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Venture capital, new public firms an...

Brown, James Robert.

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Venture capital, new public firms and the transformation of United States manufacturing.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Venture capital, new public firms and the transformation of United States manufacturing./
Author:	Brown, James Robert.
Description:	164 p.
Notes:	Source: Dissertation Abstracts International, Volume: 65-07, Section: A, page: 2689.
Contained By:	Dissertation Abstracts International65-07A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3139827
ISBN:	0496869682

Venture capital, new public firms and the transformation of United States manufacturing.
Brown, James Robert.

Venture capital, new public firms and the transformation of United States manufacturing. - 164 p.

Source: Dissertation Abstracts International, Volume: 65-07, Section: A, page: 2689.

Thesis (Ph.D.)--Washington University, 2004.

This dissertation examines the dramatic transformation of U.S. manufacturing at the end of the 20th century. Between 1970 and 2001, over one-half of the nearly 3,500 IPOs in manufacturing occurred in just six high-tech industries. The share of public firms in these industries rose from 14% to 47%. The first essay considers the long-run performance of IPOs financed with venture capital, and the next two essays explore the importance of new public entrants in the transformation.

ISBN: 0496869682Subjects--Topical Terms:

1017424
Economics, General.

Venture capital, new public firms and the transformation of United States manufacturing.
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100 1 $a Brown, James Robert. $3 1927586
245 1 0 $a Venture capital, new public firms and the transformation of United States manufacturing.
300 $a 164 p.
500 $a Source: Dissertation Abstracts International, Volume: 65-07, Section: A, page: 2689.
500 $a Chair: Bruce C. Petersen.
502 $a Thesis (Ph.D.)--Washington University, 2004.
520 $a This dissertation examines the dramatic transformation of U.S. manufacturing at the end of the 20th century. Between 1970 and 2001, over one-half of the nearly 3,500 IPOs in manufacturing occurred in just six high-tech industries. The share of public firms in these industries rose from 14% to 47%. The first essay considers the long-run performance of IPOs financed with venture capital, and the next two essays explore the importance of new public entrants in the transformation.
520 $a While venture capital has been an important source of finance for private high-tech firms, little is known about the long-run performance of venture-backed firms. In the first essay I examine a carefully matched set of venture- and non-venture backed high-tech firms that went public between 1980 and 1989. I find that annual growth rates are much higher for venture-backed firms for almost a decade after they go public, though the growth rates of venture- and non-venture-backed firms eventually converge. Because of faster initial growth, a decade after the IPO the venture-backed firms are substantially larger at the median and dramatically larger on average. In addition, venture-backed firms are much more R&D intensive and have a much greater impact on the high-tech sector.
520 $a In the second essay I find that new public entrants into the high-tech sector generally caused incumbents to lose most of their pre-1970 market share, and in many cases the entrants grew to become the leading firms in their respective industries. New public entrants have also been much more R&D intensive than incumbents, and this R&D intensity has increased over time. By 2001 new public entrants accounted for 31% of the public-firm R&D in manufacturing, and 25% of the public-firm R&D in the economy. In addition, public entrants into high-tech have very low leverage and have driven a pronounced increase in the use of follow-up new equity finance over the last three decades. The third essay demonstrates that IPOs financed with venture capital have been especially crucial to the transformation, and by 2000 accounted for a much larger share of high-tech firms, sales, R&D and market value than the non-venture-backed entrants.
590 $a School code: 0252.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Finance. $3 626650
650 4 $a Economics, Commerce-Business. $3 626649
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690 $a 0508
690 $a 0505
710 2 0 $a Washington University. $3 1250147
773 0 $t Dissertation Abstracts International $g 65-07A.
790 1 0 $a Petersen, Bruce C., $e advisor
790 $a 0252
791 $a Ph.D.
792 $a 2004
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3139827