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1.

001-es BibID:BIBFORM112800
Első szerző:Becsky-Nagy Patrícia (közgazdász)
Cím:Growth and venture capital investment in technology-based small firms : the case of Hungary / Becsky-Nagy Patrícia
Dátum:2014
Tárgyszavak:Társadalomtudományok Gazdálkodás- és szervezéstudományok idegen nyelvű folyóiratközlemény külföldi lapban
folyóiratcikk
technology-oriented enterprises
venture capital
Megjelenés:Annals of the University of Oradea Economic Science. - 1 : 1 (2014), p. 828-836. -
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2.

001-es BibID:BIBFORM086098
Első szerző:Becsky-Nagy Patrícia (közgazdász)
Cím:Capital structure and venture capital / Becsky-Nagy Patrícia, Karászi Erika
Dátum:2015
ISSN:1222-569X 1582-5450
Megjegyzések:Venture capital significantly changes the capital structure of the portfolio company at the time of the investment. Venture capitalists contribute to the company's success through their active involvement in the management and their added value appears in the increase of the value of the equity. At the same time with taking active role in the management, agency problem occurs, that complicates the cooperation and thesuccess of exit. In this article we search the answer for the question whether the preferred equity, that are commonly used in the US for bridging the agency problem, are used and able to help Hungarian venture capitalists to manage agency problems. On the other hand we examined how the venture capital affect capital structure, how the venture capitalists value added appear in the capital structure. During the evaluation of the three case studies, we came to the conclusion, that the venture capital investments have positive effect on the liabilities of the enterprises, as the capital structure indexes show. However, the investors need the ownership, which help them to step up resolutely, when things change for the worse, and companies need the expertise, which the investors bring with their personal assistance. The investor's new attitude also has positive effect on a mature company, which has an experienced leader, because he can show another aspect, as a person who come from outside. During the examination of the capital structure, we cannot disregard the events of the company's environment, which have effects on the firm. The investor's decisions also appear different ways. Because of this, every venture capital investment is different, just as the capital structure of the firms, in which they invest.
Tárgyszavak:Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban
folyóiratcikk
venture capital
value added
capital structure
Megjelenés:Annals of the University of Oradea Economic Science. - 24 (2015), p. 783-791. -
További szerzők:Karászi Erika
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3.

001-es BibID:BIBFORM068688
Első szerző:Becsky-Nagy Patrícia (közgazdász)
Cím:Returns of private equity : comparative analyses of the returns of venture capital and buyout funds in Europe and in the US / Becsky-Nagy Patrícia, Fazekas Balázs
Dátum:2014
ISSN:1222-569X 1582-5450
Megjegyzések:This paper focuses on the returns of two segments of Private Equity (PE) market in Europe and in the US; Venture Capital (VC) and Buyout (BO). Contrary to the publicly traded stocks where information about the trade of securities is public, the measuring of the returns of these asset classes is not unambiguous. The returns of PE investments are considered as confidential information therefore we only have estimations about the real characteristics of the financial performance of the PE industry. Although it is impossible to observe the whole industry it is important to chart its performance because PE plays an essential role in the financing of firms, especially firms at special stages of their lives and the more information the investors and companies have, the more effective PE market can be therefore it can contribute to economic growth, employment, innovation etc. In the literature PE, VC and BO are not distinguished properly and they are often used as synonyms. Despite their similarities, there are significant differences in the features of these types of investments. In this paper the authors present the return characteristics of the PE industry of Europe and the US with regard to the stage-focus of PE funds. The key findings of this paper are that in average the returns of BO funds exceeded the returns of VC funds in the US as well as in Europe. Not just according to the absolute value of the returns, but also according to its risk-return tradeoff BO seems to be a preferable investment. The same statements can be made in case of the European market. The US returns are higher than European VC returns, because compared to the US VC industry the European is undeveloped. On the other hand the gap between the performances of BO funds is not as significant as the difference of VC funds. While in the 90's US BO funds outperformed the European ones, after the millennia European BO returns were higher. The analysis of returns reveals the sensitivity of these asset classes to economic cycles. The ♭dotcom' boom of the millennia affected greatly the PE industry as well as the recession of 2008. The first section of this article describes the different subsets of PE, than it shows the differences in terms of returns of the US and European market, than in the third part the paper compares the characteristics of the different classes of PE.
Tárgyszavak:Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban
venture capital
Megjelenés:Analele Universităţii din Oradea. Ştiinţe economice = Annals of University of Oradea. Economic science. - 23 : 1 (2014), p. 820-827. -
További szerzők:Fazekas Balázs (1989-) (közgazdász)
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4.

