This paper reviews the evidence on financing technology-based small firms (TBSFs) in Europe. The main findings in the literature are the 1) European TBSF's finance new investments by relying primarily on internal funds, due to capital market failures induced by asymmetric information; 2)...

On 23rd February 2017, SUERF and EY organized a conference on "Brexit and the Implications for Financial Services" at EY's offices, Churchill Place, Canary Wharf, London. While the outcome of the Brexit negotiations remains highly uncertain, the conference discussed the burning questions for...

In this paper we analyze how different types of venture capital investments - private, public and indirect public - affect performance of portfolio companies. We use data on more than 20,000 VC deals in Europe between 2000 and 2018 and we hand collected a unique dataset on the institutional...

In this paper we analyze how different types of venture capital investments - private, public and indirect public - affect performance of "cleantech" start-ups in Europe. We hand collected a unique dataset on the institutional setting (public/indirect/private) of almost 15000 investors in...

Using a new European Union-sponsored firm-level longitudinal dataset, we assess the impact of government-managed (GVC) and independent venture capital (IVC) funds on the sales and employee growth of European high-tech entrepreneurial firms. Our results show that the main statistically robust and...

We investigate the effect of public (PUVC) and private (PRVC) venture capital funds on the sales growth of 6,513 European New Technology-Based Firms (NTBFs) during the period from 1992 to 2009. Our results show that PUVC-backed NTBFs underperform with respect to PRVC-backed ones and do not grow...

In Da Rin, Nicodano, and Sembenelli (2006) we evaluate the effectiveness of different public policies for venture capital using an econometric approach that allows to overcome several well-known flaws of purely cross-country studies. Our results cast serious doubts on the widespread illusion...

In this review I could have focused on all of the excellent things in this work. But that would take too long, and the job of a reviewer is not to excessively praise but instead highlight areas of concern with the aim of full and correct dissemination of knowledge on a topic.I show conclusions...

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...

This paper analyses the proposition that adjusting structure can strengthen safety and therefore promote stability. It examines six proposals: Liikanen, Volcker, the US rule requiring foreign banking organisations (FBOs) to establish an intermediate holding company (IHC), depositor preference,...