This paper compares the post-investment value-added activities performed by governmental venture capital (GVC) and independent venture capital (IVC) for their portfolio companies, and controls for the selection effect that the different investment profiles of these investors might have on the...

The financial literature claims that venture capital (VC) financing spurs the growth of new technology-based firms (NTBFs). Nevertheless, the benefits and costs for portfolio companies may depend upon the type of investor. In this paper we distinguish financial intermediaries (FVC) and...

This paper provides a policy-oriented summary of the econometric study commissioned by the European Court of Auditors, in the context of its audit of EU-funded loan guarantee instruments.2 The study assesses the real performance effects of EU-guaranteed loans to SMEs disbursed in France during...