Distribution dynamics in European venture capital

Michael Stolpe

No 1191, Kiel Working Papers from Kiel Institute for the World Economy (IfW Kiel)

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 (search for similar items in EconPapers)
JEL-codes: F21 F43 G20 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkwp:1191

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