The Demand and Supply of External Finance for Innovative Firms

Industrial and Corporate Change (2013) 22 (4): 869-901 (Open Access) with Andrea Mina and Alan Hughes Abstract: Access to finance has figured prominently in the debate on barriers to firm growth, even though existing empirical research has not found conclusive evidence of a ‘finance gap’. Moreover, it is not clear to what extent innovation aggravates …

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Venture capital in Europe

with Andrea Mina Abstract:Venture capital has been identified as a key enabler of growth in modern knowledge-based economies and has figured prominently in the European innovation policy debate. Its challenges remain, however, substantial. Firstly, private equity markets are still very unevenly developed across the European region. Secondly, they are differentiated markets with highly heterogeneous distributions …

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Net Asset Value Discounts in Listed Private Equity Funds

with Christoph Kaserer Abstract: This paper investigates determinants and consequences of net asset value discounts in listed private equity funds. Listed private equity funds share characteristics of closed-end mutual funds and traditional unlisted private equity funds and can therefore offer insights into both. Our results have particular relevance to the pricing of unlisted private equity …

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The Time-Varying Risk of Listed Private Equity

Journal of Financial Transformation, Vol. 28, pp. 87-93, 2010 with Christoph Kaserer, Valentin Liebhart, Alfred Mettler Abstract: Structure and stability of private equity market risk are still nearly unknown, since market prices are mostly unobservable for this asset class. This paper aims to fill this gap by analyzing market risks of listed private equity vehicles. …

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Organizational Forms and Risk in Listed Private Equity

The Journal of Private Equity, Vol. 13, 89-99, Winter 2009 with Florian Herschke Abstract: This paper investigates the stock performance of listed private equity vehicles which are grouped into subsamples according to their organizational structure. We identify 274 liquid listed private equity entities in the period from 1986 to 2008. Listed private equity shows an …

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