Venture Capital and the Finance of Innovation – Andrew Metrick

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Item specifics

Condition:

Like New: A book that looks new but has been read. Cover has no visible wear, and the dust jacket (if
Publication Year: 2006
Topic: Business Language: English
Subject: Business & Economics Format: Hardcover
Product Type: Textbook Educational Level: College
Country/Region of Manufacture: United States ISBN:

9780470074282

Venture Capital and the Finance of Innovation – Andrew Metrick

Product Details

Synopsis
The Financial Principles Every Venture Capitalist Needs To MasterIn Andrew Metrick’s Venture Capital and the Finance of Innovation, future and current venture capitalists will find a useful guide to the principles of finance and the financial models that underlie venture capital decisions. Assuming no knowledge beyond concepts covered in first-year MBA course, the book will familiarize you with: The relationship between risk and return in venture capital Historical statistics on the performance of venture capital investments Total Valuation – the data and methods used to value a high-growth company Partial Valuation – how to analyze the special features of VC transactions such as convertible preferred stock, participating preferred stock, payment-in-kind dividends, and liquidation preferences A framework for modeling investment in “research and development” The relationship between strategy and finance Cutting-edge techniques such as Monte-Carlo analysis, real options, binomial trees, and game theoryAbout the Author:Andrew Metrick is an Associate Professor of Finance at the Wharton School of the University of Pennsylvania, where he teaches Venture Capital and the Finance of Innovation. Dr. Metrick received a BA in Economics and Mathematics from Yale and a Ph.D. in Economics from Harvard. Dr. Metrick has received numerous teaching awards and distinctions, including recognition by BusinessWeek as one of the best teachers at Wharton.”This book is an excellent bridge between finance theory and venture capital practice. Metrick presents cutting-edge financial tools, creatively apllied to venture capital and R&D investing. It is destined to become the required reading for all students and practitioners in the field.” -Paul A. Gompers, Eugene Holman Professor of Business Administration & Director of Research, Harvard Business School”Despite the increasing importance of the venture capital industry, until now there was no reference that could provide practitioners with a specialized grounding in finance. With clear explanations and practical models, Metrick’s book can fill this gap. I enthusiastically recommend this book to all venture capitalists.” -Ted Schlein, Partner, Kleiner Perkins Caufield & Byers”Investors in young, fast-growing companies have a new way to calculate their value without regard to the prices of other companies’ stocks. This is an important advance, because most other appraisal methods for start-ups are based on relative valuation, which – as we saw at the top of the Internet bubble – grossly overvalues a new company when comparable companies in the same industry are also overvalued.” -Mark Hulbert, The New York Times, Dec. 31, 2006 The financial principles every venture capitalist needs to master of all the skills that make a successful venture capitalist, finance may not be high on your list. But it should. Why? Because a grasp of the essentials of finance can make the difference between investing with discipline or with blind hope. Think only of the disastrous performance of the VC industry in the post-2000 years for a cautionary example of what happens when investment discipline breaks down. In Andrew Metrick’s Venture Capital and the Finance of Innovation, future and current venture capitalists will find a useful guide to the principles of finance and the financial models that underlie venture capital decisions. book will familiarize you with issues such as: the relationship between risk and return in venture capital; historical statistics on the performance of venture capital investments; total Valuation the data and methods used to value a high-growth company; partial valuation how to analyze the special features of VC transactions such as convertible preferred stock, participating preferred stock, payment-in-kind dividends, and liquidation preferences; a framework for modeling investment in research and development; the relationship between strategy and finance; cutting-edge techniques such as Monte-Carlo analysis, real options, binomial trees, and game theory. Comprehensive yet accessible and supplemented by free online spreadsheet models that provide quick-and-dirty reality checks for many types of transactions, Venture Capital and the Finance of Innovation arms you with the financial models and tools you need to become a successful venture capitalist. This book is an excellent bridge between finance theory and venture capital practice. capital and R&D investing. It is destined to become the required reading for all students and practitioners in the field. – Paul A. Gompers, Eugene Holman Professor of Business Administration & Director of Research, Harvard Business School. While Venture Capital is not the golden egg that it was a decade ago, there is compelling evidence that the best Venture Capitalist’s consistently beat the odds and deliver value to their inventors. This book uncovers the basic financial models that drive Venture Capital decisions and in the process deepen the readers understanding of the financial principles underpinning these models. Beginning with a comprehensive guide to understanding Venture Capital, Metrick uses this background to present an understanding of the application of Valuation. Included are comprehensive coverage and understanding of Total Valuation, Partial Valuation, and the Finance of Innovation.

Product Identifiers
ISBN-10 0470074280
ISBN-13 9780470074282

Key Details
Author Andrew Metrick
Number Of Pages 592 pages
Format Hardcover
Publication Date 2006-09-22
Language English
Publisher Wiley & Sons, Incorporated, John
Publication Year 2006

Additional Details
Copyright Date 2007
Illustrated Yes

Dimensions
Weight 27.5 Oz
Height 1 In.
Width 6.4 In.
Length 9.2 In.

Target Audience
Group College Audience

Classification Method
LCCN 2006-015986
LC Classification Number HG4751.M48 2006
Dewey Decimal 332/.04154
Dewey Edition 22

Table Of Content
PREFACE-A READER’S GUIDE.ACKNOWLEDGMENTS.CONTENTS.PART I: VC BASICS.CHAPTER 1: THE VC INDUSTRY.CHAPTER 2: VC PLAYERS.CHAPTER 3: VC RETURNS.CHAPTER 4: THE COST OF VENTURE CAPITAL.CHAPTER 5: THE BEST VCs.CHAPTER 6: VC AROUND THE WORLD.PART II: TOTAL VALUATION.CHAPTER 7: THE ANALYSIS OF VC INVESTMENTS.CHAPTER 8: TERM SHEETS.CHAPTER 9: PREFERRED STOCK.CHAPTER 10: THE VC METHOD.CHAPTER 11: DISCOUNTED-CASH-FLOW ANALYSIS OF GROWTH COMPANIES.CHAPTER 12: COMPARABLES ANALYSIS.PART III: PARTIAL VALUATION.CHAPTER 13: OPTION PRICING.CHAPTER 14: THE VALUATION OF PREFERRED STOCK.CHAPTER 15: LATER-ROUND INVESTMENTS.CHAPTER 16: PARTICIPATING CONVERTIBLE PREFERRED STOCK.CHAPTER 17: IMPLIED VALUATION.CHAPTER 18: COMPLEX STRUCTURES.PART IV: THE FINANCE OF INNOVATION.CHAPTER 19: R&D FINANCE.CHAPTER 20: MONTE CARLO SIMULATION.CHAPTER 21: REAL OPTIONS.CHAPTER 22 BINOMIAL TREES.CHAPTER 23 GAME THEORY.CHAPTER 24 R&D VALUATION.APPENDIX A INFORMATION SOURCES FOR VENTURE CAPITAL.APPENDIX B SAMPLE TERM SHEET.APPENDIX C THE VCFI SPREADSHEETS.APPENDIX D GUIDE TO CRYSTAL BALL.GLOSSARY.INDEX.

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