The Determinants of Venture Capital in Europe—Evidence Across Countries

Abstract This article analyses the determinants of European venture capital activity. The main novelty of our work is in accounting for the idiosyncrasies of the European venture capital market. In particular, we investigate whether the size of the merger and acquisition market (M&A) is important in explaining venture capital. Moreover, our work is the first that analyses the impact of the degree of information asymmetry at the macro level, the direct impact of the level of entrepreneurial activity and the impact of the unemployment rate on venture capital activity. We use aggregate data from 23 European countries for the period 1998–2003 to estimate panel data models with fixed and random effects. Our results reveal that the size of the M&A market and the market-to-book ratio have a positive impact on venture capital activity whereas the unemployment rate influences the venture capital market negatively. These results highlight the importance of the exit environment and of the degree of asymmetric information for the venture capital market

Cooperación Documental : el caso de México.

El siguiente trabajo presenta los canales de cooperación que han desarrollado las instituciones documentales de México. Expone un panorama general en el que para ubicar las relaciones con mayor claridad, se incluyen los tipos de bibliotecas, las actividades profesionales, la formación bibliotecaria y la investigación, el impacto de la tecnología, la cooperación documental y los recursos informativos que apoyan dichos canalesThis work introduces the cooperation channels developed by the documental bodies in México. It describes a general panorama in which are included, so as to give a clear idea as to relationships, the types of libraries, professional activities, librarianship training and research, the impact of technology, document cooperation and the information resources supporting the aforementioned channels

The exit decision in the European venture capital market

This article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest that, in Europe, Initial Public Offering candidates take longer to be selected than trade sales. Moreover our results show that, in Europe, venture capitalists associated with financial institutions have quicker exits (stronger for trade sales), and highlight the importance of contracting variables on the exit decision. An unexpected result is that the presence on the board of directors leads to longer investment durations

Which criteria matter most in the evaluation of venture capital investments?

Structured Abstract Purpose - This study identifies the importance assigned to the various criteria used by the Portuguese Venture Capitalists (VCs) to evaluate and select early stage venture capital projects. Design/methodology/approach - The data was collected through a questionnaire answered by 20 Portuguese VCs. We use descriptive statistics techniques and non-parametric tests to identify the most valued criteria and test differences in the importance assigned to the criteria of several types of VCs and investments. Findings - The study reveals that personality and experience of the entrepreneur and of the management team are the most valued groups of criteria. VCs with a majority of private share capital value more the personality of the entrepreneur and management team than the companies with a majority of public share capital. Additionally, the VCs that did not yet internationalize consider the personality of the entrepreneur and management team and the financial aspects, to be more important than the VCs that have already expanded abroad. Originality/value – It provides evidence on the VCs behaviour in a small venture capital market. Since most of the existing literature on this area refer to large VC markets, the present study is important to investigate whether the conclusions reached by the previous studies can be extended to a small VC market. Also, this study is a contribution to the literature on the internationalization of VCs and it is the first study that explores the impact of the VCs being internationalized on the value given to the various selection criteria of early stage venture capital projects

The impact of concentration among venture capitalists:revisiting the determinants of venture capital

This article analyzes the impact of the level of concentration among Venture Capitalists (VCs) on the supply of venture capital (VC), through the reduced form model for the equilibrium amount of VC (using a simultaneous equation model on aggregated data from 15 European countries). It is shown that the level of concentration among VCs has a positive effect on VC supply, so creating condi-tions to increase the level of concentration can stimulate VC supply. The findings reveal the importance of unemployment and personal income rate on VC demand and the positive impact of stock market capitalization on VC supply.info:eu-repo/semantics/publishedVersio

Performance of fly ash-based geopolymer mortar

This study has investigated the joint effect of several mix parameters on the properties of foam geopolymers. The mix parameters analysed through a laboratory experiment of 54 different mortar mixes were, sodium silicate/sodium hydroxide mass ratio (2.5, 3.5, 4.5), activator/binder mass ratio (0.6, 0.8, 1.0), chemical foaming agent type (hydrogen peroxide (H2O2) and sodium perborate (NaBO3)) and foaming agent mass ratio content (1%, 2%, 3%). Properties, SEM and FTIR analysis and cost analysis are included. The results show that the sodium perborate over performs hydrogen peroxide leading to a lower overall thermal conductibility of foam geopolymers. The use of an activator/binder ratio of 0.8 a sodium silicate/sodium hydroxide of 2.5 led to the lowest thermal conductivity. Mixtures with a low thermal conductivity of around 0.1 W/(m.ºK) and a compressive strength of around 6 MPa were achieved. The cost analysis show that the foaming agents are responsible for a small percentage of foam geopolymers total cost (less than 10%) being that the alkaline activators are responsible for more than 80

A arqueologia no Instituto de Coimbra vista através da correspondência postal recebida

