B. Black and R. Gilson, ? Venture Capital and the Structure of Capital Markets : Bank versus Capital Markets ?, Journal of Financial Economics, issue.47, pp.243-277, 1998.

B. Black and R. Gilson, ? Does Venture Capital Require an Active Stock Market ?, Journal of Applied Corporate Finance, issue.11, pp.36-48, 1999.
DOI : 10.2139/ssrn.219174

N. Berger and F. Udell, ? The role of venture capital in the creation of public companies : Evidence from the Going Public Process ?, Journal of Financial Economics, issue.22, pp.613-673, 1990.

R. F. Engle and C. W. Granger, ? Cointegration and Error Correction , Representation, Estimation and Testing ?, Econometrica, issue.55, pp.251-276, 1987.
DOI : 10.1017/ccol052179207x.009

P. Gompers and J. Lerner, ? The Determinants of Corporate Venture Capital Success, Organizational Structure, Incentives, and Complementarities ? , NBER Working Paper n o 6725, 1990.

P. Gompers and J. Lerner, ? What Drives Venture Capital Fundraising ? ?, Brooking Papers on Economic Activity, Macroeconomics, pp.149-192, 1998.
DOI : 10.3386/w6906

P. Artus, ? Une note sur la validité du modèle du Q de Tobin pour la France ? , CahierséconomiquesCahierséconomiques et monétaires, pp.33-48, 1988.

P. Artus and P. Muet, ? Un panorama des développements récents de l'´ econométrie de l'investissement ?, Revué Economique, issue.5, pp.791-830, 1984.

R. Baillie and T. Bollerslev, ? Common Stochastic Trends in a System of Exchange Rate ? , The Journal of Finance, pp.167-181, 1989.

R. Baillie and T. Bollerslev, ? Cointegration, Fractional Cointegration and Exchange Rate Dynamics ? , The Journal of Finance, pp.737-745, 1994.

C. B. Barry, C. J. Muscarella, P. J. Vetsuypens, and M. R. , The role of venture capital in the creation of public companies, Journal of Financial Economics, vol.27, issue.2, pp.447-471, 1990.
DOI : 10.1016/0304-405X(90)90064-7

B. Black and R. Gilson, ? Venture Capital and the Structure of Capital Markets : Bank versus Capital Markets ?, Journal of Financial Economics, issue.47, pp.243-277, 1998.

B. Black and R. Gilson, ? Does Venture Capital Require an Active Stock Market ? ?, Journal of Applied Corporate Finance, issue.11, pp.36-48, 1999.
DOI : 10.2139/ssrn.219174

N. Berger and F. Udell, ? The role of venture capital in the creation of public companies : Evidence from the Going Public Process ?, Journal of Financial Economics, issue.22, pp.613-673, 1990.

A. Bernard and G. Roy, ? Etude des distorsions de niveau des tests de Johansen pour la cointégration ? , Cahier de recherche, pp.3-08, 2003.

S. Bonini, . Senem-alkan, and . Aktuccar, ? The macro and political determinants of venture capital investment around the world ?, 2009.

D. Clercq, D. Vance, H. Fried, O. Lehtonen, J. Harry et al., An Entrepreneur's Guide to the Venture Capital Galaxy., Academy of Management Perspectives, vol.20, issue.3, pp.90-112, 2006.
DOI : 10.5465/AMP.2006.21903483

R. F. Engle and C. W. Granger, ? Cointegration and Error correction : Representation, Estimation and Testing ?, Econometrica, issue.55, pp.251-276, 1987.
DOI : 10.1017/ccol052179207x.009

A. Epaulard, ? L'apport du Q de TobinàTobinà la modélisation de l'investissement en France ?, Economie et Prévision, issue.109, pp.1-12, 1993.

P. Gompers and J. Lerner, ? The Determinants of Corporate Venture Capital Success, Organizational Structure, Incentives, and Complementarities ? , NBER Working Paper, p.6725, 1990.

P. Gompers and J. Lerner, ? What Drives Venture Capital Fundraising ? ? , Brooking Papers on Economic Activity, Macroeconomics, pp.149-192, 1998.

