Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms

UNIVERSIDAD COMPLUTENSE DE MADRID FACULTAD DE CIENCIAS ECONÓMICAS Y EMPRESARIALES TESIS DOCTORAL Effects of venture capital and private equity on investment-cash flow sesitivity of Spanish firms MEMORIA PARA OPTAR AL GRADO DE DOCTOR PRESENTADA POR María Alejandra Ferrer Directores: José Martí Pellón Fabio Bertoni Madrid, 2011 ISBN: 978-84-694-6509-7 © María Alejandra Ferrer, 2010 UNIVERSIDAD COMPLUTENSE DE MADRID UNIVERSIDAD AUTÓNOMA DE MADRID PROGRAMA DE DOCTORADO INTERUNIVERSITARIO EN FINANZAS DE EMPRESA EFFECTS OF VENTURE CAPITAL AND PRIVATE EQUITY ON INVESTMENT-CASH FLOW SENSITIVITY OF SPANISH FIRMS PhD THESIS DOCTORAL DEGREE IN ‘FINANZAS DE EMPRESA’ María Alejandra Ferrer (Universidad del Zulia) Director: José Martí Pellón (Universidad Complutense de Madrid) Co-Director: Fabio Bertoni (Politecnico di Milano) Madrid, May 2010 EFFECTS OF VENTURE CAPITAL AND PRIVATE EQUITY ON INVESTMENT-CASH FLOW SENSITIVITY OF SPANISH FIRMS A mi madre y a mi tía, a quienes debo todo lo que soy ACKNOWLEDGEMENTS VC AND PE ON INVESTMENT-CASH FLOW SENSITIVITY OF SPANISH SMES ACKNOWLEDGEMENTS This PhD thesis is not solely my effort. It has benefited greatly from the help of a large number of people who have provided support and guidance directly or indirectly. My deepest gratitude is for you all.