TY  - SER
AU  - Lauterbach, Rainer
TI  - The impact of fund inflows on staging and investment behavio
PY  - 2014///
KW  - Venture Capital
KW  - Staging
KW  - Private Equity
KW  - Decision Making
KW  - China
KW  - Behavioural Finance
N2  - This article demonstrates that increased inflows of capital into private equity and venture capital funds can influence the investment behaviour of fund managers by increasing staging intensity, increasing amount per financing round, and accelerating speed of capital allocation. These changes do not appear to be related to expectations of improved investment performance. The study extends the work of Gompers and Lerner who interpret these inflows as demand pressure for venture capital securities to drive up prices during periods of high inflows. Using a unique  dataset, the study examines the effects of this pressure on investment behaviour
ER  -