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Venture Capital in Europe's Common Market: A Quantitative Description

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  • Andrea Schertler

Abstract

This paper offers a quantitative description of European private equity markets and compares the recent development in these markets with the development of the US venture capital market. Moreover, the paper addresses the differences between private equity investors acting in a single national market by analysing micro data on French and German private equity investors. European markets for private equity have experienced substantial growth at the end of the 1990s and so has the US venture capital market. However, in Europe, private equity investments in enterprisesÂ’ early and expansion stages as well as in high-technology enterprises are, relative to GDP, significantly lower than in the US.

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1087.

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Length: 103 pages
Date of creation: Dec 2001
Date of revision:
Handle: RePEc:kie:kieliw:1087

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Keywords: venture capital; private equity; Europe; United States;

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References

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  1. Christopher B. Barry, 1994. "New Directions in Research on Venture Capital Finance," Financial Management, Financial Management Association, Financial Management Association, vol. 23(3), Fall.
  2. Klaus Schmidt, 1999. "Convertible Securities and Venture Capital Finance," CESifo Working Paper Series 217, CESifo Group Munich.
  3. Colin Mayer & Koen Schoors, 2001. "Sources of Funds and Investment Strategies of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK," Economics Series Working Papers, University of Oxford, Department of Economics 2001-FE-15, University of Oxford, Department of Economics.
  4. Cornelli, F. & Yosha, O., 1997. "Stage Financing and the Role of Convertible Debt," Papers, Tel Aviv 23-97, Tel Aviv.
  5. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, Elsevier, vol. 47(3), pages 243-277, March.
  6. Dirk Engel, 2003. "Höheres Beschäftigungswachstum durch Venture Capital?," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 223(1), pages 1-22.
  7. John H. Cochrane, 2001. "The Risk and Return of Venture Capital," NBER Working Papers 8066, National Bureau of Economic Research, Inc.
  8. Brouwer, Maria & Hendrix, Bart, 1998. " Two Worlds of Venture Capital: What Happened to U.S. and Dutch Early Stage Investment?," Small Business Economics, Springer, Springer, vol. 10(4), pages 333-48, June.
  9. Gompers, Paul A, 1995. " Optimal Investment, Monitoring, and the Staging of Venture Capital," Journal of Finance, American Finance Association, American Finance Association, vol. 50(5), pages 1461-89, December.
  10. Jeng, Leslie A. & Wells, Philippe C., 2000. "The determinants of venture capital funding: evidence across countries," Journal of Corporate Finance, Elsevier, Elsevier, vol. 6(3), pages 241-289, September.
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  12. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, Elsevier, vol. 27(2), pages 473-521, October.
  13. Gompers, Paul & Lerner, Josh, 1996. "The Use of Covenants: An Empirical Analysis of Venture Partnership Agreements," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 39(2), pages 463-98, October.
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  15. Gorman, Michael & Sahlman, William A., 1989. "What do venture capitalists do?," Journal of Business Venturing, Elsevier, vol. 4(4), pages 231-248, July.
  16. Joshua Lerner, 1994. "The Syndication of Venture Capital Investments," Financial Management, Financial Management Association, Financial Management Association, vol. 23(3), Fall.
  17. Paul A. Gompers & Josh Lerner, 1999. "What Drives Venture Capital Fundraising?," NBER Working Papers 6906, National Bureau of Economic Research, Inc.
  18. Günseli Baygan & Michael Freudenberg, 2000. "The Internationalisation of Venture Capital Activity in OECD Countries: Implications for Measurement and Policy," OECD Science, Technology and Industry Working Papers 2000/7, OECD Publishing.
  19. Paul Gompers & Josh Lerner, 2000. "The Determinants of Corporate Venture Capital Success: Organizational Structure, Incentives, and Complementarities," NBER Chapters, National Bureau of Economic Research, Inc, in: Concentrated Corporate Ownership, pages 17-54 National Bureau of Economic Research, Inc.
  20. Gompers, Paul A., 1998. "Venture capital growing pains: Should the market diet?," Journal of Banking & Finance, Elsevier, Elsevier, vol. 22(6-8), pages 1089-1104, August.
  21. Bürgel, Oliver & Fier, Andreas & Licht, Georg & Murray, Gordon, 2000. "Internationalisation of high-tech start-ups and fast growth-evidence for UK and Germany," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 00-35, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  22. Gifford, Sharon, 1997. "Limited attention and the role of the venture capitalist," Journal of Business Venturing, Elsevier, vol. 12(6), pages 459-482, November.
  23. Neher, Darwin V, 1999. "Staged Financing: An Agency Perspective," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 66(2), pages 255-74, April.
  24. Norton, Edgar & Tenenbaum, Bernard H., 1993. "Specialization versus diversification as a venture capital investment strategy," Journal of Business Venturing, Elsevier, vol. 8(5), pages 431-442, September.
  25. Brav, Alon & Gompers, Paul A, 1997. " Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies," Journal of Finance, American Finance Association, American Finance Association, vol. 52(5), pages 1791-1821, December.
  26. Cornelli, Francesca & Yosha, Oved, 1997. "Stage Financing and the Role of Convertible Debt," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1735, C.E.P.R. Discussion Papers.
  27. Gupta, Anil K. & Sapienza, Harry J., 1992. "Determinants of venture capital firms' preferences regarding the industry diversity and geographic scope of their investments," Journal of Business Venturing, Elsevier, vol. 7(5), pages 347-362, September.
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Citations

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Cited by:
  1. Schertler, Andrea, 2002. "The Certification Role of Private Equity Investors: Evidence from Initial Public Offerings on the Nouveau Marché and the Neuer Markt," EIFC - Technology and Finance Working Papers, United Nations University, Institute for New Technologies 10, United Nations University, Institute for New Technologies.
  2. Achleitner, Ann-Kristin & Braun, Reiner & Bender, Marko & Geidner, Annabell, 2008. "Community development venture capital: concept and status quo in Germany," CEFS Working Paper Series 2008-03, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.
  3. Massimo Colombo & Luca Grilli, 2007. "Funding Gaps? Access To Bank Loans By High-Tech Start-Ups," Small Business Economics, Springer, Springer, vol. 29(1), pages 25-46, June.
  4. Mani, Sunil & Bartzokas, Anthony, 2002. "Institutional Support for Investment in New Technologies: The Role of Venture Capital Institutions in Developing Countries," UNU-INTECH Discussion Paper Series, United Nations University - INTECH 04, United Nations University - INTECH.
  5. Michael Stolpe, 2004. "Europe's Entry into the Venture Capital Business: Efficiency and Policy," Kiel Working Papers 1223, Kiel Institute for the World Economy.
  6. Andrea Schertler, 2002. "Under What Conditions Do Venture Capital Markets Emerge?," Kiel Working Papers 1119, Kiel Institute for the World Economy.
  7. José Martí Pellón & Marina Balboa, 2003. "Characterisation Of The Reputation Of Private Equity Managers: Evidence In Spain," Working Papers. Serie EC, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) 2003-16, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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