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Fair Value Accounting Improves the Quality of Portfolio Company Valuations A guest post by Prof. Nicholas G. Crain | CIV 2014 Grant Winner

In a recent study, partially funded by a CIV Research Grant (2014), Kelvin Law and Nicholas G. Crain delve into the impact of fair value accounting on the valuation of individual private equity investments. The evidence gathered suggests that accounting standards matter for the valuation of private equity investments. Prior to implementation of fair value accounting, the discounted value of cash flows from realized portfolio companies exceeded their valuation by roughly 26%, yet the implementation of fair value accounting appears to eliminate nearly half of this bias, and resulted in a significant improvement in the quality of portfolio company valuations. Read more in a guest post by Nicholas G. Crain.

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10 X $3,000 City Venture Research Grants Submission Deadline: 30-Sep-2016

In 2016, the CIV research grants will be focused on City Venture.Up to 10 grants of $3,000 each will be distributed to contributors of research paper proposals, upon successful publication of the paper in Issue 5 of Coller Venture Review, dedicated to City Venture, where we will look at the relationship between the city and the ventures inside it.Proposal submission deadline: September 30, 2016

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Guest Post – Too Talented to Innovate? by Prof. David Zvilichovsky and Prof. Noam Shamir - CIV 2014 Grant Winners

客座文章:创新,大材小用了?Entrepreneurs endowed with different skill levels decide on the execution of projects while internalizing the reputational effect that their decision may have. When deciding on the execution of a project, entrepreneurs evaluate the trade-off between the positive expected return from the currently available project, and the impact such an execution may have on the financing of future projects. The results of this research show that the benefits of supporting lower-risk/lower-gain projects extend beyond their direct contribution.

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