Ebook: Venture Capital: A Euro-System Approach
- Tags: Finance/Investment/Banking, Quantitative Finance, Financial Economics, Economic Policy
- Year: 2004
- Publisher: Springer-Verlag Berlin Heidelberg
- Edition: 1
- Language: English
- pdf
Josh Lerner Jacob H. Schiff Professor of Investment Banking Harvard Business School and National Bureau of Economic Research During much of the 1970s and 1980s, venture capital and private equity remained largely a United States phenomena. Over the past decade, how ever, private equity has spread around the globe, taking particularly firm root in Western Europe-indeed, growing 4,700% since 1984 through 200 I. Today, Europe is the dominant private equity market outside the United States. Despite this tremendous growth and the current recessionary cli mate, there is ample room for attractive expansion in European private eq uity; both for venture capital and private equity. There have been several reasons for this growth. The first has been the internationalization of capital sources. The key sources of capital for Euro pean private equity funds have traditionally been segmented by national boundaries: historically, the pattern in Europe has been for private equity groups to raise funds from banks, insurance companies, and government bodies in their own country, with little involvement from foreign investors. These barriers are now breaking down for two principal reasons. First, in stitutional investors, particularly in the United States, have become in creasingly interested in European funds. Second, many international pri vate equity firms have become more active in Europe. A second driver of growth has been the entry of new talent into the in dustry. Traditionally, many European private equity investors had come from financial or consulting backgrounds, rather than from operating roles.
Venture Capital. A Euro-System Approach covers a wide spectrum of topics: it investigates the way venture capital really works, the relations between venture capital, corporate banking and stock exchanges, market trends in Europe and the US, legal issues related to the creation of venture capital firms and closed end funds, and finally regulatory and economic policy issues. The book is based on a strong link between a rigorous methodological approach and real world best practices of venture capitalists - thanks to a team of contributors formed by both academics and professionals of different fields (venture capitalists, financial analysts, regulators, stock exchange executives).
Venture Capital. A Euro-System Approach covers a wide spectrum of topics: it investigates the way venture capital really works, the relations between venture capital, corporate banking and stock exchanges, market trends in Europe and the US, legal issues related to the creation of venture capital firms and closed end funds, and finally regulatory and economic policy issues. The book is based on a strong link between a rigorous methodological approach and real world best practices of venture capitalists - thanks to a team of contributors formed by both academics and professionals of different fields (venture capitalists, financial analysts, regulators, stock exchange executives).
Content:
Front Matter....Pages I-XII
Front Matter....Pages 1-1
An Introduction to the Investment in New Ventures....Pages 3-25
A Broad Vision of the Investment Process in Venture Capital....Pages 27-51
Funding Processes....Pages 53-80
The Valuation of the Target Company....Pages 81-121
Specialties in Managing Closed-End Funds....Pages 123-147
How Does a Venture Capital Work: Case 1 — Pino Ventures....Pages 149-177
How Does a Venture Capital Work: Case 2 — Intervaluenet....Pages 179-188
Front Matter....Pages 189-189
The Special Role of the Venture Capital Industry....Pages 191-224
Competitive Models of Corporate Banking and Venture Capital....Pages 225-260
Opportunities in the Quotation of Private Equity Companies....Pages 261-284
The Venture Capital Industry in Europe: Trends and Figures....Pages 285-315
Front Matter....Pages 317-317
Regulations and Supervision: The Role of Central Bank....Pages 319-337
The Constitution of a Venture Capital Company....Pages 339-367
Legal Issues for Italian Venture Capital Investment Schemes....Pages 369-406
Back Matter....Pages 407-423
Venture Capital. A Euro-System Approach covers a wide spectrum of topics: it investigates the way venture capital really works, the relations between venture capital, corporate banking and stock exchanges, market trends in Europe and the US, legal issues related to the creation of venture capital firms and closed end funds, and finally regulatory and economic policy issues. The book is based on a strong link between a rigorous methodological approach and real world best practices of venture capitalists - thanks to a team of contributors formed by both academics and professionals of different fields (venture capitalists, financial analysts, regulators, stock exchange executives).
Content:
Front Matter....Pages I-XII
Front Matter....Pages 1-1
An Introduction to the Investment in New Ventures....Pages 3-25
A Broad Vision of the Investment Process in Venture Capital....Pages 27-51
Funding Processes....Pages 53-80
The Valuation of the Target Company....Pages 81-121
Specialties in Managing Closed-End Funds....Pages 123-147
How Does a Venture Capital Work: Case 1 — Pino Ventures....Pages 149-177
How Does a Venture Capital Work: Case 2 — Intervaluenet....Pages 179-188
Front Matter....Pages 189-189
The Special Role of the Venture Capital Industry....Pages 191-224
Competitive Models of Corporate Banking and Venture Capital....Pages 225-260
Opportunities in the Quotation of Private Equity Companies....Pages 261-284
The Venture Capital Industry in Europe: Trends and Figures....Pages 285-315
Front Matter....Pages 317-317
Regulations and Supervision: The Role of Central Bank....Pages 319-337
The Constitution of a Venture Capital Company....Pages 339-367
Legal Issues for Italian Venture Capital Investment Schemes....Pages 369-406
Back Matter....Pages 407-423
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