The venture capital industry in Europe:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke [u.a.]
Palgrave Macmillan
2006
|
| Edition: | 1. publ. |
| Series: | Palgrave Macmillan studies in banking and financial institutions
|
| Subjects: | |
| Online Access: | Contributor biographical information Publisher description Table of contents Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | X, 172 S. |
| ISBN: | 1403996679 9781403996671 |
Staff View
MARC
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| 245 | 1 | 0 | |a The venture capital industry in Europe |c Andrea Schertler |
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Record in the Search Index
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| adam_text | Contents
List of Tables and Figure vii
List of Abbreviations ix
Acknowledgements x
1 Introduction 1
2 Private Equity Industries around the Globe 6
Recent developments 6
The tax and legal environments 14
Summary 21
3 Fundraising 22
Heterogeneity of private equity companies 22
The relationship to capital providers 35
Summary 40
4 Investing 42
Firms receiving private equity finance 42
The relationship to portfolio firms 50
Hypothesis on value added 57
Portfolios strategies 60
Summary ^^
5 Exiting 76
Exit channels 76
Developments in stock markets for fast growing firms 80
Hypotheses on certification and grandstanding 84
Returns 87
Summary *
6 Cross Country Variations in Investments 92
Empirical model 92
Description of variables 94
Estimation results 102
Robustness check 107
Summary
v
vi Contents
7 Industry Specialization 111
Comparative advantages in selected industries 111
Private equity finance as a source of comparative 116
advantages
Summary 121
8 Internationalization 122
Private equity flows 122
Reasons for internationalization 129
A look at the data 131
Summary 139
9 Summary and Concluding Remarks 140
Appendices 146
Notes 153
References 156
Index 169
List of Tables and Figure
Tables
2.1 New funds raised around the globe 8
2.2 Private equity investments around the globe 9
2.3 Early stage investments in Europe and the United States 13
2.4 Important regulations in Europe 16
2.5 Legal environment in Europe 18
3.1 Number of private equity companies 25
3.2 Funds size 26
3.3 Capital providers 29
3.4 Types of private equity companies 32
4.1 Allocation of private equity across industries 44
4.2 Allocation of private equity across development stages 47
4.3 Specialization in industries and stages 67
4.4 Syndication of investments 71
5.1 Exit channels 78
5.2 Stock markets for fast growing firms in Europe and the
United States 82
6.1 Description of the variables used 95
6.2 Determinants of venture capital and private equity
investments 103
6.3 Robustness of determinants of venture capital
investments 108
7.1 Comparative advantages in Europe 114
7.2 Explaining comparative advantages for selected industries 119
8.1 Propensity of private equity companies to invest abroad 124
8.2 Private equity flows 126
8.3 Cross border private equity investment flows 129
8.4 Characteristics of private equity companies 133
8.5 Growth in international investments 137
8.6 The degree of internationalization in fund raising 138
9.1 Summary of private equity industries in Europe 143
Al Datasets used in this book 146
A2 Data definitions in the micro datasets 147
A3 Data definitions and sources Chapter 6 149
vii
viii List of Tables and Figure
A4 Data definitions and sources Chapter 7 151
A5 Data definitions and sources Chapter 8 152
Figure
5.1 Developments of stock market indexes in Europe and the
United States 83
|
| adam_txt |
Contents
List of Tables and Figure vii
List of Abbreviations ix
Acknowledgements x
1 Introduction 1
2 Private Equity Industries around the Globe 6
Recent developments 6
The tax and legal environments 14
Summary 21
3 Fundraising 22
Heterogeneity of private equity companies 22
The relationship to capital providers 35
Summary 40
4 Investing 42
Firms receiving private equity finance 42
The relationship to portfolio firms 50
Hypothesis on value added 57
Portfolios strategies 60
Summary ^^
5 Exiting 76
Exit channels 76
Developments in stock markets for fast growing firms 80
Hypotheses on certification and grandstanding 84
Returns 87
Summary " *
6 Cross Country Variations in Investments 92
Empirical model 92
Description of variables 94
Estimation results 102
Robustness check 107
Summary
v
vi Contents
7 Industry Specialization 111
Comparative advantages in selected industries 111
Private equity finance as a source of comparative 116
