Private Equity and Venture Capital in Europe. Markets, by Stefano Caselli

By Stefano Caselli

The specified nature of the eu pe/vc atmosphere is on exhibit in Stefano Caselli’s presentation of its whole conceptual framework, from the risky (its monetary aspect) to the solid (its felony organization). A Bocconi collage professor, Caselli deals a ecu standpoint on industry basics, the v.c. cycle, and valuation concerns, helping his observations with contemporary examples and case reports. Written for traders, his publication achieves many "firsts," resembling clarifying many elements of ecu and united kingdom monetary associations. whole with discovering aids, key terms, workouts, and an in depth thesaurus, deepest fairness and enterprise Capital in Europe is written not only for Europeans, yet for everyone who must find out about this starting to be industry.

  • Only e-book that offers a finished remedy of PE/VC in UK/Europe, excellent for eu enterprise faculties instructing execs or pre-professionals who will paintings in Europe
  • Provides a whole research of the ecu as opposed to US in all components of PE/VC
  • Contains instances and conception, supplying either in a single package
  • Filled with pedagogical aid features

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Example text

Contrary to the fundraising phase, the relationship between the reception of funds from private equity operators (or venture capitalists) and the level of performance of the funded company has attracted greater interest, although attention is often limited to the business of venture capital. Jain and Kini demonstrated that companies financed by venture capital and listed on a regulated stock exchange had an above average level of cash flow and sales growth. Lerner investigated the issue and showed that enterprises funded through measures aimed specifically at increasing size, rates of employment growth, and sales were higher than in other companies.

This will be explained in more detail in the following paragraphs. AMCs can manage only one type of fund, either an open- or closed-end. This country-specific rule is in place to better regulate the typical relationship between companies and the financial system. Rules for AMCs: Minimum requisites to operate Governance Management The application of these rules is verified from the supervisor of the country in which the AMC operates, and they can be partially modified from one country to another. Supervision is carried out for the life of the AMC.

Reid and Smith analyzed the relationship between financiers and entrepreneurs in a “principal–agent framework” where the entrepreneur is the agent and the financier is the principal. They underlined the different typologies of risk faced in the private equity industry, and explained agency and non-agency reasons that lead to the signing rather than to the abandonment of initiatives. Nevertheless, the analysis proposed by Gompers and Lerner represents a clear reference point for the analysis of the entire sector because of its simplicity and ability to subdivide the venture capital (and private equity) cycle into standard phases: fundraising, investing, and exit.

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