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Private Equity and Venture Capital Finance New Directions of Research（三）.doc

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Private Equity and Venture Capital Finance New Directions of Research（三）

Private Equity and Venture Capital Finance: New Directions of Research By Tamir Agmon A Seminar to be presented at the Center for Finance (CFF), School for Economics and Commercial Law, Goteborg University 28.9.2005 Abstract Private equity and venture capital finance defined as; ..a professionally managed pool of money raised for the sole purpose of making actively-managed direct equity investments in rapidly growing private companies and with a well-defined exit strategy, (Megginson, 2002), has grown into a substantial part of the capital markets of the world. Yet, there is hardly any financial research on private equity and venture capital finance as such. This is not surprising as there are a number of cases where the importance of a certain phenomenon in the business world is not congruent with the place that it holds in the world of economic and finance research. The most glaring example in my mind is the case of International Business. A substantial part of the investment activity in the world is done within multinational enterprises and other forms of international business. Yet, there is hardly any basic research in financial economics that addresses this issue. The existing research in economics based on three groups of studies, the Hymer-Kindleberger-Caves early works in the 1960s, the Buckley and Casson internalization model of the mid-1970s, and Dunning eclectic model of the late 1970s are not in the mainstream of economic research. Another well-known case that has been discussed in the economic literature is the decline and rise in research interest in economic geography, (Garretsten, 2003). The problem in these and other cases is that the observed phenomenon in the markets, as important as it may be, is not congruent with the current basic model used as the common ground of all researchers in the field. In the case of economic geography the problem was that it did not yield itself to an analysis based on general equilibrium. The work of Kru