Events

Ownership and Valuation in the UK Startup Ecosystem

May

7

2019

Start: May 7 | 12:15 pm

End : May 7 | 01:45 pm

Category:
Lunch seminars
Tags:
start up


Via Raffaele Lambruschini, 4b 20156 Milano Milano

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David Pérez-Castrillo
Professor at Universitat Autònoma de Barcelona and Barcelona GSE

Abstract:
We created a comprehensive dataset of UK-based VC-backed start-ups, with extensive information on ownership, control, and valuation over the life cycle of each start-up. The data comes from Companies House (CH), the UK registrar of companies, and it includes the identities of the shareholders and the directors, as well as the new share issuances. We uncover a large presence of (formal and informal) corporate investors, and a small presence of “business angels,” especially in the early stages. Our results highlight, for instance, the influence of the size of the funding team, the presence of business angels, and the number of early independent directors, on the type of VC firms that invest in the start-up, on the likelihood of success, and/or on the type of successful exit (IPO vs M&A). We also study the effects of the type of VC (leading VC, CVC) on the type of exit of the start-up.

David Pérez-Castrillo earned a PhD in economics from the Ecole des Hautes Etudes en Science Sociales, Paris, in 1991. He had previously graduated in Mathematics from the University of the Bask Country in Bilbao.
He is Professor at Universitat Autònoma de Barcelona and Barcelona GSE. He is also MOVE and CESIfo Research Affiliate. He is a member of the editorial board of several journals, including Journal of Economics and Management Strategy, Economics Letters, and Journal of Public Economic Theory.
He has been awarded the Distinció per a la Promoció de la Recerca Universitària of the Generalitat de Catalunya for Young Researchers, ICREA Academia chairs, the Prize Haralambos Simeonidis, and the Arrow Price of the BE Journal. His research on applied microeconomics and game theory has been published, among others, in American Economic Review, Management Science, Journal of Financial Economics, Journal of Economic Theory, and International Economic Review.

Please click here to register.

Venue
Department of Management, Economics and Industrial Engineering
Building B26/B – Room 0.2 – ground floor
Via Lambruschini 4/B, Milano

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