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AbstractThe public venture capital market is indeed able to compete with a private one, even if it does not have the tools, skills and value‐added capabilities usually attributed to private venture capitalists.

Theory suggests that capital is more likely to be efficiently allocated via market mechanisms, such as bank lending & stock issuance, than via nonmarket allocation. Consequently, we conjecture that increased market allocation of capital will enhance economic growth. We also posit that good collateral & corporate law will increase the allocation of capital via debt & equity markets, respectively. Using measures of statutory law as instruments for market-mobilized capital, to control for its endogeneity in a cross-country growth regression, we demonstrate a clear causal link between financial market development & economic performance. 4 Tables, 21 References. Adapted from the source document.

The main objective of this study is to indicate the influence of local macroeconomic and capital market factors on the values of IPOs in Poland over the period of 2003 to 2012. Our sample includes 330 local enterprises that conducted an IPO on the Main Market of the Warsaw Stock Exchange after Polish EU accession. The models for which estimation results are presented in this paper reveal that the individual country regression analysis working with untransformed IPO values (Model 1) did not generate significant parameter estimates. On the other hand, a logarithmic transformation of IPO values leads to persistently significant estimates for our regressions. Based on the Model (2) the empirical evidence supported the hypothesis that Polish ten-year government bond yields (indicating the price of competing financing funds) have explanatory power for IPO values. However, our assumption that also other macroeconomic- and capital market indicators have explanatory power for IPO values in the Polish capital market could not be supported by empirical evidence.