Kiel Working Papers, Kiel Institute for World Economics
No 1191:
Distribution Dynamics in European Venture Capital
Michael Stolpe
Abstract: This paper evaluates the evolution of European venture
capital investments since 1990, using the distribution dynamics
methodology. It tests and rejects the hypothesis that the international
allocation of venture capital investments is driven by a pathdependent
process of agglomeration, in which a country’s initial advantage is
transformed into a long-term lead. Instead, the evidence from a cross
section of 13 European countries is more favourable for the alternative
hypothesis, which explains international variations in venture capital
investments as part of countries’ different patterns of specialization. The
robustness of these findings and implications for government policy are
discussed.
Keywords: Distribution dynamics, Markov chains, New technology-based firms, Venture capital; (follow links to similar papers)
JEL-Codes: F21,; F43,; G20; (follow links to similar papers)
44 pages, December 2003
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