An exploratory longitudinal case study of the South African venture capital (VC) industry is used to evaluate two perspectives on the VC emergence process. The first views VC emergence as the resolution of the simultaneity problem. We propose a second perspective, which sees emergence as the...

This paper tests for the impact of survivorship bias by building on the work of Cubbin, Eidne, Firer and Gilbert (2006), and Bailey and Gilbert (2007). The former paper confirmed the existence of mean reversion on the JSE Securities Exchange, because portfolios of shares with high Price to...

This paper tests the well-established finding in the literature that SA firms are significantly more profitable and operate in a highly concentrated market, relative to that of their foreign counterparts. In particular we question the conclusions drawn by Aghion, Braun, and Fedderke (2008) who...