We look at syndication in the venture capital industry. Investments conducted by syndicates are believed to have better chances of being successful, measured by the survival probability of portfolio companies or by successful exits. Using a novel and large dataset, covering several countries,...

The creation of value through innovation is among the defining traits of new technology-driven ventures. In this paper we contribute to the literature by investigating the value of innovations for start-ups supported by EIF in the years 1996 to 2014, as measured through patent applications. The...

Start-up growth is often treated as a stylised fact, despite an extensive research body composed of divergent theories and empirical findings. Against this background, this work contributes to the literature by analysing a hand-collected dataset of 2,951 EIF-backed VC start-ups. Section 2...

We use competing risks methods to investigate the causal link between venture capital (VC) investments supported by the EIF and the exit prospects and patenting activity of young and innovative firms. Using a novel dataset covering European start-ups receiving VC financing in the years 2007 to...

This paper examines the impact of venture capital (VC) investments supported by the EIF on the financial growth and performance of young and innovative firms. Using a novel dataset covering European start-ups supported by VC in the years 2007 to 2014, we generate a counterfactual group of...

This paper analyses the Business Angel (BA) portfolio of the European Angels Fund (EAF), an initiative of the European Investment Fund, which engages in co-investment relationships with experienced business angels across Europe. It uses EIF’s proprietary database to shed light on a specific...

We test the hypotheses that zombie firms are less productive and have lower employment growth and lower gross investment ratios than non-zombie firms in the same industry sector and that they are a source of contagion for the latter. Ever since Caballero et al. (2008), it has been taken for...

In this paper we provide firm-level evidence on the role of resource misallocation for total factor productivity development in Austria. We apply the indirect approach of measuring misallocation via the dispersion in marginal products within narrowly defined industries of Hsieh and Klenow (2009)...