Euro.NM and the Financing of European Innovative Firms
AbstractSince its creation in 1997, more than 400 European firms have been listed on Euro.NM, the circuit of stock exchanges targeted at the financing of innovative firms in high-tech industries. We collect a unique database from the listing prospectuses and annual reports of these firms. We characterize their ownership and financial structures, and their economic activity. We show the existence of significative heterogeneity across firms and across the national segment of the Euro.NM circuit. Such differences persist also when we study the relationship between venture capital and the going-public process. We conclude that Euro.NM is far from providing a pan-European stock market for innovative, high-growth companies.
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Bibliographic InfoPaper provided by IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University in its series Working Papers with number 171.
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This paper has been announced in the following NEP Reports:
- NEP-FIN-2000-09-13 (Finance)
- NEP-HIS-2000-09-13 (Business, Economic & Financial History)
- NEP-INO-2000-09-13 (Innovation)
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