Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Murat Binay

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Nicholas GR DeGallier



I apply survival analysis to model the factors that influence venture capital (VC) investment duration. Specifically, I fit a parametric survival model to plot the probability of venture capital exit over time. Given a small number of initial public offering (IPO) exits in the collected sample, the analysis focuses exclusively on exits through mergers and acquisitions (M&A). I fit a Cox proportional hazards model and a parametric model under the generalized Gamma distribution with financing, entrepreneurial firm, and VC firm characteristics. For the first time in the VC investment duration literature, I investigate the time to exit with data of Asian entrepreneurial firms and VC firms. The empirical analysis first draws comparisons between Asian, European, and North American venture capital, and then focuses the analysis to North America. I find that venture capital investments in North America are most likely to exit through M&A, followed by European VC investments and then by Asian VC investments. The region of the VC firm has no effect on the likelihood of an M&A exit.

ND thesis vf.pdf (1361 kB)

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.