Venture Capital in Europe

1st Edition - April 1, 2011
Latest edition
Authors: Greg N. Gregoriou, Maher Kooli, Roman Kraeussl
Language: English

Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital… Read more

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Until recently, only the United States had an active venture capital market. This is changing rapidly, as many other countries have experienced rapid growth in venture capital financing over the past five years. This book contains new scientific articles showcasing the latest research on venture capital in Europe. Venture capital investment remains a hot topic with portfolio managers, individual investors, academics worldwide. This book examines in detail all the major issues regarding venture capital investment: contracting, financing, regulation, valuation, etc. and identifies new trends in the venture capital arena. Features a foreword by Josh Lerner.

1 Venture capital in Europe: closing the gap to the U.S. Andreas Oehler, Kuntara Pukthuanthong, Marco Rummer, and Thomas Walker2 Public venture capital across Europe: a 15-year perspective Christof Beuselinck and Sophie Manigart3 Why are venture capital markets well developed in some countries but comparatively small in others: evidence from EuropeKuntara Pukthuanthong, Dolruedee Thiengtham, and Thomas Walker4 A survey of the venture capital industry in Central and Eastern Europe Rachel A. Campbell and Roman Kräussl5 Venture capital in European transition economies Robert W. McGee6 Recommendations for the development of a European Venture Capital regulatory corpus: lessons from the USAEdward J. Lusk, Gregor Schmidt, and Michael Halperin 7 Productivity growth in Spanish venture-backed firmsLuisa Alemany and José Martí8 Is the Spanish public-sector effective in backing venture capital Nina Zieling, José Martí and Marina Balboa 9 A review of the venture capital industry in ItalyFabio Bertoni, Massimo G. Colombo, Annalisa Croce, and Evila Piva10 Exit strategy and the intensity of exit-directed activities among venture capital backed entrepreneurs in SwedenAnders Isaksson11 Private equity fund managers over-value their company investmentsTom Weidig, Andreas Kemmerer, Tadeusz Lutoborski and Mark Wahrenburg12 A search model of Venture Capital, entrepreneurship, and unemploymentRobin Boadway, Oana Secrieru and Marianne Vigneault13 Capital structure in new technology-based firms: venture capital-backed versus non-venture capital-backed firms in the Irish software sectorTeresa Hogan and Elaine Hutson14 German business ventures –enterpreneurs, financing and success factors Niklas Wagner, Martin Brixner, Angela Poech and Christoph Kaserer15 Financing practices in the German Venture Capital industry: an empirical studyAndreas Bascha and Uwe Walz16 Covenants in Venture Capital contracts: theory and empirical evidence from the German capital marketRon C. Antonczyk, Wolfgang Breuer, and Klaus Mark 17 Supply and demand of venture capital for biotech firms: the case of the Belgian regions of Wallonia and BrusselsVéronique Bastin, Georges Hübner, Pierre-Armand Michel, and Mélanie Servais18 Efficiency of VC firms using data envelopment analysis Greg N. Gregoriou, Maher Kooli, Philipp Krohmer, and Rainer Lauterbach 19 Agency theory and management buy-out: the role of venture capitalists Hans Bruining and Arthur Herst20 Does the value of Venture Capital vary over the investee life cycle?evidence from Irish investees Nancy Huyghebaert and Sheila O’Donohoe21 German banks as venture capitalistsTereza Tykvova22 Long-run venture-backed IPO performance analysis of italian family-owned firms: what role do closed-end funds play?Stefano Caselli and Stefano Gatti23 Securitisation and venture capital fund-raisingPaul U Ali24 Total loss risk in European vs. U.S. based venture capital investmentsDieter Kaiser, Rainer Lauterbach, and Denis Schweizer

"Over the past decade, venture capital finance has developed into an important source of start-up and growth financing. This volume is fascinating reading and highly informative. Venture Capital in Europe contains thoughtful and informative essays by several of the leading scholars in the field, and provides a comprehensive picture of the structure of venture capital financing, the valuation of investments, and the exit routes for venture capitalists. I highly recommend it."—Luc Renneboog, Professor of Finance, Tilburg University "In this exquisitely edited volume, Gregoriou, Kooli, and Kraeussl artfully integrate a wide array of findings on the role and importance of venture capitalists in Europe. The articles exclusively written for this volume by leading researchers in this topic present the latest cutting edge research on venture capital in Europe. This volume helps build our understanding of this important phenomenon in Europe by offering an overview of European venture capital markets, the strategies of European venture capitalists, their financing and contracting behaviour and the performance of venture capitalists in the different European Countries. I highly recommend this volume for those seeking to understand the increasing importance of venture capitalists in Europe."—Erik E. Lehmann, Chair of Firm Strategy and Organization, University of Augsburg "The book provides a timely and a comprehensive analysis of European Venture capital and Private equity by leading experts in this field. Through its many diligent articles, which are supported by detailed use of statistics, the book is an important source of information for anybody interested in Equity Capital Markets and the underlying forces driving its future across Europe."—Dr. Josef Schuster, CEO and Founder, IPOX Schuster LLC "A must-read for both scholars and professionals wanting to know more about European venture capital. A very insigtful book, that covers all aspects of the venture capital industry."—Peter Roosenboom, RSM Erasmus University "This book is a must for all those interested and engaged in the European Venture Capital industry, like academics, investment bankers, consulting firms, or policy makers. It not only covers latest cutting-edge research results, but as well provides a very nice overview of the fast growing Venture Capital market in Europe. The book also reveals European specifics in this business, especially in relation to the United States."—Wolfgang Aussenegg, Associate Professor of Finance,Department of Finance and Corporate Control, Institute of Management Science, Vienna University of Technology

