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The attractiveness of central eastern European countries for venture capital and private equity investors

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  • Groh, Alexander P.

    () (IESE Business School)

  • Liechtenstein, Heinrich

    (IESE Business School)

  • Lieser, Karsten

    (Strategic Capital Management)

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    Abstract

    We address the attractiveness of Central Eastern European countries for VC/PE investors by the construction of a composite index. For the index composition we refer to the results of numerous prior research papers that investigate relevant parameters determining entrepreneurial activity and/or the engagements of institutional investors. We aggregate the index via five different methods and receive country rankings that vary only slightly, signaling a robust index calculation. We clearly identify six tier groups of attractiveness for all of our sample countries. We compare our index with the actual fundraising activities in the particular countries and reveal a reasonable correlation of both figures. The results highlight the strengths and weaknesses of the particular economies and provide guidelines for political improvements and institutional investors' country allocations.

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    Bibliographic Info

    Paper provided by IESE Business School in its series IESE Research Papers with number D/677.

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    Length: 64 pages
    Date of creation: 19 Feb 2007
    Date of revision:
    Handle: RePEc:ebg:iesewp:d-0677

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    Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
    Web page: http://www.iese.edu/
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    Related research

    Keywords: Venture capital; Private equity; Central Eastern Europe; Economic transition;

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    1. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
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    8. Samuel Kortum & Josh Lerner, 2000. "Assessing the Contribution of Venture Capital to Innovation," RAND Journal of Economics, The RAND Corporation, vol. 31(4), pages 674-692, Winter.
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