The Determinants of Venture Capital in Europe - Evidence Across Countries

This article analyzes the determinants of the European venture capital market, extending the equilibrium model from Jeng and Wells (2000). Our empirical model includes many of the determinants already tested in previous studies. In addition, we test whether the unemployment rate, the trade sale divestment and the market-to-book ratio are important factors in explaining venture capital. We use aggregated data from the European venture capital market as well as macroeconomic data, to estimate panel data models, with fixed and random effects. The random effects models revealed to be the most adequate. Our results confirm the importance of some of the already known factors and show that the unemployment rate and trade sale divestments are important determinants in the European venture capital market.Venture capital, Europe, Venture capital determinants, IPO, Trade sale, Write-off, Unemployment rate

The Exit Decision in the European Venture Capital Market

This article analyzes the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. The paper emphasizes the impact of asymmetric information on the divestment decision. Our model considers the impact of caracteristics of the venture capital investor, characteristics of the investment and contracting variables on the exit decision. Our results show that venture capitalists associated with .financial institutions have quicker exits, a result which is stronger for trade-sales exits. In addition, our results highlight the importance of the contracting variables on the exit decision. An unexpected but interesting result is that the presence in the board of directors leads to longer investment duration.Asymmetric information, venture capital, trade sales, IPO, write-offs, exit decision, competing risks model

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

o projeto 10x10 da Fundação Calouste Gulbenkian

O estudo que dá corpo ao artigo — Teorizando Espaços entre Arte e Educação — tem como finalidade a teorização e conceptualização do projeto 10x10 desenvolvido pela Fundação Calouste Gulbenkian, um projeto inovador de formação contínua de professores assente em estratégias pedagógicas desenvolvidas em contexto (Escolas do Ensino Secundário e Fundação Calouste Gulbenkian) e ancoradas em equipas constituídas por artistas e professores. O caráter inovador do nosso objeto de estudo – o projeto 10x10 - baseia-se numa abordagem aos espaços existentes entre arte e educação, entre instituições artísticas, culturais e educativas, entre professores, artistas e estudantes, entre ensinar e aprender. Apesar de ser desenvolvido entre escolas e uma fundação para a arte e cultura e de mobilizar estratégias e lógicas artísticas, o projeto 10x10 não é um programa de educação artística. Pretende sim promover a distância crítica dos professores relativamente às práticas de sala de aula, a construção de saberes e a emergência de estratégias pedagógicas particulares — designadas de micro pedagogias — informadas por modalidades de trabalho artístico. Neste artigo, apresentamos as finalidades e a metodologia do estudo, e ainda alguns dados preliminares de um inquérito aos professores da primeira edição do 10x10— incidimos particularmente sobre as motivações para participar no referido projeto, perceções que têm do impacto do projeto na vida profissional e mudanças de conceção sobre o trabalho docente. Interessa-nos particularmente compreender e apresentar algumas linhas de continuidade e de rutura relativamente às experiências anteriores de formação e de trabalho dos professores implicados. Com este estudo, espera-se contribuir para a teorização dos espaços entre a Arte e a Educação, desenvolvendo uma abordagem teórica fundamentada a partir da conceptualização indutiva deste projeto de formação contínua de professores

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

genesis, development and main conclusions of the research project

info:eu-repo/semantics/publishedVersio

Práticas pedagógicas e práticas artísticas na construção da escola como espaço e tempo da democracia

info:eu-repo/semantics/publishedVersio

Adhesión a las buenas prácticas en la atención al parto normal: construcción y validación de instrumento

