This paper analyses the duration of the time to exit of distressed firms, differentiating between court driven exits (mainly bankruptcies) and voluntary liquidations. It examines how long firms survive after initial signs of economic distress. The study is conducted on an extensive dataset of...

There is ample empirical evidence that investments in (public) companies are correlated with cash flow. This may either be explained as evidence of financing constraints (Fazzari, Hubbard and Petersen, 1988), as excessive conservatism by managers, restraining investments to the internally...

The goal of this research is to determine how the riskynature of biotechnology ventures influences the investment decision process ofventure capitalists (VCs). First, the method of this qualitative study isdescribed: between October 2003 and February 2004, questionnaires andinterviews were...

The 2001 Global Entrepreneurship Monitor (GEM)findings for Belgium and Flanders suggest that, of the 29 countriesparticipating in the research, Belgium was the least entrepreneurial, and theregion of Flanders was even less entrepreneurial than Belgium on average.Predictions indicate slow...

This paper studies the international investment behavior of private equity (PE) firms. Perspectives from international service management are integrated with human capital and network theory to test the value of international human capital and international network relationships. Using a sample...

A critical question that growth oriented companies face is whether to raise new funding under the form of debt or equity from new or existing shareholders. We study the 345 new funding issues of a sample of 191 early stage growth oriented start-ups. We show that bank debt is available to firms...

This paper examines the relation between private equity (PE) investors' involvement and their portfolio firms' earnings quality. We operationalize earnings quality through comparative analyses of conditional loss recognition timeliness. For a sample of unlisted Belgian firms, we document that PE...

Over the 15 past years, international PE flows have become increasingly important. The goal of this chapter is to present evidence and academic research on this topic and to stress how the international spread of capital affected the overall development of the PE industry. Specifically, we will...

High growth entrepreneurial companies need external financial resources as their internally generated cash flows are typically smaller than their investment opportunities, but they may be faced with finance constraints due to market imperfections, such as asymmetric information and transaction...