Venture capital syndicate networks: the determinants of interconnectedness

Dieser Artikel untersucht die Venture Capital (VC) Syndizierungsnetzwerke in Deutschland und inwieweit bestimmte Charakteristika der beteiligten VC Gesellschaften die Vernetzung der Investoren beeinflussen. Der verwendete Datensatz besteht aus 300 VC Investitionen und deren Investoren aus den Jahren 2004 und 2005. Die Analyse macht deutlich, dass das Alter der VC Gesellschaften einen dichotomen Einfluss auf die Syndizierungsnetzwerke hat - negativ für sehr junge und sehr alte Gesellschaften, ansonsten positiv. Es kann jedoch kein Unterscheid zwischen öffentlichen und privaten VC Investoren in Bezug auf die Anzahl der Netzwerkverbindungen der Financiers festgestellt werden. Die Untersuchung zeigt keine Anzeichen für geographische oder regionale Einflüsse auf die Anzahl der Syndizierungspartner einer VC Gesellschaft im Netzwerk. --Venture Capital,Syndizierung,Netzwerke

Public venture capital in Germany: task force or forced task?

This paper deals with the question of whether public venture capital (VC) is performing its task properly, taking a look at how public VC companies' selection process, investment behavior, and consulting services reflect goals that differ from those of private VC firms. The results present evidence that public VC firms deliver a different market segment than their private counterparts; for example, their selection process and syndication behavior reveal their predominant goal of promoting the local economy. Although the results indicate that public VC firms are doing what is expected of them, the analyses provide evidence that public intervention should be reconsidered. --Venture Capital,start-up financing,public intervention

Removal of Base-Line Wander and Power-Line Interference from the ECG by an Efficient FIR Filter with a Reduced Number of Taps

Linear phase filtering is proposed for the removal of baseline wander and power-line frequency components in electrocardiograms. In order to reduce the large number of computations involved in the digital filtering that are necessary, the desired filter spectrum was defined periodically. Making use of the property that the spectrum period is 50 Hz, the spectrum can be realized with a considerably reduced number of impulse response coefficients. This, in combination with the necessary impulse response symmetry, leads to a reduction in the number of multiplications per output sample by a factor of 10. A suitable impulse response is designed with a pass-band ripple of less than 0.5 dB and a high stop-band attenuation. The applicability is demonstrated by applying the filtering to exercise electrocardiograms

The Regional Supply of Venture Capital - Can Syndication overcome Bottlenecks?

We investigate whether the supply of venture capital (VC) is driven by spatial proximity between a VC company and the portfolio firm. Our analysis is based on information about VC investments in Germany between 2004 and 2009. We find that possible problems caused by the geographic distance to a portfolio firm seem to be overcome by syndication of investments with one of the VC firms located close to the investment. Our analysis does, however, suggest that short geographic distance between an investor and the investment has an increasing effeon the probability for syndication as well as on the number of firms that join the syndicate. Hence, local VC suppliers may assume a role of an 'anchor' connecting the regional economy to more distant parts of the industry.Venture Capital, syndication, geographic proximity, start-up financing, equity gap

Does venture capital investment really require spatial proximity? An empirical investigation

We examine the role of spatial proximity for Venture Capital (VC) investments in Germany. The main database is a survey of 85 personal interviews with representatives of different types of financial institutions. The analysis shows that spatial proximity is far less important for VC investments than is often believed. For example, the results indicate that syndication is partly used as an alternative to spatial proximity. Telecommunication does not work as a substitute for face-to-face contact. On the whole, regional proximity is not a dominant factor in VC partnerships. Therefore, the absence of VC firms in a region does not appear to cause a severe regional equity gap. --Venture Capital,spatial proximity,start-up financing

Is venture capital a regional business? The role of syndication

We investigate whether the supply of Venture Capital (VC) in Germany is driven by spatial influences. The study is based on information from more than 300 VC investments made in Germany in the year 2004 and 2005. We find evidence that the geographical distance between a VC company and the portfolio firm is not an important factor for German VC investments. Syndication of investments helps to overcome the problem of distance to portfolio firms if one of the investors is located close to the investment. Altogether, we find no evidence for a severe regional equity gap for young and innovative companies in Germany. --Venture Capital,regional equity gap,start-up financing,entrepreneurship

Informed capital in a hostile environment: the case of relational investors in Germany

Informed capital is a crucial ingredient to a well-functioning market for start-up finance, especially in times of difficult market conditions. For bank-based systems, the question regarding which investors actually supply informed capital has not yet been answered. To fill this gap, we conduct a survey among 85 German suppliers of start-up finance. We find significant differences between the investors which are linked to banks and those financiers which are not. Although, the bank-related group, including public equity suppliers, delivers some sort of informed capital, venture capital companies and Business Angels are the key providers of informed capital in the German market for start-up finance. --Informed capital,start-up financing,venture capital,banks

Soil suppressiveness and functional diversity of the soil microflora in organic farming systems

Arable fields of 10 organic farms from different locations within the Netherlands were sampled in four subsequent years. The soil samples were analysed for disease suppressiveness against Rhizoctonia solani, Streptomyces scabies and Verticillium dahliae. Furthermore, a variety of microbial characteristics and chemical and physical soil properties were assessed. All these characteristics and different environmental factors were correlated by multivariate analyses. Significant differences in soil suppressiveness were found for all three diseases. Suppressiveness against Rhizoctonia was more or less consistent between the sampled fields in 2004 and 2005. This suppressiveness correlated with higher numbers of Lysobacter and Pseudomonas antagonists, as well as fungal diversity in DGGE patterns. Furthermore, results of 2006 showed that one year of grass-clover clearly stimulated Rhizoctonia suppression. Also Streptomyces soil suppressiveness was consistent between 2004 and 2005, but it concerned other soils than the ones which were suppressive against Rhizoctonia. Streptomyces suppression correlated with higher numbers of antagonists in general, Streptomyces and the fungal/bacterial biomass ratio, but with a lower organic matter content and respiration. Soil suppressiveness against Verticillium was not consistent between the years and therefore probably not related to soil factors

Extracting spatial information : grounding, classifying and linking spatial expressions

This paper is concerned with the tagging of spatial expressions in German newspaper articles, assigning a meaning to the expression and classifying the usages of the spatial expression and linking the derived referent to an event description. In our system, we implemented the activation of concepts in a very simple fashion, a concept is activated once (with a cost depending on the item that activated it) and is left activated thereafter. As an example, a city also activates the nodes for the region and the country it is part of, so that cities from one country are chosen over cities from different countries. A test corpus of 12 German newspaper articles was tested regarding several disambiguation strategies. Disambiguation was carried out via a beam search to find an approximately cost-optimal solution for the conflict set of potential grounding candidates for the tagged spatial expression. Test showed that the disambiguation strategies improved accuracy significantly

Risk in Financial Conglomerates: Management and Supervision

Financial conglomerates, combining banking, securities trading, and insurance, have become an important part of the financial landscape in many countries. Cross-sector consolidation has been fostered by trends such as disintermediation, globalization, and deregulation creating new challenges for both the group’s management as well as for regulators. We discuss the theoretical reasons why supervisors are interested in the riskiness of a financial firm and why – for firms – a similar concern emerges from the theory on risk management, both from a market and a firm perspective. After describing the Dutch institutional set-up, we turn to the discussion of the following question: How can a supervisor devise a framework of supervision that does justice to a financial conglomerate’s own responsibility and, at the same time, safeguards the general public’s interest? The framework, we feel, should be similar in flavor to the Supervisory Review, as proposed in the new Basel accord.supervision, financial conglomerates, banks, insurers, diversification