capital

Using dynamic panel estimations, the paper identifies driving forces of venture capital activity for Western European countries. The paper shows that these factors do not affect expansion stage investments used as a broader definition of venture capital, while they positively affect early stage investments used as a narrow definition.

The analysis identifies the problem of creating appropriate governance structures to protect investor returns and exposes the difficulties of established banks and government - to devise venture investment strategies. It also identifies the
availability of high quality entrepreneurs as a critical complement.

The paper describes the German equity markets and analyzes whether it is underdeveloped
in any meaningful sense. The author provides a detailed account of the microstructure of the German equity markets, putting special emphasis on recent developments.

Within a single model, the author explains how a venture capitalist chooses the timing, the price and the amount of shares to be sold in an initial public offering (IPO). The author concludes that the difference between the venture capitalist and the new investors who buy shares at the IPO is that the former offers not only money but also managerial support that may enhance the value of the firm.

The authors build an index of value for venture capital that measures the return and risk for venture capital. According to the authors, its covariance with other asset classes from 1987-1999 enables them to explore the role of venture capital in diversified portfolios during a period of increased importance of venture capital in the economy.

The authors study the relationship between
ownership structure, corporate governance, and the initial public offering (IPO) process. They examine equity ownership by different institutions, such as foreign and domestic financial institutions, banks with and without lending relationships, venture capitalists, and corporations prior to an IPO.

The second paper in the series resulting from an "Angel Organization Summit, " outlines some of the best practices shared during the summit, which include: managing membership participation, coordinating company presentations, finding the right fit for potential investments, and working with other investors, particularly venture capitalists and other angel groups.

The authors compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the UK using a newly constructed data set. They find that sources of VC funds differ significantly across countries. For example, banks are particularly important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK.

The paper contrasts the governance of LSVCCs to limited partnerships. We also summarize Canadian evidence on the impact of LSVCC governance and tax incentives

The report prepared for the DG for Employment and Social Affairs of the European Commission surveys
the available evidence on the contribution of investment in human capital to aggregate productivity growth and on its impact on wages and other labour outcomes at the individual level.