The venture capital industry in Europe

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Title:

Personal Author:

Schertler, Andrea

Series:

Palgrave Macmillan studies in banking and financial institutions

Publication Information:

Houndmills : Palgrave Macmillan, 2006

ISBN:

9781403996671

Subject Term:

Venture capital -- Europe

Finance -- Europe

Available:*

Library	Item Barcode	Call Number	Material Type	Item Category 1	Status
Searching... PSZ JB	30000010149754	HG5422 S33 2006	Open Access Book	Book	Searching... Unknown

By analyzing venture capital industries, this book substantially adds to the understanding of Europe's venture capital industries. It discusses the microeconomics of fund raising, investment and exiting behaviour of venture capital companies and relates the microeconomics of venture capital finance to the industry features in European countries.

Author Notes

Andrea Schertler is Economist at the Kiel Institute for World Economics, Germany

List of Tables and Figure	p. vii
List of Abbreviations	p. ix
Acknowledgements	p. x
1 Introduction	p. 1
2 Private Equity Industries around the Globe	p. 6
Recent developments	p. 6
The tax and legal environments	p. 14
Summary	p. 21
3 Fundraising	p. 22
Heterogeneity of private equity companies	p. 22
The relationship to capital providers	p. 35
Summary	p. 40
4 Investing	p. 42
Firms receiving private equity finance	p. 42
The relationship to portfolio firms	p. 50
Hypothesis on value-added	p. 57
Portfolios strategies	p. 60
Summary	p. 75
5 Exiting	p. 76
Exit channels	p. 76
Developments in stock markets for fast-growing firms	p. 80
Hypotheses on certification and grandstanding	p. 84
Returns	p. 87
Summary	p. 91
6 Cross-Country Variations in Investments	p. 92
Empirical model	p. 92
Description of variables	p. 94
Estimation results	p. 102
Robustness check	p. 107
Summary	p. 110
7 Industry Specialization	p. 111
Comparative advantages in selected industries	p. 111
Private equity finance as a source of comparative advantages	p. 116
Summary	p. 121
8 Internationalization	p. 122
Private equity flows	p. 122
Reasons for internationalization	p. 129
A look at the data	p. 131
Summary	p. 139
9 Summary and Concluding Remarks	p. 140
Appendices	p. 146
Notes	p. 153
References	p. 156
Index	p. 169

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Summary

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Author Notes

Table of Contents