Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/3132 
Authors: 
Year of Publication: 
2003
Series/Report no.: 
Kiel Working Paper No. 1191
Publisher: 
Kiel Institute for World Economics (IfW), Kiel
Abstract: 
This paper evaluates the evolution of European venture capital investments since 1990, using the distribution dynamics methodology. It tests and rejects the hypothesis that the international allocation of venture capital investments is driven by a pathdependent process of agglomeration, in which a country's initial advantage is transformed into a long-term lead. Instead, the evidence from a cross section of 13 European countries is more favourable for the alternative hypothesis, which explains international variations in venture capital investments as part of countries' different patterns of specialization. The robustness of these findings and implications for government policy are discussed.
Subjects: 
Distribution dynamics
Markov chains
New technology-based firms
Venture capital
JEL: 
F21
G20
F43
Document Type: 
Working Paper

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