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Two Worlds of Venture Capital: What Happened to U.S. and Dutch Early Stage Investment?

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Author Info
 Brouwer, Maria
Hendrix, Bart

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Abstract

European attempts at imitation of U.S. venture capital have been less successful in stimulating "high tech" start-ups. Our analysis of the differences between Dutch and U.S. developments points at institutional and organizational differences as explanatory factors. Disappointing longer term performances of Dutch IPOs have caused the closure of the Dutch Parallelmarket. Indeterminate length of life of Dutch vc funds contributed to a loss of trust in early stage IPOs. The United States--in contrast--benefitted from contractually fixed length of life of venture capital funds. The U.S. share of early stage investment displayed a wave-like pattern, which is positively related to the number of IPOs and of vc firms. Interconnectedness and follow-on funds depress early stage investment. Copyright 1998 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Small Business Economics.

Volume (Year): 10 (1998)
Issue (Month): 4 (June)
Pages: 333-48
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Handle: RePEc:kap:sbusec:v:10:y:1998:i:4:p:333-48

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  1. Schertler, Andrea, 2001. "Venture Capital in Europe's Common Market: A Quantitative Description," EIFC - Technology and Finance Working Papers 4, United Nations University, Institute for New Technologies. [Downloadable!]
    Other versions:
  2. Nancy Huyghebaert & Linda Gucht & Cynthia Hulle, 2007. "The Choice between Bank Debt and Trace Credit in Business Start-ups," Small Business Economics, Springer, vol. 29(4), pages 435-452, December. [Downloadable!] (restricted)
  3. Pasquale Lucio Scandizzo, 2004. "Financing Technology: An Assessment of Theory and Practice," CEIS Research Paper 43, Tor Vergata University, CEIS. [Downloadable!]
  4. Andrea Schertler, 2005. "European venture capital markets: fund providers and investment characteristics," Applied Financial Economics, Taylor and Francis Journals, vol. 15(6), pages 367-380, March. [Downloadable!] (restricted)
  5. Andrea Schertler, 2004. "Sources of Funds and Specialization Patterns of European Venture Capital Investments," Kiel Working Papers 1200, Kiel Institute for the World Economy. [Downloadable!]
  6. Alexander Cobham, . "The Financing and Technology Decisions of SMEs: II. Technology and Policy," QEH Working Papers qehwps25, Queen Elizabeth House, University of Oxford. [Downloadable!]
  7. Alexander Cobham, . "The Financing and Technology Decisions of SMEs: I. Finance as a Determinant of Investment," QEH Working Papers qehwps24, Queen Elizabeth House, University of Oxford. [Downloadable!]
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