In this paper, we show that secondary buyouts (SBOs) do not generate a signifi?cant improvement in the operating performance of target companies. We collect deal-level infor mation on 2,911 buyouts between 1998 and 2008 and gather detailed fi?rm-level ?financial and accounting information on 163...

This paper investigates the political and legal determinants of cross-country differences in venture capital (VC) investments. Our results show strong and positive effects of a favorable sociopolitical and entrepreneurial environment on the inception and development of VC investment activity....