Venture Capital in Europe

Venture Capital in Europe, 1st Edition

Venture Capital in Europe, 1st Edition,Greg Gregoriou,Maher Kooli,Roman Kraeussl,ISBN9780750682596

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Leading academics present the latest research on venture capital in Europe.

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Key Features

*The only book in which academics from around the world present the latest research on venture capital in Europe
*Covers all of Europe as well as including overview papers about venture capital industry, public and private venture capital, valuation, financing, contracting, structuring, regulation, etc.
*Comprehensive, authoritative coverage


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.


Primary audience: Professionals, academics, and graduate students in finance
Specifically: Institutional investors looking for new investment, legal staff of corporations
Interested in current trends in venture capital financing, and academics looking for new research on venture capital. Secondary readership:
Professional organizations and securities regulators specializing in alternative investment; students in courses on corporate finance, international finance, entrepreneurial finance and alternative investments (book would be supplemental text).

Greg Gregoriou

Greg N. Gregoriou is Professor of Finance, School of Business and Economics, State University of New York at Plattsburgh. He is Research Associate at the Caisse de dépôt et placement du Québec Endowed Chair in Portfolio Management at the University of Quebec at Montreal, as well as Lecturer in the School of Continuing Studies at McGill University. Professor Gregoriou has published several books with Elsevier including the two-volume Handbook of Asian Finance, Reconsidering Funds of Hedge Funds, Valuation and Pricing Models, and the Handbook of Short Selling, and is hedge fund editor and editorial board member of the Journal of Derivatives and Hedge Funds .

Affiliations and Expertise

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

View additional works by Greg N. Gregoriou

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

Venture Capital in Europe, 1st Edition

1 Venture capital in Europe: closing the gap to the U.S.
Andreas Oehler, Kuntara Pukthuanthong, Marco Rummer, and Thomas Walker
2 Public venture capital across Europe: a 15-year perspective
Christof Beuselinck and Sophie Manigart
3 Why are venture capital markets well developed in some countries but comparatively small in others: evidence from Europe
Kuntara Pukthuanthong, Dolruedee Thiengtham, and Thomas Walker

4 A survey of the venture capital industry in Central and Eastern Europe
Rachel A. Campbell and Roman Kräussl
5 Venture capital in European transition economies
Robert W. McGee
6 Recommendations for the development of a European Venture Capital regulatory corpus: lessons from the USA
Edward J. Lusk, Gregor Schmidt, and Michael Halperin
7 Productivity growth in Spanish venture-backed firms
Luisa Alemany and José Martí
8 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 Italy
Fabio Bertoni, Massimo G. Colombo, Annalisa Croce, and Evila Piva
10 Exit strategy and the intensity of exit-directed activities among venture capital backed entrepreneurs in Sweden
Anders Isaksson
11 Private equity fund managers over-value their company investments
Tom Weidig, Andreas Kemmerer, Tadeusz Lutoborski and Mark Wahrenburg
12 A search model of Venture Capital, entrepreneurship, and unemployment
Robin Boadway, Oana Secrieru and Marianne Vigneault
13 Capital structure in new technology-based firms: venture capital-backed versus non-venture capital-backed firms in the Irish software sector
Teresa Hogan and Elaine Hutson
14 German business ventures –enterpreneurs, financing and success factors
Niklas Wagner, Martin Brixner, Angela Poech and Christoph Kaserer
15 Financing practices in the German Venture Capital industry: an empirical study
Andreas Bascha and Uwe Walz
16 Covenants in Venture Capital contracts: theory and empirical evidence from the German capital market
Ron 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 Brussels
Véronique Bastin, Georges Hübner, Pierre-Armand Michel, and Mélanie Servais
18 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 Herst
20 Does the value of Venture Capital vary over the investee life cycle?
evidence from Irish investees
Nancy Huyghebaert and Sheila O’Donohoe
21 German banks as venture capitalists
Tereza Tykvova
22 Long-run venture-backed IPO performance analysis of italian family-owned firms: what role do closed-end funds play?
Stefano Caselli and Stefano Gatti
23 Securitisation and venture capital fund-raising
Paul U Ali
24 Total loss risk in European vs. U.S. based venture capital investments
Dieter Kaiser, Rainer Lauterbach, and Denis Schweizer

Quotes and reviews

"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

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