bibtype	V - Research Report
ARLID	0572590
utime	20240402214026.6
mtime	20230606235959.9
title (primary) (eng)	Drivers of Private Equity Activity across Europe: An East-West Comparison
publisher	place Praha name UK FSV – IES pub_time 2023
specification	page_count 26 s. media_type E
edition	name IES working papers volume_id IES WP 14/2023
keyword	Private equity
keyword	Fundraising
keyword	Investment
author (primary)	ARLID cav_un_auth*0312139 name1 Kočenda name2 Evžen institution UTIA-B full_dept (cz) Ekonometrie full_dept (eng) Department of Econometrics department (cz) E department (eng) E full_dept Department of Econometrics country CZ share 50 fullinstit Ústav teorie informace a automatizace AV ČR, v. v. i.
author	ARLID cav_un_auth*0450937 name1 Shivendra name2 R. country IN share 50
source	url http://library.utia.cas.cz/separaty/2023/E/kocenda-0572590.pdf
cas_special	abstract (eng) We investigate the key macroeconomic and institutional determinants of fundraising and investment activities and compare them across Europe, covering 13 Central and Eastern European (CEE) and 16 Western European (WE) countries. Five macroeconomic variables and nineteen institutional variables are selected. These variables are studied using panel data analysis with fixed effects and random effects models over an eleven-year observation period (2010–2020). Bayesian Model Averaging (BMA) is applied to select the key variables. Our results suggest that macroeconomic variables have no significant impact on fundraising and investment activity in either region. Investment activity is a significant driver of fundraising across Europe. Similarly, fundraising and divestment activity are significant drivers of investments across Europe. Institutional variables, however, affect fundraising and investment activity differently. While investment freedom has a significant effect on funds raised in the WE and CEE countries, government integrity and trade freedom are both significant determinants of investments in both European regions. In addition, the results demonstrate that, in contrast to the WE region, fundraising in the CEE region is not country specific. abstract (eng) We investigate the key macroeconomic and institutional determinants of fundraising and investment activities and compare them across Europe, covering 13 Central and Eastern European (CEE) and 16 Western European (WE) countries. Five macroeconomic variables and nineteen institutional variables are selected. These variables are studied using panel data analysis with fixed effects and random effects models over an eleven-year observation period (2010–2020). Bayesian Model Averaging (BMA) is applied to select the key variables. Our results suggest that macroeconomic variables have no significant impact on fundraising and investment activity in either region. Investment activity is a significant driver of fundraising across Europe. Similarly, fundraising and divestment activity are significant drivers of investments across Europe. Institutional variables, however, affect fundraising and investment activity differently. While investment freedom has a significant effect on funds raised in the WE and CEE countries, government integrity and trade freedom are both significant determinants of investments in both European regions. In addition, the results demonstrate that, in contrast to the WE region, fundraising in the CEE region is not country specific. RIV AH FORD0 50000 FORD1 50200 FORD2 50202 reportyear 2024 num_of_auth 2 permalink https://hdl.handle.net/11104/0344418 confidential S arlyear 2023 mrcbU10 2023 mrcbU10 Praha UK FSV – IES