A Comparison of Small and Medium Sized Enterprises in Europe and in the USA: European Capital Markets Insutute

A Comparison of Small and Medium Sized Enterprises in Europe and in the USA: European Capital Markets Insutute

A Comparison of Small and Medium Sized Enterprises in Europe and in the USA: European Capital Markets Insutute

A Comparison of Small and Medium Sized Enterprises in Europe and in the USA: European Capital Markets Insutute

Synopsis

Developed from a study commissioned by the European Capital Markets Institute, this text examines the impact of private equity and capital markets on the development of small and medium-sized enterprises in America and the European Union.

Excerpt

This study, commissioned by the European Capital Markets Institute (ECMI), contains research and analysis conducted by Morgan Stanley Dean Witter in collaboration with Nmás1 and the London School of Economics, with data provided by Dun & Bradstreet, and additional research provided by IESE - the International Graduate School of Management of the University of Navarra in Barcelona, Spain.

The study discusses the nature and characteristics of small and medium sized enterprises (SMEs) private equity and capital markets in Europe and the United States. It analyses the link between SMEs and capital markets on both sides of the Atlantic, and provides answers to the central question posed: 'Despite the relative success of SMEs in Europe, why do SMEs in the USA appear to have closer, more profitable ties to private equity and capital markets?'

The introduction lays out the themes and definitions. The first section provides a comparative statistical analysis of developments on both sides of the Atlantic. The next section homes in on differences within the European Union, to gain a better sense of the relationship between SMEs and private equity, capital markets and policy, country by country. Overall, as factors that explain different intensities of risk equity and capital market activity on both sides of the Atlantic, we focus on tax and savings policies; the degree to which markets are legally unified and regionally clustered; and the impact of cyclical economic factors. 'Cultures of entrepreneurial dynamism' are also considered.

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