What lures cross-border venture capital inflows?


Schertler, Andrea ; Tykvová, Tereza


[img]
Preview
PDF
dp10001.pdf - Published

Download (244kB)

URL: http://ub-madoc.bib.uni-mannheim.de/2754
URN: urn:nbn:de:bsz:180-madoc-27549
Document Type: Working paper
Year of publication: 2010
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G24 F21 ,
Subject headings (SWD): Europa , Nordamerika , Risikokapital , Globalisierung , Portfolio-Investition , Internationale Kapitalbewegung , Wirtschaftswachstum , Kapitalertrag
Abstract: The change in the business model of venture capitalists from investing locally towards investing across borders started to intensify in the late 1990s. According to a dataset of European and North- American countries, we find that countries with higher expected growth and higher lagged stock market returns receive larger net cross-border venture capital inflows. Thus, portfolio companies located in high-growth and high-return countries receive more venture capital from foreign venture capitalists than these countries’ venture capitalists invest in foreign portfolio companies. Also, countries with lower stock market capitalizations as well as those with poor tax and legal environments for venture capital intermediation exhibit larger net cross-border inflows. These findings offer important insights for policy makers since cross-border venture capital inflows partly compensate for potential limits in the domestic venture capital supply.
Additional information:

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




+ Citation Example and Export

Schertler, Andrea ; Tykvová, Tereza (2010) What lures cross-border venture capital inflows? Open Access [Working paper]
[img]
Preview


+ Search Authors in

+ Download Statistics

Downloads per month over past year

View more statistics



You have found an error? Please let us know about your desired correction here: E-Mail


Actions (login required)

Show item Show item