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Management Buy-outs and Venture Capital

Into the Next Millennium Edited by Mike Wright, Professor of Entrepreneurship and Director, Centre for Management Buyout Research, Imperial College Business School, London and Ken Robbie, Senior Research Fellow and Deputy Director, Centre for Management Buy-out Research, Nottingham University Business School, UK
This book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.
Extent: 368 pp
Hardback Price: $167.00 Web: $150.30
Publication Date: 1999
ISBN: 978 1 85898 999 0
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  • eISBN: 978 1 84064 768 6

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This book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.

It addresses venture capital at the industry/market and firm level and provides full coverage on both informal and formal venture capitalists, management buy-outs, and competing and complementary sources of finance including bank finance and trade credit. The contributors also discuss important but neglected issues on the nature of venture capitalist-investee relationships and the revelation of knowledge, the costs of information searches, the development of appropriate forms of managerial and financial control systems, the role of the entrepreneur and bargaining models of contract negotiation. It uses case study examples from the US, the UK, and West and Eastern Europe.

This book will be of interest to practitioners, researchers and policymakers in the area of the financing and management of firms as well as academics and students interested in management buy-outs, venture capital, entrepreneurship and finance.
‘It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.’
– International Review of Administrative Sciences
Contributors: A. Beekman, M. Binks, H. Bruining, B. Bygrave, B. Chiplin, D. Citron, P. Desbrières, M. Dibben, Z. Dudzinski, C. Ennew, R. Harrison, M. Haynes, A. Herst, J. Karsai, B. Leleux, S. Manigart, C. Mason, F. Mitchell, J. Morovic, D. Muzyka, G. Reid, K. Robbie, H. Sapienza, C. Singleton, B. Summers, N. Terry, S. Thompson, J. Timmons, K. de Waele, N. Wilson, M. Wright
Contents: Preface 1. Introduction 2. Venture Capital 3. The Venture Capital and Buy-out Markets in the UK and Europe 4. Venture Capital in Transition Economies 5. The Role of Trust in the Informal Investor’s Investment Decision 6. Relationship Participation 7. Loan Covenants, Relationship Banking and Management Buy-outs in Default 8. Small Business Demand for Trade Credit, Credit Rationing and the Late Payment of Commerical Debt 9. Funds Providers’ Role in Venture Capital Firm Monitoring 10. Sources of Venture Capital Deals 11. Venture Capitalists, Investment Appraisal and Accounting Information 12. Accounting Information System Development and the Supply of Venture Capital 13. European IPO Markets 14. Venture Capitalists, Serial Entrepreneurs and Serial Buy-outs Index