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Autor:innen: 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1191
Verlag: 
Kiel Institute for World Economics (IfW), Kiel
Zusammenfassung: 
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.
Schlagwörter: 
Distribution dynamics
Markov chains
New technology-based firms
Venture capital
JEL: 
F21
G20
F43
Dokumentart: 
Working Paper

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