On the real effects of private equity investment: evidence from new ...

Appendix 1. Variables: definitions and sourcesVariableDefinition and sourceEVCA dataPrivate equityActual PE investment by European banks, mutual funds and PE houses, as well asby international PE investors with a European branch or partner, normalized byGDP; by country or European Venture Capital Association (EVCA) industryclassification. Source: EVCA yearbooksSeed and start-up finance Actual PE investment by European banks, mutual funds and PE houses, as well asby international PE investors with a European branch or partner, normalized byGDP, allocated to seed and start-up firms; by country. Source: EVCA yearbooksSeed,start-up & expansion Actual PE investment by European banks, mutual funds and PE houses, as well asby international PE investors with a European branch or partner, normalized byGDP, allocated to all private equity deals expect for buyouts; by country. Source:EVCA yearbooksIndependent PENon-independent PEPrivate equity investment by independent PE funds, normalized by GDP, allocatedto all private equity deals; by country. Source: EVCA yearbooksPrivate equity investment by captive, semi-captive and public PE funds,normalized by GDP, allocated to all private equity deals; by country. Source:EVCA yearbooksAmadeus dataEntryNumber of firms 2 years or younger as a fraction of the total firms. Averaged for1998-1999 and 2006-2007. Used at the 2-digit NACE rev. 1.1 level andaggregated weighted by employment at the EVCA industry classification level.Source: AmadeusExit Number of exited firms as a fraction of the total firms. Averaged for 1998-1999and 2006-2007. Used at the 2-digit NACE rev. 1.1 level and aggregated weightedby employment at the EVCA industry classification level. Source: AmadeusEntry by small firmsNumber of firms 2 years or younger with less than 10 employees as a fraction ofthe total firms. Averaged for 1998-1999 and 2006-2007. Used at the 2-digit NACErev. 1.1 level and aggregated weighted by employment at the EVCA industryclassification level. Source: AmadeusIndustry share Fraction of the industry’s sales in total sales. Averaged for 1998-1999 and 2006-2007. Used at the 2-digit NACE rev. 1.1 level and aggregated weighted byemployment at the EVCA industry classification level. Source: AmadeusUS benchmarkEntry USEntry rates for US corporations. Calculated for 2-digit NACE industries (originaldata on a 4-digit SIC level). Average for the years 1998-99. Source: Dun &Bradstreet.46 ECBWorking Paper Series No 1078August 2009