Euro.NM and the Financing of European Innovative Firms

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Euro.NM and the Financing of European Innovative Firms

Author Info

Laura Bottazzi
Marco Da Rin

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Abstract

Since its creation in 1997, more than 400 European firms have been listed on Euro.NM, the circuit of stock exchanges targeted at the financing of innovative firms in high-tech industries. We collect a unique database from the listing prospectuses and annual reports of these firms. We characterize their ownership and financial structures, and their economic activity. We show the existence of significative heterogeneity across firms and across the national segment of the Euro.NM circuit. Such differences persist also when we study the relationship between venture capital and the going-public process. We conclude that Euro.NM is far from providing a pan-European stock market for innovative, high-growth companies.

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Paper provided by IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University in its series Working Papers with number 171.

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Handle: RePEc:igi:igierp:171

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This paper has been announced in the following NEP Reports:

NEP-FIN-2000-09-13 (Finance)
NEP-HIS-2000-09-13 (Business, Economic & Financial History)
NEP-INO-2000-09-13 (Innovation)

Cited by:
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Christian Keuschnigg, 2002. "Venture Capital Backed Growth," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
Other versions:
- Christian Keuschnigg, 2002. "Venture Capital Backed Growth," University of St. Gallen Department of Economics working paper series 2002 2002-04, Department of Economics, University of St. Gallen. [Downloadable!]
- Keuschnigg. Christian, 2002. "Venture Capital Backed Growth," Royal Economic Society Annual Conference 2002 114, Royal Economic Society. [Downloadable!]
- Christian Keuschnigg, 2004. "Venture Capital Backed Growth," Journal of Economic Growth, Springer, vol. 9(2), pages 239-261, 06. [Downloadable!]
Mayer, Colin & Schoors, Koen & Yafeh, Yishay, 2001. "Sources of Funds and Investment Strategies of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK," CEI Working Paper Series 2001-24, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
Other versions:
- Koen Schoors & Yishay Yafeh & Colin Mayer, 2001. "Sources of Funds and Investment Strategies of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK," OFRC Working Papers Series 2001fe15, Oxford Financial Research Centre. [Downloadable!]
Bottazzi, Laura & Da Rin, Marco, 2002. "Europe's 'New' Stock Markets," CEPR Discussion Papers 3521, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Laura Bottazzi & Marco Da Rin, . "Europe’s ‘New’ Stock Markets," Working Papers 218, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
Da Rin, Marco & Hellmann, Thomas F., 2002. "Banks as Catalysts for Industrialization," Research Papers 1398, Stanford University, Graduate School of Business. [Downloadable!]
Other versions:
- Marco Da Rin & Thomas Hellmann, . "Banks as Catalysts for Industrialization," Working Papers 103, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
- Marco Da Rin & Thomas Hellmann, 2000. "Banks as Catalysts for Industrialisation," FMG Discussion Papers dp343, Financial Markets Group. [Downloadable!] (restricted)
- Marco Da Rin & Thomas Hellmann, 2001. "Banks as Catalysts for Industrialization," William Davidson Institute Working Papers Series 443, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
- Da Rin, Marco & Hellmann, Thomas, 2002. "Banks as Catalysts for Industrialization," Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 366-397, October. [Downloadable!] (restricted)
Ansgar Belke & Rainer Fehn & Neil Foster, 2001. "Venture Capital Investment and Labor Market Performance: A Panel Data Analysis," Vienna Economics Papers 0112, University of Vienna, Department of Economics. [Downloadable!]
Other versions:
- Belke, Ansgar & Fehn, Rainer & Foster, Neil, 2002. "Venture Capital Investment and Labor Market Performance: A Panel Data Analysis," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
- Ansgar Belke & Rainer Fehn & Neil Foster, 2001. "Venture Capital Investment and Labor Market Performance: A Panel Data Analysis," Diskussionspapiere aus dem Institut fÃ¼r Volkswirtschaftslehre der UniversitÃ¤t Hohenheim 197/2001, Department of Economics, University of Hohenheim, Germany.
Marco Da Rin & MarÃa Fabiana Penas, 2007. "The Effect of Venture Capital on Innovation Strategies," NBER Working Papers 13636, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Marco Da Rin & Maria Fabiana Penas, 2007. "The Effect of Venture Capital on Innovation Strategies," NBER Chapters, in: Entrepreneurship: Strategy and Structure National Bureau of Economic Research, Inc. [Downloadable!]
