This paper analyses the efficiency of venture capital and its impact on primary equity markets in France and Germany …. It shows that venture capital operates according to the signalling model in France and according to the learning model in … Germany. Only the learning model can serve as a rationale for government subsidies. In the signalling model, many young …

companies going public at Germany´s Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues …