The importance of the venture capital industry in the major European countries is examined, and funding and investment patterns are investigated. The data are mainly, but not solely, taken from the yearly statistics of the European Venture Capital Association and cover the period 1984-1989. It is shown that nearly half (44%) of the European investments are made in the expansion stage, management buyouts account for another 36%. Only 14% is invested in seed or start-up companies, much less than the 30% in the US. Half of the venture capital investments in the UK are buyouts. The highest start-up investment activity takes place in Austria and Spain. Cluster analyses indicate that characteristics of mature industries are: 1. a bigger size, relative to the gross national product of the country, 2. the presence of pension funds and insurance companies as investors in the industry, 3. the syndication of the deals, and 4. the absence of the government as an investor.
Ooghe, Hubert; Joos, Philip; De Bourdeaudhuij, C.(1995)
In Belgium, the first financial distress models were estimated in 1982 by Ooghe and Verbaere. An overview is presented of the financial distress studies conducted in Belgium since then. Starting from the early models, the research efforts concentrated on the validation of those models are described, which led finally to the estimation of the 2nd generation of models in 1991 by Ooghe, Joos and De Vos. Some suggestions for further research are presented.
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