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Author: Alexander Peter Groh Publisher: ISBN: Category : Languages : en Pages : 33
Book Description
Growth expectations and institutional settings in Central Eastern Europe are considered favorable for the establishment of a vibrant venture capital and private equity market. Despite this, there is a lack of risk capital. We examine the obstacles to institutional investments in the region through a questionnaire addressed to (potential) limited partners worldwide. The respondents provide information about their perceptions of the region. Protection of property rights is the dominant concern, followed by social criteria such as the belief in the quality of local managers, and the small size and low liquidity of the Central Eastern European capital markets. However, limited partners regard the growth expectations as attractive and those with exposure in Central Eastern Europe are satisfied with the historical risk and return ratio. They have a good knowledge of the region, are attracted by other emerging regions, and appreciate Central Eastern Europe's entrepreneurial opportunities and local general partners. Overall, the region is ranked very favorably compared to other emerging regions, especially with respect to its economic and entrepreneurial activity.
Author: Alexander Peter Groh Publisher: ISBN: Category : Languages : en Pages :
Book Description
Growth expectations and institutional settings in Central Eastern Europe are assumed favorable for the establishment of vibrant Venture Capital and Private Equity markets. However, there is only a little risk capital market activity in the region. We examine the obstacles to institutional investments in Central Eastern Europe through a questionnaire addressed to Limited Partners world-wide. The respondents provide information about their perceptions of the region. The protection of property rights is the dominant concern, followed by social criteria, such as the belief in the entrepreneurial management quality of local people, and the lacking size and liquidity of the Central Eastern European capital markets. However, Limited Partners appreciate the growth expectations and the deal opportunities, and rank the region as attractive as India, and China.
Author: D. Klonowski Publisher: Springer ISBN: 1137309431 Category : Business & Economics Languages : en Pages : 403
Book Description
This collected edition captures the essence of private equity development in emerging markets, examining the evolution of the private equity industry as well as exit opportunities, financial performance, and anticipated future trends. It also discusses the 'hands-on' aspects of private equity investing in emerging markets.
Author: Greg N. Gregoriou Publisher: CRC Press ISBN: 1439804508 Category : Business & Economics Languages : en Pages : 870
Book Description
Although emerging market economies consist of 50% of the global population, they are relatively unknown. Filling this knowledge gap, Emerging Markets: Performance, Analysis and Innovation compiles the latest research by noteworthy academics and money managers from around the world. With a focus on both traditional emerging markets and new areas, su
Author: Alexander Peter Groh Publisher: ISBN: Category : Languages : en Pages : 39
Book Description
We address the attractiveness of Central Eastern European countries for VC/PE investors by the construction of a composite index. For the index's composition we refer to the results of numerous prior research papers that investigate relevant parameters determining entrepreneurial activity and/or the engagements of institutional investors. We aggregate the index via five different methods and receive country rankings that vary only slightly, signaling a robust index calculation. We clearly identify six tier groups of attractiveness for all of our sample countries. We compare our index with the actual fundraising activities in the individual countries and reveal a reasonable correlation of both figures. The results highlight the strengths and weaknesses of the particular economies and provide guidelines for policy improvements and institutional investors' country allocations.
Author: Stefano Caselli Publisher: Springer Science & Business Media ISBN: 9783540402343 Category : Business & Economics Languages : en Pages : 440
Book Description
Venture Capital. A Euro-System Approach covers a wide spectrum of topics. These include: how venture capital really works, the relations between venture capital, corporate banking and stock exchanges, market trends in Europe and the US, legal issues related to the creation of venture capital firms and closed end funds, and finally regulatory and economic policy issues. The book is based on a strong link between a rigorous methodological approach and real world best practices of venture capitalists - thanks to a team of contributors formed by both academics and professionals of various fields.
Author: Cyril Demaria Publisher: Springer ISBN: 1137400390 Category : Business & Economics Languages : en Pages : 310
Book Description
This book presents new, advanced, evidence-based guidance on investing in private equity funds: first by assessing the investor's environment and motivations, then by looking into the risks, returns and overall performance of funds and finally, by offering practical solutions to the illiquidity conundrum.
Author: Dimche Lazarevski Publisher: ISBN: Category : Languages : en Pages : 11
Book Description
This paper examines venture capital investments' development in selected Central and Eastern European countries. We determine the differences in the level of development and the reasons, and we offer conclusions that can serve as a guideline in Macedonia's and other CEE countries' venture capital industry development.Different level of IPO market development, breadth, depth and liquidity of the secondary market; being or not being EU and NATO member - factor for sound business environment, guarantee for stability, and trust among investors, are some of the reasons for the difference in the VC industry level of development. Moreover, hurdle rates level, judicial system efficiency and property rights enforcement, required rates of return, entrepreneurial skills and knowledge, company transparency, and quality projects offered, are also significant factors that make the difference.The result of the comparative analysis in this paper based on the Venture capital fundraising and investment activities, the Country Attractiveness Index position and performed interviews, illustrates inferior role of the Venture Capital industry in Macedonia.
Author: Judit Karsai Publisher: ISBN: Category : Languages : en Pages : 32
Book Description
The entire venture capital sector of Central and Eastern Europe is characterised by the increased weight of state resources. The strengthening of public activities is mainly due to the new type of equity schemes introduced in the European Union's 2007 to 2013 programming period, which allowed the countries in the region to use part of the Structural Funds to develop their venture capital sector. More than 60 venture capital funds undertook to invest more than EUR one billion by the end of 2015, by raising one third of the funds from private investors. The paper examines how successful the CEE EU Member States, with a relatively less developed venture capital industry, were in using government equity schemes based on market cooperation between the state and market actors. Since, due to the shortness of the time elapsed since launching these schemes, the success of the companies financed by such hybrid venture capital funds cannot be assessed, this paper primarily aims to analyse whether the region was able to utilise the past lessons from government equity schemes in countries with a more developed venture capital industry. Similarly to the equity programs applied in the West, the government venture capital programs in the region are also characterised by the short time frame, the mass of administrative requirements tying the hands of investors, the small fund size, which prevents efficient operation, and the limited participation of institutional investors amongst private investors. Compared to developed countries, the unjustified level of benefits to and non-transparent selection of private fund managers and the immaturity of the investment proposals constitute disadvantages in the region. However, the greatest risk of public equity schemes, i.e. the crowding out effect on private investors, is missing in the CEE region due to the lack of market investors.
Author: Phillip Ryan Publisher: The Rosen Publishing Group, Inc ISBN: 1448867959 Category : Juvenile Nonfiction Languages : en Pages : 82
Book Description
Explanations to the inner workings of one of the least understood, but arguably most important, areas of business finance is offered to readers in this engaging volume: venture capital. Venture capitalists provide necessary investment to seed (or startup) companies, but the startup is only the beginning, there is much more to be explored. These savvy investors help guide young entrepreneurs, who likely have little experience, to turn their businesses into the Googles, Facebooks, and Groupons of the world. This book explains the often-complex methods venture capitalists use to value companies and to get the most return on their investments, or ROI. This book is a must-have for any reader interested in the business world.
Author: Alexander Peter Groh
Author: Alexander Peter Groh
Author: D. Klonowski
Author: Greg N. Gregoriou
Author: Alexander Peter Groh
Author: Stefano Caselli
Author: Cyril Demaria
Author: European Venture Capital Association
Author: Dimche Lazarevski
Author: Judit Karsai
Author: Phillip Ryan