- Consulting Editors
- The Capital Flow from Institutional Investors to Entrepreneurs
- Venture Capital and the Financial Crisis: An Empirical Study across Industries and Countries
- Venture Capital Reputation
- Keys to Fundraising Success in Nascent Venture Capital Firms
- Corporate Venture Capital in the Twenty-First Century: an Integral Part of Firms' Innovation Toolkit
- Corporate Venture Capital: From Venturing to Partnering
- Vipe Financing: Venture (Capital) Investments in Public Equity
- Philanthropic Venture Capital From A Global Perspective: Definition and Investment Strategy
- Venture Capital Before The First Dollar: Deal Origination, Screening, and Evaluation
- Capital Structure Determinants In Growth Firms Accessing Venture Funding
- Venture Capital Staging: Domestic Versus Foreign Vc-Led Investments
- Follow-On Financing of Venture Capital–Backed Companies
- Performance Implications of Venture Capital Syndication Networks
- Valuing Common and Preferred Shares in Venture Capital Financing
- Required Rates of Return and Financial Contracting for Entrepreneurial Ventures
- Financial Contracting in U.S. Venture Capital: Overview and Empirical Evidence
- Time-Inconsistent Preferences and Venture Capital Contracting
- Syndication of Vc Investments, Governance, and Contract Design
- Venture Capital in Germany: The Role of Venture Capital Firms' Experience, Ownership Structure, and Agency Problems
- Venture Capital Law Firms: An Analysis of Equity Investments and Networks
- From Ideas to Products: Financing Innovation and Getting Access to Innovation
- The Impact of Venture Capital on Innovation
- What Drives the Top Line?: Determinants of Sales Revenue in Private Venture–Backed Firms
- Value Added by Angel Investors through Postinvestment Involvement: Exploratory Evidence and Ownership Implications
- The Impact of Venture Capital on the Long-Term Performance of IPO Firms: Evidence from Korea
- Regional Impact of Venture Capital
- Spread, Scope, and Scale in Venture Capital Globalization: A Clustered Globalization Model
- The Development of Venture Capital: Macroeconomic, Political, and Legal Determinants
- A Comparative Analysis of Venture Capital Investment In the United States and Europe
- The Role of Geographic Proximity in Venture Capital
- Geography and Venture Capital Investment in the United States, 1995–2009
- The Role of Government, Venture Capital, and Banks in Closing Liquidity Gaps in the SME Sector of an Emerging Market
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.
Roman Kräussl is associate professor of finance at VU University, Amsterdam. He studied economics at the University of Bielefeld and got his PhD in financial economics at the Center for Financial Studies (CFS) at Goethe-University Frankfurt. Apart from his position at VU University, Dr. Kräussl also holds a position as adjunct associate professor at Goizueta Business School, Emory University, and is research fellow at the CFS, at the Emory Center for Alternative Investments (CAI), and at the Duisenberg School of Finance (DSF). His research focuses on private equity and venture capital, behavioral finance, and alternative investments, and has been published in the Journal of Financial and Quantitative Analysis, Strategic Management Journal, Journal of Corporate Finance, Journal of Empirical Finance, Journal of Business Ethics, Journal of International Money and Finance, Finance Research Letters, European Financial Management, Review of Derivatives Research, and Emerging Markets Review, among others. He established the website www.art-finance.com, where he publishes some of his recent work on art as an alternative asset class.
Stefan Krause is chief economist at the Unit of Economic and Monetary Union (European Relations Division) at Banque de France, and a fellow at the Department of Economics from Sciences-Po. Previously, he held positions in the United States as assistant professor of economics at Emory University in Atlanta, Georgia, and visiting scholar at the NBER in Cambridge, Massachusetts, and he also worked as economic advisor at the Ministry of Foreign Trade of Costa Rica. Krause holds a PhD in economics from the Ohio State University, and his work has been published in several leading journals, including Economic Journal, Economic Inquiry, and Journal of Macroeconomics, among many others. His research and views on how central banks have dealt with economic fluctuations has been cited by media outlets such as The Economist, Atlanta Journal-Constitution, and Daily Commercial News (Toronto). Krause's other fields of interest include analyzing the importance of financial development and access to credit, the effect of policy changes in the onset of an upcoming election, and the role of private equity and venture capital funding on innovation and growth.
Sophie Manigart is full professor at Ghent University and partner at the Vlerick Leuven Gent Management School (Belgium), where she holds the Gimv Private Equity Chair. Her research interests focus on financing entrepreneurial companies, comprising the behavior of intermediaries (business angel and venture capital investors) and the interaction between financing choices and entrepreneurial company development. She has published on these topics in theJournal of Management Studies and the Journal of Business Venturing, among others.
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