000			01648cam a2200181 4500500
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041			_afre
042			_adc
100	1	0	_aHege, Ulrich _eauthor
700	1	0	_a Palomino, Frédéric _eauthor
700	1	0	_a Schwienbacher, Armin _eauthor
245	0	0	_aVenture Capital Performance: The Disparity Between Europe and the United States
260			_c2009.
500			_a33
520			_aThis paper compares the success of venture capital investments in the United States and in Europe by analyzing individual venture-backed companies and the value generated within the stage financing process. We document that US venture capitalists generate significantly more value with their investments than their European counterparts. We find differences in contracting behavior, such as staging frequency and syndication, and evidence that they help to explain the observed performance gap and we report a substantial unexplained residual. We find that US venture funds investing in Europe do not perform better their European peers. European Common Law and Civil Law countries exhibit comparable levels of venture performance, and differences in stock market development or tax subsidies in favor of venture investments are unrelated to performance differences. European IPO exits from venture investments yield returns similar to the US, while trade sale exits weakly underperform. We attribute the overall performance gap essentially to the segment of poorly performing companies.
786	0		_nFinance | 30 | 1 | 2009-06-01 | p. 7-50 | 0752-6180
856	4	1	_uhttps://shs.cairn.info/journal-finance-2009-1-page-7?lang=en
999			_c166189 _d166189