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Distribution Dynamics in European Venture Capital
The paper evaluates the evolution of European venture capital investments since 1990, using the distribution dynamics methodology. It tests and rejects the hypothesis that the international allocation of venture capital investments is driven by a path-dependent process of agglomeration, in which a countrys initial advantage is transformed into a long-term lead.
Link
http://www.uni-kiel.de/ifw/pub/kap/2003/kap1191.pdf