001-es BibID:BIBFORM052290
Első szerző:Becsky-Nagy Patrícia (közgazdász)
Cím:Venture Capital in Hungarian Academic Spin-offs / Becsky-Nagy, Patrícia
Dátum:2013
ISSN:1582-5450
Megjegyzések:As part of a research about Hungarian academic start-ups, I made asurvey examining part of the answers of a long questionnaire created for the wholeresearch filled in by academic spin-offs of most important Hungarian universities.The study is structured as follows. First I will present the most important operationalinformation on university spin-off companies taking part in the research. Then I willgive an insight to the details of financing spin-offs, thoroughly analyzing theinstitutional and the non-institutional venture capital and the role of fundingopportunities ? applications. I examine which financing sources dominate inacademic spin-off companies, what are the experiences of the spin-offs in the fiel ofthe three financial sources mentioned before, in order to be able to answer howwould what kind of changes would be needed to subserve venture capital financingHungarian spin offs, with high growth potentional. The study ends with a summary.
Tárgyszavak:Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban
venture capital
spin-off
Megjelenés:Annals of University of Oradea. Economic science. - 1 : 2 (2013), p. 351-360. -
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5.

001-es BibID:BIBFORM068692
Első szerző:Fazekas Balázs (közgazdász)
Cím:The role of venture capital in the bridging of funding gaps : a real options reasoning / Balázs Fazekas, Patrícia Becsky-Nagy
Dátum:2015
ISSN:1222-569X 1582-5450
Megjegyzések:Funding gaps occur when for a particular group of enterprises there are not enough available funds to finance their growth. Such enterprises are typically young, innovative and technology-oriented startup companies. These companies do not have significant revenues or collaterals; hence they are not suitable for bank financing. On the other hand the information problems decrease their chances to attract investors and also there is high uncertainty involved in these companies. The method of venture capital financing was established to operate in this financing gap and to provide funds for these technology-oriented, young startup enterprises. There is an extensive literature that highlights that venture capitalists are capable and willing to provide financing for these enterprises as a result of their special expertise and business experience and their sophisticated value creation methods. In this article the authors introduce a real options reasoning in order to give an interpretation of venture capital decision-making method and why venture capital is willing to operate in funding gaps and how it is able to bridge them. With the involvement in the operation of the invested companies venture capitalists create options that increase the value of the firm. Also in option-valuation the higher the uncertainty of the asset is, the higher the value of the option is. That is the reason, why other passive funding forms reject the financing of startup enterprises, while venture capital is willing to provide funds for them. In this article we will describe the problem of funding gaps, than we will introduce real options and their effect on investment decision. In the last part of the article we will demonstrate how real options appear and are created in venture capital financing as a result of its special characteristics and how the real options approach can explain the ability of venture capitalist of bridging funding gaps.
Tárgyszavak:Társadalomtudományok Közgazdaságtudományok idegen nyelvű folyóiratközlemény külföldi lapban
Megjelenés:Analele Universităţii din Oradea. Ştiinţe economice = Annals of University of Oradea. Economic science. - 24 : 1 (2015), p. 825-830. -
További szerzők:Becsky-Nagy Patrícia (1977-) (közgazdász)
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