1. Source: World Bank WDI Data rate of return and other factors) and high social performance (measured by economic spillovers and other factors). By contrast, none of the non-Yozma funds studied demonstrated high private performance and high social performance. This indicates that Yozma funds were more successful than non-Yozma funds, on average;creating high returns for both private stakeholders and the public at large (Avnimelech and Teubal,2002
2. Follow-on financing through syndication in the VC industry – a signaling perspective of VC human capital and fund characteristics