The attractiveness of central eastern European countries for venture capital and private equity investors

We address the attractiveness of Central Eastern European countries for VC/PE investors by the construction of a composite index. For the index composition we refer to the results of numerous prior research papers that investigate relevant parameters determining entrepreneurial activity and/or the engagements of institutional investors. We aggregate the index via five different methods and receive country rankings that vary only slightly, signaling a robust index calculation. We clearly identify six tier groups of attractiveness for all of our sample countries. We compare our index with the actual fundraising activities in the particular countries and reveal a reasonable correlation of both figures. The results highlight the strengths and weaknesses of the particular economies and provide guidelines for political improvements and institutional investors' country allocations.Venture capital; Private equity; Central Eastern Europe; Economic transition;

The European venture capital and private equity country attractiveness index(es)

We calculate composite indexes to compare the attractiveness of 25 European countries for institutional investments into the Venture Capital and Private Equity asset class. To achieve this we use 42 different criteria and propose an aggregation structure that allows for benchmarking on more granular levels. The United Kingdom leads our ranking, followed by Ireland, Denmark, Sweden and Norway. While Germany is slightly above the average European attractiveness level, the scores for France, Italy, Spain, and Greece are rather disappointing. Our analyses reveal that while the United Kingdom is similar to the other European countries with respect to many criteria, there are two major differences which ultimately affect its attractiveness: its investor protection and corporate governance rules; and the size and liquidity of its capital market. The state of the capital market is likewise a proxy for the professionalism of the financial community, deal flow and exit opportunities. We determine a reasonable correlation between our attractiveness index scores and actual Venture Capital and Private Equity fundraising activities and prove the robustness of our calculations. Our findings across all the European countries suggest that while investor protection and capital markets are in fact very important determinants of attractiveness, there are numerous other criteria to consider.Venture Capital; Private Equity; Alternative Asset; International Asset Allocation;

The attractiveness of 66 countries for institutional real estate investments: A composite index approach

We address the attractiveness of worldwide 66 countries for institutional real estate investments by the construction of a composite index. For the index' composition, we refer to the results of prior research on the parameters determining real estate investment activity on an aggregated country level. Our index reveals a country ranking that correlates reasonably with commercial real estate investments as we prove with back-tests over six years. We increase the transparency of market variables for decision-making in global real estate asset allocation and provide the key determinants that shape national real estate markets. The results highlight the strengths and weaknesses of developed, transition and emerging economies and provide guidelines for political improvements to attract international capital to spur real estate investment activity.Real Estate Investments; International Asset Allocation; Real Estate Market Attractiveness;

The determinants of international commercial real estate investments

We examine the determinants of commercial real estate investments using a unique set of panel data series for 47 countries worldwide, ranging from 2000 to 2009. We explore how different socio-economic, demographic and institutional characteristics affect commercial real estate investment activity through both cross-sectional and time-series analyses, running augmented random effect panel regressions. We provide evidence that economic growth, rapid urbanization and compelling demographics attract real estate investments and also confirm that lack of transparency in a country's legal framework, administrative burdens of doing real estate business, socio-cultural challenges and political instabilities reduce international real estate allocations.Real Estate Investments; International Asset Allocation; Real Estate Market Attractiveness;

Sub-system mechanical design for an eLISA optical bench

We present the design and development status of the opto-mechanical sub-systems that will be used in an experimental demonstration of imaging systems for eLISA. An optical bench test bed design incorporates a Zerodur® baseplate with lenses, photodetectors, and other opto-mechanics that must be both adjustable - with an accuracy of a few micrometers - and stable over a 0 to 40°C temperature range. The alignment of a multi-lens imaging system and the characterisation of the system in multiple degrees of freedom is particularly challenging. We describe the mechanical design of the precision mechanisms, including thermally stable flexure-based optical mounts and complex multi-lens, multi-axis adjuster mechanisms, and update on the integration of the mechanisms on the optical bench

Design and construction of a telescope simulator for LISA optical bench testing

LISA (Laser Interferometer Space Antenna) is a proposed space-based instrument for astrophysical observations via the measurement of gravitational waves at mHz frequencies. The triangular constellation of the three LISA satellites will allow interferometric measurement of the changes in distance along the arms. On board each LISA satellite there will be two optical benches, one for each testmass, that measure the distance to the local test mass and to the remote optical bench on the distant satellite. For technology development, an Optical Bench Elegant Bread Board (OB EBB) is currently under construction. To verify the performance of the EBB, another optical bench - the so-called telescope simulator bench - will be constructed to simulate the beam coming from the far spacecraft. The optical beam from the telescope simulator will be superimposed with the light on the LISA OB, in order to simulate the link between two LISA satellites. Similarly in reverse, the optical beam from the LISA OB will be picked up and measured on the telescope simulator bench. Furthermore, the telescope simulator houses a test mass simulator. A gold coated mirror which can be manipulated by an actuator simulates the test mass movements. This paper presents the layout and design of the bench for the telescope simulator and test mass simulator

The European Venture Capital and Private Equity Country Attractiveness Indices

We calculate composite indices to compare the attractiveness of 27 European countries for institutional investments into the Venture Capital and Private Equity asset class. To achieve this we use 42 different parameters, and propose an aggregation structure that allows for benchmarking on more granulated levels. The United Kingdom leads our ranking, followed by Ireland, Denmark, Sweden, and Norway. While Germany is slightly above the average European attractiveness level, the scores are rather disappointing for France, Italy, Spain, and Greece. Our analyses reveal that while the UK is similar to the other European countries with respect to many criteria, there are two major differences, which ultimately affect its attractiveness: its investor protection and corporate governance rules, and the size and liquidity of its capital market. The state of the capital market is likewise a proxy for the professionalism of the financial community, for deal flow and exit opportunities. We determine a reasonable correlation between our attractiveness index scores and actual Venture Capital and Private Equity fundraising activities and prove the robustness of our calculations. Our findings across all the European countries suggest that, while investor protection and capital markets are in fact very important determinants for attractiveness, there are numerous other criteria to consider