The main goal of the article is to formulate an approach to appraisal of managerial staff activity from the standpoint of manager’s working time as scarce resource and extent of efficiency of its utilisation, and the issue of optimal allocation of managerial load in the control system.

This paper compares the success of venture capital investments in the United States and in Europe by analyzing individual venture-backed companies and the value generated within the stage financing process. We document that US venture capitalists generate significantly more value with their...