We investigate whether the supply of venture capital (VC) is driven by spatial proximity between a VC company and the portfolio firm. Our analysis is based on information about VC investments in Germany between 2004 and 2009. We find that possible problems caused by the geographic distance to a...

The paper analyzes internal factors which influence the use of equity - and mezzanine-based financing instruments in German privately held family firms. Based on a sample of 195 surveys of family firms, we investigate the impact of family specific goals and corporate governance structures on the...

The role of technological innovation in mitigating and adapting to climate change has received growing interest in recent years. Scholars have used innovation system (IS) frameworks to grasp the interdependencies of innovation in such complex settings. However, this literature has somewhat...

In 2002 a comprehensive survey of German venture capital and private equity firms was conducted. Based on a follow-up survey in 2005, the development of the German venture capital and private equity market can be shown. The first focus of the report lies on structural topics like market...

In 2002 a comprehensive survey of German venture capital and private equity firms was conducted. Based on a follow-up survey in 2005, the development of the German venture capital and private equity market can be shown. This paper summarizes major findings concerning market structure, ownership...

It is still an open question what kind of smart capital relational investors actually supply. We divide smart capital into several components and conduct a survey among 85 German suppliers of start-up finance. The results show that the degree of smartness is determined by the financial product...

This paper sheds new light on herding of institutional investors by using a unique database that identifies every transaction made by financial institutions in the German stock market. First, the analysis reveals that herding behavior of institutions occurs daily. Second, replication of the...

The paper examines the key drivers of gold investment. Since 2000 the gold price has risen drastically, making gold an interesting add-on to a portfolio. As gold futures have negative roll returns, gold pool accounts are characterized by high credit risk and physical possession of gold means...

This paper offers a quantitative description of European private equity markets and compares the recent development in these markets with the development of the US venture capital market. Moreover, the paper addresses the differences between private equity investors acting in a single national...