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In this dissertation I study the determinants of venture capitalists’ exit strategies, and more specifically, the interactions between exit type and timing. Indeed, in addition to knowing how they plan to exit, venture capitalists are also interested in knowing when they will be able to do so. Examining the exit strategies of venture capitalists thus requires to take those two dimensions into account.
Through the use of survival analysis methods, I analyze a sample constituted of more than 19.000 financing rounds in 11.500 unique firms. Set in the framework of competing risks models, this rigorous statistical analysis gives some interesting insight on the relationships between a series of variables (such as the stage at which the round takes place, the syndication of the deal, the industry of the firm, and so on) and the time needed for an exit to occur.
Moreover, when considering the type of investor I make the distinction between business angels and venture capitalists. This is therefore the first time that the impact of business angels on the exit strategies of venture capitalists is studied using survival analysis methods.
The results show that the presence of business angels allows firms to exit through acquisition both faster and more often. However, business angels do not seem to have a meaningful impact on the likelihood of liquidation.
Furthermore, it can also be concluded from the analysis of the results that the benefits from deal syndication are real. Indeed, when at least two venture capitalists are present, investments appear to exit through acquisition substantially more often and up to 26% faster. Liquidations are also significantly less likely to occur when the number of venture capitalists involved increases.

Venture Capital --- Business Angel --- Survival Analysis --- Exit Strategies --- Sciences économiques & de gestion > Finance --- Sciences économiques & de gestion > Gestion de l'entreprise & théorie des organisations

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The Thai economy runs on a single engine: external demand. The economic roller coaster since the onset of the global financial crisis can be overwhelmingly attributed to fluctuations in the output of three sectors most sensitive to external demand: manufacturing, logistics (transportation and storage), and tourism (hotels and restaurants). As global trade contracted between the fourth quarter of 2008 and first quarter of 2009, Thailand's real gross domestic product (GDP) fell 6.3 percent, before rebounding 6.9 percent through the end of 2009 on a revival in actual and expected external demand. At the end of 2009, real GDP was back to pre-crisis levels, as measured in seasonally adjusted terms. For 2009 as a whole, however, real GDP fell 2.2 percent. The dominance of sectors linked to external demand over Thailand's growth dynamics is not new. Both sets of sectors grew at about the same pace prior to the 1997 financial crisis. However, a structural break took place in the aftermath of the crisis, when sectors linked to external demand grew an average of 6.1 percent between 2001 and 2007 compared to a 4.3 percent growth rate of other sectors. While the sectors linked to external demand are expected to grow below the historical average in the near term due to lower growth in demand from advanced economies, a reversal of the structural change observed since 1998 is unlikely. This will require an acceleration of the growth of the sectors linked to domestic demand. But the constraints that limited the growth of these sectors in the past not only remain but have been compounded in the near term by the escalation of the political conflict. This will ensure that growth rates in sectors linked to domestic demand will also remain below their (already low) historical averages and the dominance of external demand on the economy will continue to increase.

Accounting --- Agriculture --- Bonds --- Capital Flows --- Commercial Banks --- Commodity Prices --- Consumers --- Debt --- Economic Forecasting --- Economic Growth --- Equity Markets --- Exchange Rates --- Exit Strategies --- Financial Crisis --- Financial Institutions --- Financial Sector --- Fiscal & Monetary Policy --- Fiscal Policy --- Foreign Direct Investment --- Gdp --- Gross Domestic Product --- High-Income Countries --- Inequality --- Inflation --- Interest Rates --- Investment Climate --- Labor Costs --- Macroeconomics and Economic Growth --- Monetary Policy --- Poverty Reduction --- Public Debt --- Purchasing Power --- Risk Aversion --- Risk Management --- Sovereign Debt --- Total Factor Productivity --- Uncertainty --- Unemployment --- Wages