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Economies of Scope, Entry Deterrence and Welfare
PIRES, CESALTINA PACHECO; Catalão-Lopes, MargaridaThis paper develops a model where the incumbent may expand to a related market to signal economies of scope and deter entry in the former market. We show that the incumbent only expands when scope economies are large enough. Thus expansion is a signal of larger economies of scope and, for certain parameter values, leads to entry deterrence. Although our game is twoperiod, the expansion strategy creates a long-t...
The exit decision in the European venture capital market
Félix, Elisabete G.S.; Pires, Cesaltina Pacheco; Gulamhussen, Mohamed AzzimThis article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest t...
The Determinants of Venture Capital in Europe—Evidence Across Countries
Félix, Elisabete G.S.; Pires, Cesaltina Pacheco; Gulamhussen, Mohamed AzzimAbstract This article analyses the determinants of European venture capital activity. The main novelty of our work is in accounting for the idiosyncrasies of the European venture capital market. In particular, we investigate whether the size of the merger and acquisition market (M&A) is important in explaining venture capital. Moreover, our work is the first that analyses the impact of the degree of information...
The exit decision in the European venture capital market
Félix, Elisabete Gomes Santana; PIRES, CESALTINA PACHECO; Gulamhussen, Mohamed AzzimThis article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest t...
To volunteer or not to volunteer? A cross-country study of volunteering
Sardinha, Boguslawa Maria Barszczak; Pires, Cesaltina PachecoComunicação apresentada em 5th Annal Meeting of the Portuguese Economic Journal - Aveiro, 8-9 July 2011 ; This paper uses data from the 4th wave of the European Values Survey (EVS) to inves- tigate the factors that in uence the decision to participate in volunteering activities, con- sidering both volunteering in general as well as volunteering in particular types of activities. Like previous studies we includ...
AN ANALYSIS OF THE PORTUGUESE VENTURE CAPITAL MARKET: PARTIAL EXITS VERSUS TOTA...
Félix, Elisabete Gomes Santana; Esperança, José Paulo; Gulamhussen, Mohamed Azzim; Pires, Cesaltina PachecoThis article analyzes Portuguese venture capital exits, exploring the relationship between the type of exit and the asymmetry of information of the venture capital investments. The central hypothesis being tested is that the occurrence of partial exits is associated with signalling the investment quality and with the reduction of the degree of informational asymmetry. The data resulted from a study elaborated b...
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