Venture capital investment practices in Europe and the United States

被引：44

作者：

Schwienbacher A. ^{[1
,2
]}

机构：

[1] Louvain School of Management, Université Catholique de Louvain, 1348 Louvain-la-Neuve

[2] Finance Group, University of Amsterdam Business School, 1018 WB Amsterdam, Roetersstraat II

来源：

Financial Markets and Portfolio Management | 2008年 / 22卷 / 3期

关键词：

Convertible securities; Stage financing; Start-up; Syndication; Venture capital;

D O I：

10.1007/s11408-008-0080-z

中图分类号：

学科分类号：

摘要：

This article focuses on the investment practices and contract behavior of venture capitalists in relation to their portfolio companies. Using a unique self-collected data set, we provide new evidence on the venture capital industry in Europe and the United States. Important differences are identified between the two, particularly with respect to the use of convertible securities, replacement of former management, stage financing, deal syndication, and duration of exit stage. The most striking difference involves the use of convertible securities, which are used far less often in Europe than in the United States. These differences suggest that European venture capitalists engage in less monitoring and thus adopt a more hands-off approach to their portfolio companies as compared to US venture capitalists. © 2008 The Author(s).

引用

页码：195 / 217

页数：22

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