Da Rin, Marco, Hege, Ulrich, Llobet, Gerard and Walz, Uwe
(2006)
The Law and Finance of Venture Capital Financing in Europe: Findings from the RICAFE Research Project.
European Business Organization Law Review (EBOR), 7.
pp. 525-547.
Abstract
This survey article summarises the findings of four research projects on the venture capital industry in Europe and the role played by legal institutions and the legal framework. A study on patent litigation insurance argues that insurance can create a level playing field for small innovators, but that compulsory insurance can only be justified as a transitory scheme. The second study argues that intermediaries from countries with a better legal tradition will provide more governance and value-added services, even when investing abroad. It also provides supportive empirical evidence based on an extensive questionnaire study. The third project investigates the relationship between venture investments and a widely used legality index in thirty-nine countries, finding that better laws facilitate faster deal screening and origination, lead to a higher probability of syndication and also facilitate board representation of the investors. The final study documents a significant performance gap between the European and the US venture capital industry, but argues that the difference can not be attributed to differences in legal origin.
Item Type: | Article |
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Language: | English |
Date: | October 2006 |
Refereed: | Yes |
Subjects: | B- ECONOMIE ET FINANCE |
Divisions: | TSE-R (Toulouse) |
Site: | UT1 |
Date Deposited: | 27 Apr 2016 08:57 |
Last Modified: | 02 Apr 2021 15:51 |
OAI Identifier: | oai:tse-fr.eu:30049 |
URI: | https://publications.ut-capitole.fr/id/eprint/19343 |