The legislative road to Silicon Valley

Armour, John

doi:10.1093/oep/gpl007

Cited by 305 publications

(207 citation statements)

References 48 publications

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“…As shown by the graph, the UK venture capital industry shares the wave-trend characterizing also other VC markets, like the US (Lerner, 2002a(Lerner, , 2002b, Canada (Cumming and MacIntosh, 2006), Europe (Armour and Cumming, 2006) and Australia (Cumming, 2007). In all these cases, and in particular for the UK, VC investments showed a drastic increase in the years 1999 and 2000 leading up the beginning of the end of the bubble in April 2000. of equity investments in regions with high technological intensity (Figure 3).…”

Section: Graphical Presentation Of the Datamentioning

confidence: 85%

Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?

Munari

Toschi

2015

Journal of Business Venturing

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Over the last two decades, many governments around the world have implemented programmes to mobilize venture capital (VC) in support of new and innovative firms. In this paper, we analyze whether and how the impact of publicly-supported VC funds varies between high-tech and low-tech regions, when compared to private VC funds. Our analyses on a sample of 898 VC-backed companies in the United Kingdom in the period 1998-2007 show for public VC funds: (a) a greater propensity to invest in early-stage and technology-based sectors, which is especially pronounced in low-tech regions; (b) a greater propensity toward staging and a greater ability to attract partners in syndication, especially in high-tech regions; (c) lower exit rates of investee companies, in terms of IPO/acquisition, as compared to private VC funds. Overall, our findings confirm that regional characteristics do matter if we want to more rigorously assess the effectiveness of public VC programmes.

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Section: Graphical Presentation Of the Datamentioning

confidence: 85%

Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?

Munari

Toschi

2015

Journal of Business Venturing

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“…Moreover, while the coordination problems of VC syndicates have been recognized in relation to investee monitoring (Wright and Lockett, 2003), this has not been examined in a cross-border context. Different distress regimes between countries (Armour and Cumming, 2006) may impact distress costs in failing foreign PE investments and how the restructuring process is governed. Further research is needed in this area.…”

Section: New International Ownership Structuresmentioning

confidence: 99%

Corporate Governance and International Business

et al. 2009

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This article sets out a framework for the analysis of corporate governance and international business. We take a broad perspective on corporate governance mechanisms and consider possible synergies between corporate governance and international business (IB) research. We summarize the papers included in this Focused Issue, and draw out their main contributions to the literature. We compare and contrast four theoretical perspectives concerning corporate governance and IB: transaction cost economics (TCE), the resource-based view (RBV), agency theory (AT), and institutional theory (IT). We highlight five research themes (international diversification, business groups, entry modes, subsidiary mandates, and new international ownership structures) where future work explicitly addressing governance issues may prove fruitful. 3 IntroductionCorporate governance theory is exerting an increasing influence upon research in a

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“…Gompers and Lerner (1998b) have shown that private equity fundraising is facilitated by economic (stock market conditions and real GDP growth) and legal conditions (taxation and the prudent man rule), based on data from private equity funds in the U.S. (see also Poterba, 1989a,b). Subsequent evidence has documented international differences in private equity fundraising using aggregate industry datasets (Jeng and Wells, 2000;Leleux and Surlemount, 2003;Allen and Song, 2003;Armour and Cumming, 2005).…”

Section: Introductionmentioning

confidence: 99%

“…9 See also Mayer et al (2005) and for related work on the role of sources of funds from types of institutional investors in venture capitalist activities. Other studies on International differences in private equity and venture capital markets include Hege et al (2005), , Black and Gilson (1998), Gilson (2003), Bascha and Walz (2001b), Bigus (2004), Gilson and Schizer (2003), Lockett et al (2002), Manigart et al (1996Manigart et al ( , 2000Manigart et al ( , 2002, Schwienbacher (2002), and Cumming et al (2005). the effect of (1) the comparative dearth of regulations on private equity funds and (2) regulatory harmonization on allocations to private equity by institutional investors.…”

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confidence: 99%

Regulatory harmonization and the development of private equity markets

Cumming

Johan

2007

Journal of Banking & Finance

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This paper introduces a new dataset from 100 Dutch institutional investors' domestic and international asset private equity allocations. The data indicate that the comparative dearth of regulations of private equity funds impedes institutional investor participation in private equity funds, particularly in relation to the lack of transparency. The data further indicate that regulatory harmonization of institutional investors has increased Dutch institutional investor allocations to domestic and international private equity funds, particularly via the harmonization from the International Financial Reporting Standards (regulation of reporting standards and transparency), the Financieel Toetsingkader (regulation of portfolio management standards such as of matching assets and liabilities), and Basel II (regulation of risk management and disclosure standards).

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The legislative road to Silicon Valley

Cited by 305 publications

References 48 publications

Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?

Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?

Corporate Governance and International Business

Regulatory harmonization and the development of private equity markets

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