16-24.

Robert J. Kunze, Nothing Ventured: The Perils and Payoffs of the Great American Venture Capital Game, New York, HarperBusiness, 1990.

Robert C. Perez, Inside Venture Capital: Past, Present and Future, New York, Praeger, 1986.

James L. Plummer, QED Report on Venture Capital Financial Analysis, Palo Alto, QED Research, 1987.

Academic studies:

George P. Baker and Karen H. Wruck, "Organizational Changes and Value Creation in Leveraged Buyouts: The Case of O.M. Scott & Sons Company," Journal of Financial Economics, 25 (December 1989) pages 163-190.

Paul A. Gompers, "Optimal Investment, Monitoring, and the Staging of Venture Capital," Journal of Finance, 50 (December 1995) pages 1461-1489.

Steven N. Kaplan and Richard S. Ruback, "The Valuation of Cash Flow Forecasts: An Empirical Analysis," Journal of Finance, 50 (September 1995) pages 1059-1093.

Steven N. Kaplan and Jeremy Stein, "The Evolution of Buyout Pricing and Financial Structure in the 1980s," Quarterly Journal of Economics, 108 (May 1993) pages 313-358.

Josh Lerner, "The Syndication of Venture Capital Investments," Financial Management, 23 (Autumn 1994) pages 16-27.

Josh Lerner, "Venture Capitalists and the Oversight of Private Firms," Journal of Finance, 50 (March 1995) pages 301-318.

Krishna G. Palepu, "Consequences of Leveraged Buyouts," Journal of Financial Economics, 27 (September 1990) pages 247-262.

William A. Sahlman, "The Structure and Governance of Venture Capital Organizations," Journal of Financial Economics, 27 (October 1990) pages 473-521.

Exiting Private Equity Investments

Legal works:

Joseph W. Bartlett, Equity Finance, New York, John Wiley, 1995.

Michael J. Halloran, Lee F. Benton, Robert V. Gunderson, Jr., Keith L. Kearney, Jorge del Calvo, Venture Capital and Public Offering Negotiation, Englewood Cliffs, NJ, Aspen Law and Business, 1995, volume 2.

Jack S. Levin, Structuring Venture Capital, Private Equity, and Entrepreneurial Transactions, Boston, Little, Brown, 1995, chapter 9.

Practitioner and journalistic accounts:

James S. Altschul, "Staging the Small IPO," CFO, 7 (November 1992) pages 70-74.

Paul F. Denning, and Robin A. Painter, Stock Distributions: A Guide for Venture Capitalists, Boston, Robertson, Stephens & Co. and Testa, Hurwitz & Thibeault, 1994.

European Venture Capital Association, Venture Capital Special Paper: Capital Markets for Entrepreneurial Companies, Zaventum, Belgium, European Venture Capital Association, 1994.

Mark Mehler, "Mangy Mutts Go Public," Upside, 4 (October 1992) pages 48-53 and 64. Ann Monroe, "The High-Tech Crapshot," Institutional Dealers’ Digest, 61 (March 13, 1995) pages 12-23.

Special Supplement on Initial Public Offerings, Upside, 3 (January 1991). Venture Economics, Exiting Venture Capital Investments, Wellesley, Venture Economics, 1988.

Academic studies:

Alon Brav and Paul A. Gompers, "Myth or Reality?: Long-Run Underperformance of Initial Public Offerings; Evidence from Venture Capital and Nonventure Capital-backed IPOs," Journal of Finance 52 (December 1996), 1791-1821..

Christopher B. Barry, Chris J. Muscarella, John W. Peavy III, and Michael R. Vetsuypens, "The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going Public Process," Journal of Financial Economics, 27 (October 1990) pages 447-471.

Paul A. Gompers and Josh Lerner, "Venture Capital Distributions: Short-Run and Long-Run Reactions," unpublished working paper, Harvard University, 1996.

Steven N. Kaplan, "The Staying Power of Leveraged Buyouts," Journal of Financial Economics, 29 (October 1991) pages 287-313.

Josh Lerner, "Venture Capitalists and the Decision to Go Public," Journal of Financial Economics, 35 (June 1994) pages 293-316.

T.H. Lin and Richard L. Smith, "Insider Reputation and Selling Decisions: The Unwinding of Venture Capital Investments During Equity IPOs," unpublished working paper, Arizona State University, 1995.

Tim Loughran and Jay R. Ritter, 1995, "The New Issues Puzzle," Journal of Finance, 50 (March 1995) pages 23-51.

William C. Megginson and Kathleen A. Weiss, "Venture Capital Certification in Initial Public Offerings," Journal of Finance 46 (July 1991) pages 879-893.

Corporate and Social Venture Capital

Practitioner accounts and studies about corporate venture capital:

Asset Alternatives, "Corporate Venturing Bounces Back, With Internet Acting as Springboard," Private Equity Analyst, 6 (August 1996) pages 1 and 18-19.

Zenas Block and Oscar A. Ornati, "Compensating Corporate Venture Managers," Journal of Business Venturing, 2 (1987) pages 41-52.

Norman D. Fast, The Rise and Fall of Corporate New Venture Divisions, Ann Arbor, UMI Research Press, 1978.

G. Felda Hardymon, Mark J. DeNino, and Malcolm S. Salter, "When Corporate Venture Capital Doesn't Work," Harvard Business Review, 61 (May-June 1983) pages 114-120.

E. Lawler and J. Drexel, The Corporate Entrepreneur, Los Angeles, Center for Effective Organizations, Graduate School of Business Administration, University of Southern California, 1980.

Kenneth W. Rind, "The Role of Venture Capital in Corporate Development," Strategic Management Journal, 2 (April 1981) pages 169-180.

Robin Siegel, Eric Siegel, and Ian C. MacMillan, "Corporate Venture Capitalists: Autonomy, Obstacles, and Performance," Journal of Business Venturing, 3 (1988) pages 233-247.

Practitioner accounts and studies about social venture capital:

Peter Eisenger, "The State of State Venture Capitalism," Economic Development Quarterly, 5 (February 1991) pages 64-76.

Peter Eisenger, "State Venture Capitalism, State Politics, and the World of High-Risk Investment," Economic Development Quarterly, 7 (May 1993) pages 131-139.

Josh Lerner, "The Government as Venture Capitalist: An Empirical Analysis of the SBIR Program," Harvard Business School Working Paper #96-038, 1996.

Charles M. Noone and Stanley M. Rubel, SBICs: Pioneers in Organized Venture Capital, Chicago, Capital Publishing, 1970.

Steven J. Waddell, "Emerging Socio-Economic Institutions in the Venture Capital Industry: An Appraisal," American Journal of Economics and Sociology, 54 (July 1995) pages 323-338.


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