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From page 1...
... convened a meeting in 2007 of investors, entrepreneurs, and academic experts in economics, corporate finance, and law to consider the merits and feasibility of additional research addressing the change in investor exit strategies, its causes and consequences. Workshop participants identified several factors complicating systematic inquiry, including the following: • It is difficult to distinguish cyclical from secular changes in this proximity to the boom and bust of 1999-2001.
From page 2...
... 2 INVESTOR EXITS Nevertheless, various participants suggested a number of research avenues that could be productive and useful: • Efforts to quantify and rank policies -- securities regulation, legal liability, etc. -- that almost certainly raise the financial and opportunity costs of undertaking IPOs and sustaining new public companies; • International comparisons of IPO markets; • Comparison of exit strategies across technologies; • Research on what types of innovation are associated with different firm organizational structures and investment sources; • Research on whether IPOs are occurring later and acquisitions earlier than previously in the life of entrepreneurial companies and what the consequences are of more mature public offerings and of "premature" sell-outs; and • Efforts to understand how investors' expectations regarding their eventual exit affect the development of entrepreneurial firms in different sectors.


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