Elisabete Gomes Santana Felix () (Universidade de Evora,Departamento de Gestao) Cesaltina Pires () (Universidade de Evora,Departamento de Gestao) Mohamed Azzim Gulamhussenb () (Instituto Superior de Ciencias do Trabalho e da Empresa, Departamento de Financas e Contabilidade)
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This article analyzes the determinants of the European venture capital market, extending the equilibrium model from Jeng and Wells (2000). Our empirical model includes many of the determinants already tested in previous studies. In addition, we test whether the unemployment rate, the trade sale divestment and the market-to-book ratio are important factors in explaining venture capital. We use aggregated data from the European venture capital market as well as macroeconomic data, to estimate panel data models, with fixed and random effects. The random effects models revealed to be the most adequate. Our results confirm the importance of some of the already known factors and show that the unemployment rate and trade sale divestments are important determinants in the European venture capital market.
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Paper provided by University of Evora, CEFAGE-UE (Portugal) in its series CEFAGE-UE Working Papers with number
2007_01.