Table 3Entry rates by industry in Europe against <strong>the</strong> US benchmarkNew firms as %<strong>of</strong> all firms, 1998-1999, EuropeNew firms as% <strong>of</strong> all firms,1998-1999, US2-digit NACE rev 1.1 code and industry nameManufacturing15. Food products and beverages 9.6 10.416. Tobacco products 16.1 14.817. Textiles 9.3 13.718. Wearing apparel; dressing and dying <strong>of</strong> fur 9.5 12.819. Tanning and dressing <strong>of</strong> lea<strong>the</strong>r; luggage, handbags, saddlery,harness, and footwear 8.6 18.220. Wood and products <strong>of</strong> wood and cork, except furniture 11.2 1221. Pulp, paper and paper products 9.5 10.622. Publishing, printing and reproduction <strong>of</strong> recorded media 11.2 1123. Coke, refined petroleum products, and nuclear fuel 10.8 11.524. Chemicals and chemical products 9.3 12.225. Rubber and plastic products 10.9 926. O<strong>the</strong>r non-metallic mineral products 9.3 11.627. Basic metals 12.2 9.828. Fabricated metal products, except machinery and equipment 11.5 11.429. Machinery and equipment not elsewhere classified 10.4 8.630. Office machinery and computers 15.8 17.431. Electrical machinery and apparatus not elsewhere classified 11.0 11.832. Radio, television, and communication equipment and apparatus 13.8 16.533. Medical, precision, and optical instruments, watches, and clocks 9.7 11.434. Motor vehicles, trailers, and semi-trailers 10.8 10.435. O<strong>the</strong>r transport equipment 13.0 1636. Furniture; manufacturing not elsewhere classified 11.7 15.8Construction45. Construction 13.7 16.3Trade50. Sale, maintenance and repair <strong>of</strong> motor vehicles andmotorcycles; retail sale <strong>of</strong> automotive fuel 13.4 10.251. Wholesale trade and commission trade, except <strong>of</strong> motor vehicles 14.9 10.652. Retail trade, except <strong>of</strong> motor vehicles and motorcycles; repair <strong>of</strong>personal and household goods 15.2 14.4Hotels and restaurants55. Hotels and restaurants 14.8 11.8Transportation60. Land transport; transport via pipelines 16.0 16.861. Water transport 11.9 11.262. Air transport 13.5 12.463. Supporting and auxiliary transport activities, and travel agencies 14.5 13.5Services70. Real estate activities 16.0 10.671. Renting <strong>of</strong> machinery and equipment without operator and <strong>of</strong>personal and household goods 18.0 12.672. Computer and related services 22.4 21.473. Research and development 17.0 13.174. O<strong>the</strong>r business activities 18.4 19.4O<strong>the</strong>r93. O<strong>the</strong>r services activities 17.0 13The values reported are averaged over 1998 and 1999, for Europe (column 2) and <strong>the</strong> US (column 3). Thefraction <strong>of</strong> <strong>new</strong> firms is calculated as <strong>the</strong> number <strong>of</strong> firms 2 or less years old over all firms in this particularindustry. Source: Amadeus database (column 2) and Dun and Bradstreet (column 3)ECBWorking Paper Series No 1078August 200939
Table 42-digit NACE rev. 1.1 industry classification -> EVCA industry classification conversion keyNACE rev 1.1 industry classEVCA industry class22, 32 Communications24, 30, 32, 33, 72 Computer73 Biotechnology23, 33, 85 Medical and health related23, 24 Energy15, 16, 17, 18, 19, 34, 35, 36, 50, 51, 52, 55, 63, 93 Consumer products26, 27, 28, 29 Industrial products24, 25 Chemicals and chemical related31 Industrial automation20, 21 O<strong>the</strong>r manufacturing60, 61, 62 Transportation61, 63, 71, 74 O<strong>the</strong>r services45 Construction70 O<strong>the</strong>rSource: EVCA -> NACE rev. 2 and NACE rev. 2 -> NACE rev. 1.1 translation key.40 ECBWorking Paper Series No 1078August 2009
- Page 1 and 2: Working Paper SeriesNo 1078 / augus
- Page 3 and 4: © European Central Bank, 2009Addre
- Page 5 and 6: AbstractUsing a comprehensive datab
- Page 7 and 8: environment leaves the main results
- Page 9 and 10: development and restructuring on sm
- Page 11 and 12: to industries which are more R&D in
- Page 13 and 14: of destination.We …rst recalculat
- Page 15 and 16: 2.3 US industry-level entry dataAs
- Page 17 and 18: tend to be heavily regulated and/or
- Page 19 and 20: speci…c e¤ects. Critically, we a
- Page 21 and 22: …rms only (less than 10 employees
- Page 23 and 24: higher for industries with higher e
- Page 25 and 26: percentage of the adult population
- Page 27 and 28: cost of …nancing to venture capit
- Page 29 and 30: 4.6 RobustnessWe conduct an extensi
- Page 31 and 32: is the same as the gap between priv
- Page 33 and 34: This paper is, to our knowledge, th
- Page 35 and 36: [12] Cetorelli, N., and P.E. Straha
- Page 37 and 38: [35] Petersen, M., and R. Rajan, 19
- Page 39: Table 2Summary statistics on entry,
- Page 43 and 44: Table 6Private equity timing and fi
- Page 45 and 46: Table 8Private equity and alternati
- Page 47 and 48: Appendix 1. Variables: definitions
- Page 49 and 50: Share shadow economyShare of the in
- Page 51: 1068 “Asset price misalignments a
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