Marco Da Rin & Giovanna Nicodano & Alessandro Sembenelli, 2004. "Public Policy and the Creation of Active Venture Capital Markets," Working Papers 270, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
Other versions:
- Marco Da Rin & Giovanna Nicodano & Alessandro Sembenelli, 2005. "Public policy and the creation of active venture capital markets," Working Paper Series 430, European Central Bank. [Downloadable!]
- Da Rin, Marco & Nicodano, Giovanna & Sembenelli, Alessandro, 2006. "Public policy and the creation of active venture capital markets," Journal of Public Economics, Elsevier, vol. 90(8-9), pages 1699-1723, September. [Downloadable!] (restricted)
Ansgar Belke & Rainer Fehn & Neil Foster, 2003. "Does Venture Capital Investment Spur Employment Growth?," Vienna Economics Papers 0303, University of Vienna, Department of Economics. [Downloadable!]
Other versions:
- Belke, Ansgar & Fehn, Rainer & Foster, Neil, 2003. "Does Venture Capital Investment Spur Employment Growth?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
Christian Keuschnigg & Soren Bo Nielsen, 2002. "Start-ups, Venture Capitalits, and the Capital Gains Tax," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
Other versions:
- Keuschnigg, Christian & Nielsen, Soren Bo, 2002. "Start-ups, Venture Capitalists and the Capital Gains Tax," CEPR Discussion Papers 3263, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Christian Keuschnigg & Soren Bo Nielsen, 2002. "Start-ups, Venture Capitalists, and the Capital Gains Tax," University of St. Gallen Department of Economics working paper series 2002 2002-05, Department of Economics, University of St. Gallen. [Downloadable!]
- Keuschnigg, Christian & Nielsen, Soren Bo, 2004. "Start-ups, venture capitalists, and the capital gains tax," Journal of Public Economics, Elsevier, vol. 88(5), pages 1011-1042, April. [Downloadable!] (restricted)
Bottazzi, L. & Da Rin, M. & Hellmann, T., 2008. "What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence," Discussion Paper 2008-014, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
Other versions:
- Bottazzi, L. & Da Rin, M. & Hellmann, T., 2008. "What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence," Discussion Paper 2008-30, Tilburg University, Center for Economic Research. [Downloadable!]
- L. Bottazzi & M. Da Rin & T. Hellmann, 2007. "What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence ," Working Papers 613, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
L. Bottazzi & M. Da Rin & T. Hellmann, 2007. "Who are the active investors? Evidence from Venture Capital," Working Papers 611, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
Other versions:
- Bottazzi, Laura & Da Rin, Marco & Hellmann, Thomas, 2008. "Who are the active investors?: Evidence from venture capital," Journal of Financial Economics, Elsevier, vol. 89(3), pages 488-512, September. [Downloadable!] (restricted)
Mayer, Colin & Schoors, Koen & Yafeh, Yishay, 2002. "Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK," CEPR Discussion Papers 3340, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Colin Mayer & Koen Schoors & Yishay Yafeh, 2003. "Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK," NBER Working Papers 9645, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Christian Keuschnigg & Soren Bo Nielsen, 2003. "Taxes and Venture Capital Support," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
Other versions:
- Christian Keuschnigg & Soren Bo Nielsen, 2003. "Taxes and Venture Capital Support," Review of Finance, Springer, vol. 7(3), pages 515-539. [Downloadable!]
Laura Bottazzi & Marco Da Rin & Thomas Hellmann, 2007. "The Importance of Trust for Investment: Evidence from Venture Capital," Working Papers 325, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
Other versions:
- Bottazzi, L. & Da Rin, M. & Hellmann, T., 2009. "The Importance of Trust for Investment: Evidence from Venture Capital," Discussion Paper 2009-43, Tilburg University, Center for Economic Research. [Downloadable!]
- L. Bottazzi & M. Da Rin & T. Hellmann, 2007. "The Importance of Trust for Investment: Evidence from Venture Capital ," Working Papers 612, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
Laura Bottazzi & Marco Da Rin & Thomas Hellmann, 2004. "Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital," Working Papers 266, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
Other versions:
- Bottazzi, Laura & Da Rin, Marco & Hellmann, Thomas F, 2004. "Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital," CEPR Discussion Papers 4794, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Laura Bottazzi & Marco Da Rin & Thomas Hellmann, 2005. "What Role of Legal Systems in Financial Intermediation? Theory and Evidence," Working Papers 283, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]

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