capital

The objective of this paper is to identify the main determinants of venture capital (VC). The model is evaluated with a panel dataset of 16 OECD countries over the period 1999-2000.

This paper attempts to the macroeconomic impact of venture capital. The quantitative results, based on a panel of 16 OECD countries from 1999 to 2001, show that the social return of VC is significantly higher than the social return of business or public R&D.

This study analyzes the question how the intellectual capital of a company affects its financial capital structure. To this end, the authors consecutively apply the methods of factor and regression analyses on a sample of 65 small and medium sized Finnish biotechnology companies.

Motivated by the different development stages of both, the venture capital (VC) as well as the life science industry in the USA and Europe, the authors investigate portfolio strategies of US-American and European VC firms active in this sector. Results show that US life science VCs are equally likely to have a focus on early stage ventures and to diversify across investment stages as their European counterparts.

This paper evaluates the primary legal and financial mechanisms that help support the development of a venture capital market. Specifically, the authors argue that emulating the organization and contractual pattern of the U.S. venture capital market could enhance the development of the European venture capital market.

The standard deviations of capital flows to emerging countries are 80 percent higher than those to developed countries, according to the author. Results suggest that underdevelopment of domestic financial markets, weak institutions, and low income per capita, are all associated with capital flow volatility.

This paper has been prepared within the framework of the research project on globalization and employment. The focus is on manufacturing industries both because global restructuring of manufacturing industries is a central feature of globalization and because FDI inflows into developing countries in recent years have been mainly into manufacturing.

This paper develops an intertemporal framework for measuring capital in which consumer utility maximization governs the expenditures that are current consumption versus those that are capital investment.

This paper presents new empirical evidence, obtained by fieldwork methods, on investor risk-handling practice in the UK venture capital industry.

Currency crises are usually associated with large nominal and real depreciations, according to the authors. In some countries depreciations are perceived to be very costly (‘fear of floating’). In this paper, the authors try to understand the reasons behind the fear.