This paper compares conflict of interest incentives and reputational concerns of credit rating agencies (CRAs) in the context of the subprime crisis. We argue that, during up-market periods, ratings levels are affected by both a strong tendency for alignment across CRAs and ratings...

In this paper we analyze how the will to protect socioemotional wealth affects venture capital (VC) involvement in family-controlled businesses (FCBs). We find that first generation FCBs receiving VC show significantly lower productivity growth than other investees prior to the initial VC...

This working paper uses machine learning to identify Cleantech companies in the Orbis database, based on self-declared business descriptions. Identifying Cleantech companies is challenging, as there is no universally accepted definition of what constitutes Cleantech. This novel approach allows...

In this paper we aim at shedding light on the possible role played by BAs in influencing the effects of bank debt on the performances of the funded ventures. We assume that BAs might significantly reduce the agency costs of bank debt and foster a positive effect of debt on venture performance by...

The EIF Private Equity Mid-Market Survey and the EIF Venture Capital Survey (the largest combined regular survey exercises among General Partners on a pan-European level) provide an opportunity to retrieve unique market insights. This publication is based on the results of the 2023 EIF Private...

We aim to ascertain to what extent the better performance of European venture capital (VC)-backed firms in high-tech industries is due to either ‘screening’ or ‘value added’ provided by VC investors. We compare portfolio firms’ productivity growth before and after the first VC round,...