Using a large data set of companies from 16 European countries over the period between January 1994 and May 2011, we estimate the equity risk premiums applying an implied cost of capital approach. We find estimates that are consistently larger than those in previous studies, ranging from 4.4% to...

This paper analyzes the determinants of returns generated by European private equity funds. It starts from the presumption that this asset class is characterized by illiquidity, stickiness and segmentation. As a consequence, Gompers and Lerner (2000) have shown that venture deal valuations are...

This paper presents a cash flow based analysis of the return and risk characteristics of European Private Equity Funds. For that purpose a comprehensive data set has been provided by Thomson Venture Economics. We document the typical time pattern of cash flows for European private equity funds....