OBJETIVO Descrever as etapas de construção e validação de um instrumento para análise da adesão às boas práticas na atenção ao parto e nascimento. MÉTODO Pesquisa metodológica, realizada em três etapas: elaboração de dimensões e itens, validação aparente e de conteúdo e análise semântica dos itens. RESULTADOS A validade aparente e de conteúdo foi realizada por 10 juízes que atuam na assistência, ensino e pesquisa. Os itens com Índice de Validade de Conteúdo (IVC) ≥ a 0,9 foram mantidos na íntegra ou sofreram revisões conforme sugestões dos juízes. A análise semântica, realizada duas vezes, indicou que não havia dificuldade na compreensão dos itens. CONCLUSÃO O instrumento com três dimensões (organização da rede de atenção ao parto e nascimento, práticas baseadas em evidências científicas e processos de trabalho) seguiu as etapas recomendadas na literatura, finalizado com 50 itens e IVC total de 0,98.OBJETIVO Describir las etapas de construcción y validación de un instrumento para análisis de la adhesión a las buenas prácticas en la atención al parto y nacimiento. MÉTODO Investigación metodológica, realizada en tres etapas: elaboración de dimensiones e ítems, validación aparente y de contenido y análisis semántico de los ítems. RESULTADOS La validez aparente y de contenido fue realizada por 10 jueces que actúan en la asistencia, enseñanza e investigación. Los ítems con Índice de Validez de Contenido (IVC) ≥ a 0,9 fueron mantenidos íntegramente o sofrieron revisiones conforme a las sugerencias de los jueces. El análisis semántico, llevado a cabo dos veces, señaló que no había dificultad en la comprensión de los ítems. CONCLUSIÓN El instrumento con tres dimensiones (organización de la red de atención al parto y nacimiento, prácticas basadas en evidencias científicas y procesos laborales) siguió las etapas recomendadas en la literatura, finalizado con 50 ítems e IVC total de 0,98.OBJECTIVE To describe the stages of construction and validation of an instrument in order to analyze the adherence to best care practices during labour and birth. METHOD Methodological research, carried out in three steps: construction of dimensions and items, face and content validity and semantic analysis of the items. RESULTS The face and content validity was carried out by 10 judges working in healthcare, teaching and research. Items with Content Validity Index (CVI) ≥ 0.9 were kept in full or undergone revisions as suggested by the judges. Semantic analysis, performed twice, indicated that there was no difficulty in understanding the items. CONCLUSION The instrument with three dimensions (organization of healthcare network to pregnancy and childbirth, evidence-based practices and work processes) followed the steps recommended in the literature, concluded with 50 items and total CVI of 0.98

De cima para baixo e vice-versa: cruzamentos entre cultura e educação em instrumentos da política nacional

Nesta comunicação reflete-se sobre o campo que se constrói no cruzamento da cultura e educação, tendo como objeto de análise a forma como esse espaço social de intersecção se produz politicamente e se operacionaliza na prática dos agentes. Começamos por entendê-lo enquanto produto resultante, em primeiro, dos efeitos das ‘imposições’ decorrentes das políticas culturais nacionais assumidas e operacionalizadas pelos governos centrais/locais e, em segundo, dos produtos das relações estabelecidas entre agentes (escolas, municípios, sujeitos), estruturadas consoante as condições sociais de produção que assistem as diferentes configurações. Convocou-se para o efeito, numa primeira fase de investigação, dois exemplos de programas emanados pelo governo central e pelo governo local: o Plano Nacional das Artes e o programa DESCOLA. Procurou-se, através de análise de conteúdo, encontrar algumas evidências das principais tensões emergentes nesse processo de construção política.This communication reflects on the field built at the intersection of culture and education, having as object of analysis the way in which this social space of intersection is produced politically and is operationalized in the agent’s practice. We begin by understanding it as a product, resulting, first, from the effects of the 'impositions' from the national cultural policies assumed and operationalized by the central / local governments and, second, from the products of the relations established between agents (schools, municipalities, subjects), structured according to the modes of social production present at the different political configurations. For the purpose, at the first phase of this research, were convened two examples of programs issued by the central and the local government: the National Plan for the Arts and DESCOLA. Through content analysis we aim to provide some result concerned to the main tensions emerged in this process of political construction.info:eu-repo/semantics/publishedVersio