Venture Capitalists' Exit Strategies under Information Asymmetry
Evidence from the US Venture Capital Market
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Matthias Eckermann analyzes how venture capitalists (VCs) integrate information efficiency considerations into their exit strategies. He shows that VCs adopt specific strategies to cope with information gaps upon exit in terms of timing, exit vehicles and promotion efforts. On this basis he develops a framework to help VCs to improve profitability through decisive exit strategies.
This book has been submitted as dissertation at the Faculty of Business Man agement and Economics at Dresden University of Technology, Germany on January 19, 2005. Throughout the completion of this thesis, I received much encouragement and advice from mentors, colleagues and friends. I would like to take this opportunity to thank all of them. First of all, I would like to express my gratitude to my supervisor Prof. Dr. Michael Schefczyk for providing a fruitful research atmosphere at the SAP Chair for Entrep- neurship and Innovation at Dresden University of Technology. His comments and support helped me develop and complete this thesis. Moreover, I thank Prof. Schefczyk for supporting my ambitions to conduct research in the United States. Second, I am especially grateful to Prof. Andrew L. Zacharakis, Ph.D. for hosting me as visiting scholar at Babson College and for supervising my project during this time. This thesis benefited tremendously from his knowledge and from his out standing support. His encouragement and support also helped me survive less pro ductive times. A great debt is to Prof. Dr. Herman Locarek-Junge who accepted the burden of being my second examiner at Dresden University of Technology. The final paper benefited tremendously from conversations with several experi enced researchers and practitioners in the United States. I want to thank Elaine I.
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