@techreport{Schertler2004Sources,
abstract = {This paper analyses the link between venture capitalists? sources of funds, such as banks
and pension funds, and the specialization pattern of venture capital investments in
particular industries and particular stages of enterprises? development. Based on a panel
data set of Western European countries, the results of the analysis show that sources of
funds and investment specialization patterns are linked. For example, the specialization
in the early stage of enterprises? development depends positively on the importance of
pension funds and negatively on the importance of banks as sources of funds. These
results reject models that assume independence of sources of funds and investment
patterns.},
address = {Kiel},
author = {Andrea Schertler},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {G32; G24; 330; sources of funds; venture capital; Europe; panel data; Risikokapital; Investmentfonds; Eigent\"{u}merstruktur; Kapitalanlage; Branche; Unternehmensentwicklung; Sch\"{a}tzung; Westeuropa},
language = {ger},
number = {1200},
publisher = {Kiel Institute for the World Economy (IfW)},
title = {Sources of Funds and Specialization Patterns of European Venture Capital Investments},
type = {Kieler Arbeitspapiere},
url = {http://hdl.handle.net/10419/17744},
year = {2004}
}
