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Importance of the non-financial value added of government and independent venture capitalists

Luukkonen, Terttu; Deschryvere, Matthias; Bertoni, Fabio; … - 2011

This paper compares the post-investment value-added activities performed by governmental venture capital (GVC) and … investment profiles of these investors might have on the forms of value added. The study uses a unique data set based on a survey … attention to potential adverse effects of the post-investment engagement of the investors on the firm. Using a composite …

Persistent link: https://www.econbiz.de/10010326858

Which form of venture capital is most supportive of innovation?

Bertoni, Fabio; Tykvová, Tereza - 2012

Although there seems to be consensus in the literature that venture capital investors increase the innovation output of their portfolio companies, there is little evidence about how investor type (governmental vs. private) and transaction structure (syndicated vs. non-syndicated) moderate this...

Persistent link: https://www.econbiz.de/10009510109

Which form of venture capital is most supportive of innovation? : Evidence from European biotechnology companies

Bertoni, Fabio; Tykvová, Tereza - 2013

We argue that different forms of venture capital contribute differently to the innovation process and, consequently, differ in their impact on portfolio companies' innovation output. Our results suggest that the innovation output of companies financed by independent VCs increases significantly...

Persistent link: https://www.econbiz.de/10009715276

Importance of the non-financial value added of government and independent venture capitalists

Luukkonen, Terttu; Deschryvere, Matthias; Bertoni, Fabio; … - 2011

Persistent link: https://www.econbiz.de/10009296648

Does Governmental Venture Capital Spur Invention and Innovation? Evidence from Young European Biotech Companies

Bertoni, Fabio - 2018

This paper explores whether and how governmental venture capital investors (GVCs) spur invention and innovation in young biotech companies in Europe. To gauge invention we focus on the simple patent stock at the company level, while innovation is proxied by the citation-weighted patent stock....

Persistent link: https://www.econbiz.de/10012927162

The Different Role Played by Venture Capital and Private Equity Investors on the Investment Activity of Their Portfolio Firms

Bertoni, Fabio - 2017

that this will translate in a recognizable difference in the investment sensitivity to cash flows of portfolio companies … and its evolution after the first investment round. We hypothesise that VC, thanks to its ability in overcoming …

Persistent link: https://www.econbiz.de/10012975703

The Electoral Cycle of Government Venture Capital Investments

Bertoni, Fabio - 2016

of governmental venture capital fund (GVC) investments. Consistently with the reverse electoral investment cycle, which … characterizes private investment, GVCs on average decelerate their investment activity in election years. In high-stakes election … existence of an opportunistic electoral investment cycle. GVC investments exhibit style drift in high-stakes elections years …

Persistent link: https://www.econbiz.de/10012992700

Innovation in Private Equity Leveraged Buyouts

Bertoni, Fabio - 2017

The objective of this paper is to illustrate the main theories and survey the empirical evidence on the impact of private equity leveraged buyouts (LBOs) on innovative activity at target companies. I illustrate how the theoretical lenses through which LBOs are described have adapted to the...

Persistent link: https://www.econbiz.de/10012945506

Digitization in the Market for Entrepreneurial Finance : Innovative Business Models and New Financing Channels

Bertoni, Fabio; Bonini, Stefano; Capizzi, Vincenzo; … - 2021

Digitization dramatically changes entrepreneurs’ business models and their implications for the type and timing of finance that support them. It creates new financial channels (including crowd-investors and initial coin offerings) that complement, and in part substitute, traditional...

Persistent link: https://www.econbiz.de/10014361726

The Effectiveness of Public Venture Capital in Supporting the Investments of European Young High-Tech Companies

Bertoni, Fabio - 2013

venture capital (PVC) financing. We estimate an investment equation derived from a sales accelerator model, and benchmark PVC …

Persistent link: https://www.econbiz.de/10013090636