Venture Capital (VC) and Private Equity (PE) investors play a different role in their portfolio companies. We argue that this will translate in a recognizable difference in the investment sensitivity to cash flows of portfolio companies and its evolution after the first investment round. We...

This paper analyses the factors that determine the reputation of private equity managers in their relationship with investors in developing markets. Our sample comprises almost all private equity managers of Spain. These markets lack information on the track record of managers, so other kind of...

This paper focuses on the capital structure determinants of VC-backed firms prior to the VC investment event. The analyses are carried out on a matched sample of Spanish VC-backed firms at the expansion stage and similar firms that did not receive venture funding. In the former, we find that the...

The aim of this paper is to identify the key factors that lie behind venture capital/private equity fundraising in countries where there is scarce and asymmetric information about final returns. Little empirical research has been done on this issue so far. Previous papers have considered...

This chapter presents an innovative proposal to analyze the economic impact of venture capital on investee companies to address the issue of causality. We test whether productivity growth rates are better in venture-backed companies than in comparable non-venture-backed ones for a sample of 518...