BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:Squaring Venture Capital Valuations with Reality
DTSTART:20181012T103000
DTEND:20181012T120000
DTSTAMP:20260603T162018Z
UID:109e9ddf79391de329f6ed0b756f2953adb7bc98dfd86de5bfef02c0
CATEGORIES:Conferences - Seminars
DESCRIPTION:Will GORNALL\, The University of British Columbia\nWe develop 
 a valuation model for venture capital-backed companies and apply it to 135
  U.S. unicorns -- private companies with reported valuations above $1 bill
 ion. We value unicorns using financial terms from legal filings and find r
 eported unicorn post-money valuations average 48% above fair value\, with 
 13 being  more than 100% above. Reported valuations assume all shares are
  as valuable as the most recently issued preferred shares. We calculate va
 lues for each  share class\, which yields lower valuations because most u
 nicorns gave recent investors major protections such as IPO return guarant
 ees (15%)\, vetoes over  down-IPOs (24%)\, or seniority to all other inve
 stors (30%). Common shares lack all such protections and are 56% overvalue
 d. After adjusting for these valuation-inflating terms\, almost one-half (
 65 out of 135) of unicorns lose their unicorn status.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR