tailieunhanh - Activity Data on Fundraising, Investments and Divestments by Private Equity and Venture Capital Firms in Europe 2012

States from 1991 onwards. Using these monthly data, we document a statisti- cally significant smart money effect in the United States whose magnitude is comparable to that of the United Kingdom. However, even at the quarterly data frequency, the post-1990 period is suggestive of the presence of smart money in the United States (whereas the 1970 to 1990 period is not). These conclusions hold irrespective of whether the momentum factor is taken into consideration. Thus, Sapp and Tiwari’s results are due to the weight they put on the pre-1991 period, and to their use of quarterly data. The conclusions of Gruber and Zheng about the presence of smart. | 9 May 2012 Yearbook 2012 Activity Data on Fundraising Investments and Divestments by Private Equity and Venture Capital Firms in Europe CREATING LASTING VALUE 7 A EUROPEAN PRIVATE EQUITY AND V M VENTURE CAPITAL ASSOCIATION Acknowledgements and Disclaimer Acknowledgements We are very grateful for the generous support by General Partners representing Private Equity and Venture Capital firms across Europe who are directly submitting their activity data to our survey. Without their commitment providing comprehensive and verified pan-European statistics would not be possible. We also thank all regional and national private equity associations that collect their activity data via PEREP_Analytics the pan-European statistics platform making it the most comprehensive European private equity database APCRI Portugal AVCO Austria BVA Belgium BVK Germany CVCA Croatia CVCA the Czech Republic DVCA Denmark EstVCA Estonia EVCA Europe FVCA Finland HVCA Hungary IVCA Ireland LTVCA Lithuania NVCA Norway NVP the Netherlands PPEA Poland SECA Switzerland SEEPEA South Eastern Europe SLOVCA Slovakia SVCA Sweden . PEREP has collected data directly from associations members and participants in the other countries in Europe. Version Presentation as of 9 5 2012 Disclaimer The information contained in this report has been produced by EVCA based on PEREP_Analytics data and third parties information. While the EVCA has made every effort to ensure the reliability of the data included in this report EVCA can not guarantee the accuracy of the information collected and presented. Therefore EVCA cannot accept responsibility for any decision made or action taken based upon this report or the information provided herein. Copyright information No part of this publication may be reproduced by any process except in accordance with the provisions of the Copyright Act 1968. Copyright enquiries should be directed to EVCA Tel 32 2 715 00 20. Copyright EVCA May 2012 EUROPEAN PRIVATE EQUITY AND n VENTURE .