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date: 25 March 2019

Abstract and Keywords

This article examines venture capital (VC) investments and exits in the United States and the EU-15 countries throughout the period 1985–2008, while further classifying firms into six distinct industries. It considers the asymmetry in VC success when separately analyzing investment in seed and start-up versus more mature firms. It also seeks to understand the institutional features and the legal environment associated with successful VC financing in the United States and in Europe. The results suggest that, inasmuch as some of the differences in performance can be explained by country-specific factors (in particular, when considering start-up/seed and early-stage firms), there are also important idiosyncratic differences across industries. Important differences across industries also emerge when considering infant versus mature firms, and their preferred exit.

Keywords: venture capital investments, United States, Europe, start-up firms, mature firms

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