A Blueprint. Corporate Governance by Fred R. Kaen

By Fred R. Kaen

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41-21-693-2463; fax: +41-21-693-5060. ch (C. L. Tucci). S. Seshadri, Z. Shapira and C. L. Tucci 20 markets and illustrate the mechanism using data from 10 industries involved in Internet-based businesses. A consistent pattern of behavior emerges from the application of the model indicating that investors may have been much more rational than previously thought. 1. INTRODUCTION Rational models of firm valuation hold that the value of a firm derives from its future earnings. These valuations are grossly exceeded under certain circumstances.

Our approach suggests that in considering investment under such conditions of high uncertainty, the behavior of investors can be explained without resorting to arguments about irrationality albeit including some behavioral components. For instance, in the absence of past data on investment in such industries what value would one take as an indicator of the potential value of such investment? An investor can ask what is the correct signal: Is it the market value of the firm or the first spike of money raised by the VCs?

We have to factor in whether the administrative fee b is large or small. e. 20). Recall that if b is large then the spillover effect of one firm’s investment on the size of another firm’s return when successful is small. Therefore, if b is large and the violation with respect Figure 2. Rationality and VC Internet investments according to the Calcutta auction model. ” We can similarly conclude that the investments are rational if b is small and the violation with respect to traditional valuation methods is large.

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