advantages
Summary 121
8 Internationalization 122
Private equity flows 122
Reasons for internationalization 129
A look at the data 131
Summary 139
9 Summary and Concluding Remarks 140
Appendices 146
Notes 153
References 156
Index 169
List of Tables and Figure
Tables
2.1 New funds raised around the globe 8
2.2 Private equity investments around the globe 9
2.3 Early stage investments in Europe and the United States 13
2.4 Important regulations in Europe 16
2.5 Legal environment in Europe 18
3.1 Number of private equity companies 25
3.2 Funds size 26
3.3 Capital providers 29
3.4 Types of private equity companies 32
4.1 Allocation of private equity across industries 44
4.2 Allocation of private equity across development stages 47
4.3 Specialization in industries and stages 67
4.4 Syndication of investments 71
5.1 Exit channels 78
5.2 Stock markets for fast growing firms in Europe and the
United States 82
6.1 Description of the variables used 95
6.2 Determinants of venture capital and private equity
investments 103
6.3 Robustness of determinants of venture capital
investments 108
7.1 Comparative advantages in Europe 114
7.2 Explaining comparative advantages for selected industries 119
8.1 Propensity of private equity companies to invest abroad 124
8.2 Private equity flows 126
8.3 Cross border private equity investment flows 129
8.4 Characteristics of private equity companies 133
8.5 Growth in international investments 137
8.6 The degree of internationalization in fund raising 138
9.1 Summary of private equity industries in Europe 143
Al Datasets used in this book 146
A2 Data definitions in the micro datasets 147
A3 Data definitions and sources Chapter 6 149
vii
viii List of Tables and Figure
A4 Data definitions and sources Chapter 7 151
A5 Data definitions and sources Chapter 8 152
Figure
5.1 Developments of stock market indexes in Europe and the
United States 83 |
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| geographic_facet | Europa |
| id | DE-604.BV021649176 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T15:02:29Z |
| indexdate | 2024-07-09T20:40:46Z |
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| isbn | 1403996679 9781403996671 |
| language | English |
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| spelling | Schertler, Andrea Verfasser (DE-588)121172341 aut The venture capital industry in Europe Andrea Schertler 1. publ. Basingstoke [u.a.] Palgrave Macmillan 2006 X, 172 S. txt rdacontent n rdamedia nc rdacarrier Palgrave Macmillan studies in banking and financial institutions Includes bibliographical references and index Risicokapitaal gtt Venture capital Europe Finance Europe Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd rswk-swf Risikokapital (DE-588)4124067-4 gnd rswk-swf Europa Europa (DE-588)4015701-5 gnd rswk-swf Europa (DE-588)4015701-5 g Risikokapital (DE-588)4124067-4 s DE-604 Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 s http://www.loc.gov/catdir/enhancements/fy0643/2005058649-b.html Contributor biographical information http://www.loc.gov/catdir/enhancements/fy0643/2005058649-d.html Publisher description http://www.loc.gov/catdir/enhancements/fy0643/2005058649-t.html Table of contents HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014863851&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schertler, Andrea The venture capital industry in Europe Risicokapitaal gtt Venture capital Europe Finance Europe Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd Risikokapital (DE-588)4124067-4 gnd |
| subject_GND | (DE-588)4192818-0 (DE-588)4124067-4 (DE-588)4015701-5 |
| title | The venture capital industry in Europe |
| title_auth | The venture capital industry in Europe |
| title_exact_search | The venture capital industry in Europe |
| title_exact_search_txtP | The venture capital industry in Europe |
| title_full | The venture capital industry in Europe Andrea Schertler |
| title_fullStr | The venture capital industry in Europe Andrea Schertler |
| title_full_unstemmed | The venture capital industry in Europe Andrea Schertler |
| title_short | The venture capital industry in Europe |
| title_sort | the venture capital industry in europe |
| topic | Risicokapitaal gtt Venture capital Europe Finance Europe Wagnisfinanzierungsgesellschaft (DE-588)4192818-0 gnd Risikokapital (DE-588)4124067-4 gnd |
| topic_facet | Risicokapitaal Venture capital Europe Finance Europe Wagnisfinanzierungsgesellschaft Risikokapital Europa |
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