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Title:Is venture capital a regional business?: the role of syndication PDF Logo
Authors:Fritsch, Michael
Schilder, Dirk
Issue Date:2006
Series/Report no.:Papers on entrepreneurship, growth and public policy 2506
Abstract:We investigate whether the supply of Venture Capital (VC) in Germany is driven by spatial influences. The study is based on information from more than 300 VC investments made in Germany between 2004 and 2005. We find evidence that the geographical distance between a VC company and the portfolio firm is not an important factor for German VC investments. Syndication of investments helps to overcome the problem of distance to portfolio firms if one of the investors is located close to the investment. Altogether, we find no evidence for a severe regional equity gap for young and innovative companies in Germany.
Subjects:Venture Capital
regional equity gap
start-up financing
JEL:G24
O16
D21
M13
R12
Document Type:Working Paper
Appears in Collections:Discussion Papers on Entrepreneurship, Growth and Public Policy, MPI für Ökonomik

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