Greg N. Gregoriou

A native of Montreal, Professor Greg N. Gregoriou obtained his joint Ph.D. in finance at the University of Quebec at Montreal which merges the resources of Montreal's four major universities McGill, Concordia, UQAM and HEC. Professor Gregoriou is Professor of Finance at State University of New York (Plattsburgh) and has taught a variety of finance courses such as Alternative Investments, International Finance, Money and Capital Markets, Portfolio Management, and Corporate Finance. He has also lectured at the University of Vermont, Universidad de Navarra and at the University of Quebec at Montreal.

Professor Gregoriou has published 50 books, 65 refereed publications in peer-reviewed journals and 24 book chapters since his arrival at SUNY Plattsburgh in August 2003. Professor Gregoriou's books have been published by McGraw-Hill, John Wiley & Sons, Elsevier-Butterworth/Heinemann, Taylor and Francis/CRC Press, Palgrave-MacMillan and Risk Books. Four of his books have been translated into Chinese and Russian. His academic articles have appeared in well-known peer-reviewed journals such as the Review of Asset Pricing Studies, Journal of Portfolio Management, Journal of Futures Markets, European Journal of Operational Research, Annals of Operations Research, Computers and Operations Research, etc.

Professor Gregoriou is the derivatives editor and editorial board member for the Journal of Asset Management as well as editorial board member for the Journal of Wealth Management, the Journal of Risk Management in Financial Institutions, Market Integrity, IEB International Journal of Finance, and the Brazilian Business Review. Professor Gregoriou's interests focus on hedge funds, funds of funds, commodity trading advisors, managed futures, venture capital and private equity. He has also been quoted several times in the New York Times, Barron's, the Financial Times of London, Le Temps (Geneva), Les Echos (Paris) and L'Observateur de Monaco. He has done consulting work for numerous clients and investment firms in Montreal. He is a part-time lecturer in finance at McGill University, an advisory member of the Markets and Services Research Centre at Edith Cowan University in Joondalup (Australia), a senior advisor to the Ferrell Asset Management Group in Singapore and a research associate with the University of Quebec at Montreal's CDP Capital Chair in Portfolio Management. He is on the advisory board of the Research Center for Operations and Productivity Management at the University of Science and Technology (Management School) in Hefei, Anhui, China.

Affiliations and expertise

School of Business and Economics, State University of New York, Plattsburgh, NY, USA

Maher Kooli

Maher Kooli is Assistant Professor of Finance at the School of Business and Management, University of Quebec in Montreal (UQAM). He holds a Ph.D. in finance from Laval University (Quebec) and was a postdoctoral researcher in finance at the Center of Interuniversity Research and Analysis on Organisations. Maher also worked as a Senior Research Advisor for la Caisse de Depot et Placement de Quebec (CDP Capital). He has published articles in a wide variety of books and journals including the Journal of Multinational and Financial Management, the Financial Management, The Journal of Private Equity, the Canadian Investment Review, Derivatives Use and Trading Regulations, FINECO, and Gestion. He has co-authored a book entitled Principes de Gestion financiere, Guerin edition. His current research interests include alternative investments, initial public offerings and mergers and acquisitions.

Affiliations and expertise

Assistant Professor of Finance at the School of Business and Management, University of Quebec in Montreal (UQAM)

Roman Kraeussl

Roman Kräussl obtained a first class honours Masters in Economics with a specialization in Financial Econometrics at the University of Bielefeld, Germany, in 1998. He completed his Ph.D. on the Role of Credit Rating Agencies in International Financial Markets at Johann Wolfgang Goethe-University, Frankfurt/Main, Germany, in 2002. As the Head of Quantitative Research at Cognitrend GmbH, he was closely involved with the financial industry. Currently he is Assistant Professor of Finance at Vrije Universiteit Amsterdam and research fellow with the Center for Financial Studies, Frankfurt/Main.

Affiliations and expertise

Assistant Professor of Finance at Vrije Universiteit Amsterdam

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Venture Capital in Europe

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Greg N. Gregoriou

Maher Kooli

Roman Kraeussl

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