This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we show that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis...

There is great interest in evaluating the impact of private equity investments on innovation and economic growth. However, there is no direct empirical evidence on the effects of such transactions on the innovation strategies of entrepreneurial firms. We fill this gap by examining a rich...

The impact of private equity firms on employment in their portfolio companies is a controversial topic widely discussed in academia and in practice in recent years. A large body of research has resulted from this debate. The studies are focused on different aspects of employment and are based on...

This paper examines private equity and venture capital in Italy. The first part looks at the main features of the Italian market and its recent evolution; the second part considers the results of a survey of firms and intermediaries designed to gather information regarding contract features and...

For years, research has been conducted to correctly model and predict the risk and return structures of Private Equity (PE) funds. Although past research has revealed valuable insight into the features of those funds, most risk and return model struggle with the dispersion of PE funds' returns,...

For alternative assets such as venture capital, buyouts (private equity), real estate, etc., the standard regression of portfolio returns on market returns to measure risk produces risk measures that are not credible. Institutional investors, doubting such measures, instead often use either some...

Questo studio analizza le determinanti e le prospettive del venture capital in Italia, nell'ambito dello studio delle relazioni esistenti tra struttura e funzionamento del sistema finanziario e crescita dell'economia e dell'occupazione. Particolare attenzione è dedicata al ruolo svolto dalla...

Uncertainty about manager skill and diversification constraints are hallmarks of investing in alternative assets. This paper quantifies the utility losses to private equity investors arising from these frictions. When calibrated to the data on institutional allocations to private equity and...

This report gives a summary on different data sources of venture capital and private equity in China. It also provides a roadmap on how to link the different sources to a consolidated database. This is a supplementary report on data collection and consolidation of the paper “Can governments...

The high competition in the global Private Equity (PE) and Venture Capital (VC) industry has forced investors to allocate more capital to emerging markets. The fast growing PE and VC activities in those countries raise the question of whether the cost with limited attention will surpass the...