O Instituto de Coimbra foi uma academia científica e literária fundada em 1852, tendo a sua última acta registada em 1985. Tratava-se de uma academia multi-disciplinar criada para prosseguir activamente o desenvolvimento do Saber nas mais variadas áreas da Ciência e da Literatura, em linha com o espírito da época. A presente dissertação propõe-se abordar a área de Arqueologia no Instituto de Coimbra através da correspondência postal recebida por aquela instituição. Nessa medida, começaremos por fazer uma pequena resenha histórica e orgânica do Instituto de Coimbra e da sua secção de arqueologia. Falaremos depois nos congressos luso-espanhóis para o progresso das ciências e do papel do Instituto de Coimbra na organização dos mesmos. Será também apresentada uma pequena biografia de cada um dos arqueólogos que se corresponderam com o Instituto de Coimbra, seguindo-se por último a análise das cartas e bilhetes postais em questão.The Instituto de Coimbra was a scientific and literary academy funded in 1852 and having the last registered meeting minute in 1985. It was a multidisciplinary academy created to actively seek the development of Knowledge in the various fields of Science and Literature, aligned with the spirit of that time. The following essay proposes to address the issue of the Archeology in the Instituto de Coimbra through the postal correspondence received by that institution. From that perspective we will begin by presenting a small historical and organic review of the Instituto de Coimbra and its section of archeology. We will then talk about the Portuguese and Spanish joint congresses for the progress of Science and the role of the Instituto de Coimbra in the organization of those meetings. It will also be presented a small biography of each one of the archeologists that sent postal mail to the Instituto de Coimbra, followed lastly by the analysis of the letters and postal cards in question

Satisfação com a vida e o processo de institucionalização do idoso

Nas sociedades modernas, com o significativo aumento da população envelhecida surgem novos dilemas relacionados com o envelhecimento, nomeadamente no que se refere ao incentivo da satisfação com a vida e institucionalização do idoso. A realidade da institucionalização, atualmente, depara-se com desafios constantes no que diz respeito à aplicação de medidas que promovam ao idoso institucionalizado qualidade, bem-estar e satisfação com a vida de acordo com a sua condição física e psicológica. De acordo com o objetivo deste trabalho, em analisar o impacto do processo de institucionalização na perceção do grau da satisfação com a vida do idoso, optou-se por uma metodologia de estudo quantitativa, aceitaram participar 66 idosos residentes em quatro estruturas residenciais do concelho de Portalegre. Para a recolha de dados foi utilizado um questionário que integrou; um questionário socio-demográfico, uma escala de satisfação com a vida e um questionário de avaliação. Os resultados finais revelam que a amostra é composta essencialmente por mulheres, viúvas, com idade superior a 85 anos. Apesar de institucionalizados, a perceção dos idosos quanto à sua satisfação com a vida é positiva, relacionada com o seu percurso vida nomeadamente com o seu percurso profissional, familiar, na transição/adaptação à reforma, a institucionalização e na sua perfectiva de futuro.In modern societies, with the significant increase of the aging in population, new dilemmas related to aging arise, namely with regard to encouraging satisfaction with life and institutionalization of the elderly. Today the institutionalization reality faces constant challenges with regard to the application of measures that promote quality, well-being and satisfaction with life to the institutionalized elderly according to their physical and psychological condition. In accordance with the objective of this work, is analyzing the impact of the institutionalization process on the perception and how big is the life satisfaction in the elderly, a quantitative study methodology was chosen 66 elderly residents in four residential structures in the municipality of Portalegre. For data collection a questionnaire survey was used that integrated: socio-demographic questionnaire, life satisfaction scale and an evaluation questionnaire. The final results reveal that the sample is composed mainly of women, widows, aged over 85 years. Despite being institutionalized, the perception of the elderly regarding their satisfaction with life is positive, related to their life path, namely with their professional and family life, in the transition / adaptation to retirement, institutionalization and in their perspective future

Mix design, properties and cost analysis of fly ash-based geopolymer foam

This study has investigated the joint effect of several mix parameters on the properties of foam geopolymers. The mix parameters analysed through a laboratory experiment of 54 different mortar mixes were, sodium silicate/sodium hydroxide mass ratio (2.5, 3.5, 4.5), activator/binder mass ratio (0.6, 0.8, 1.0), chemical foaming agent type (hydrogen peroxide (H2O2) and sodium perborate (NaBO3)) and foaming agent mass ratio content (1%, 2%, 3%). Properties, SEM and FTIR analysis and cost analysis are included. The results show that the sodium perborate over performs hydrogen peroxide leading to a lower overall thermal conductibility of foam geopolymers. Mixtures with a low thermal conductivity of around 0.1 W/ (m K) and a compressive strength of around 6 MPa were achieved. The cost analysis show that the foaming agents are responsible for a small percentage of foam geopolymers total cost being that the alkaline activators are responsible for more than 80%