P. Gompers and J. Lerner, The Venture Capital Revolution, Journal of Economic Perspectives, vol.15, issue.2, pp.145-168, 2001.
DOI : 10.1257/jep.15.2.145

P. Gompers, A. Kovner, J. Lerner, and D. Scharfstein, Venture capital investment cycles: The impact of public markets, Journal of Financial Economics, vol.87, issue.1, pp.1-23, 2005.
DOI : 10.1016/j.jfineco.2006.12.002

. Hege, &. Palomino, and . Schwienbacher, ? Venture capital performance : the Disparity Between Europe and the United States ? , disponible sur SSRN : http ://ssrn.com, publié en 2009 dans : Revue Finance, pp.7-50, 2006.

T. Hellmann and M. Puri, ? On the Fundamental Role of Venture Capital ? , Federal Reserve Bank of Altanta Economic Review, Fourth Quarter, pp.23-27, 2002.

S. Jagwani, ? Supply and demand of venture capital in the US ? , The Park Place Economist, pp.90-98, 2000.

L. Jeng and P. Wells, ? The Determinants of Venture Capital Funding : Evidence Across Countries ?, Journal of Corporate Finance, issue.6, pp.241-289, 2000.

S. Johansen and K. Juselius, MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION - WITH APPLICATIONS TO THE DEMAND FOR MONEY, Oxford Bulletin of Economics and Statistics, vol.8, issue.2, pp.169-210, 1990.
DOI : 10.1111/j.1468-0084.1990.mp52002003.x

S. Johansen, Statistical analysis of cointegration vectors, Journal of Economic Dynamics and Control, vol.12, issue.2-3, pp.231-254, 1988.
DOI : 10.1016/0165-1889(88)90041-3

S. Johansen, Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models, Econometrica, vol.59, issue.6, pp.1551-1580, 1991.
DOI : 10.2307/2938278

S. Kortum and J. Lerner, Assessing the Contribution of Venture Capital to Innovation, The RAND Journal of Economics, vol.31, issue.4, pp.674-692, 2000.
DOI : 10.2307/2696354

P. Kugler and C. Lenz, ? Multivariate Cointegration Analysis and the Long-Run Validity of PPP ? , The Review of, Economics and Statistics, issue.75, pp.180-184, 1993.

J. Lerner, ? Patent protection and innovation over 150 years ? , NBER Working Paper, p.8977, 2000.
DOI : 10.3386/w8977
URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.597.6493

R. Macdonald and M. Taylor, ? The Monetary Approach to the Exchange Rate ?, IMF Staff Papers, issue.40, pp.89-107, 1993.

J. G. Mackinnon, A. A. Haug, and L. Michelis, ? Numerical distribution functions of likelihood ratio tests for cointegration ?, Journal of Applied Econometrics, issue.14, pp.563-577, 1999.

P. A. Muet, ? Les modèles néoclassiques et l'impact du taux d'intérêt sur l'investissement ? , Revué Economique, pp.244-280, 1979.

M. H. Pesaran and Y. Et-shin, ? An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis ? , Econometrics and Economic Theory in the 20th Century, 1999.

M. H. Pesaran, Y. Shin, and R. J. Smith, Bounds testing approaches to the analysis of level relationships, Journal of Applied Econometrics, vol.52, issue.3, pp.289-326, 2001.
DOI : 10.1002/jae.616

V. Reiffers-de-gournay, ? Une mise en perspective des déterminants de l'investissement : rôle du Q de Tobin sur la période 1972-1981 ?, Revue Economique, issue.46, pp.1167-87, 1995.

R. A. De-la-potterie and B. V. , ? The determinants of venture capital : a panel data analysis of 16 OECD countries ?, 2004.

A. Schertler, ? Driving Forces of Venture Capital Investments in Europe : A Dynamic Panel Data Analysis ? , Working Paper, Kiel Institute for World Economics, p.1172, 2003.

J. Tobin, ? A General Equilibrum Approach to Monetary Theory ?, Journal of Money, Credit and Banking, issue.1, pp.15-29, 1969.
DOI : 10.2307/1991374

J. Armour and D. Cumming, ? The Legal Road to Replicating Silicon Valley ? , CBR Working Paper, p.281, 2004.

S. Bonini, . Senem-alkan, and . Aktuccar, ? The macro and political determinants of venture capital investment around the world ?, 2009.

J. Breitung, The local power of some unit root tests for panel data, Nonstationary Panels, Panel Cointegration , and Dynamic Panels, Advances in Econometrics JAI : Amsterdam, pp.161-178, 2000.
DOI : 10.1016/S0731-9053(00)15006-6

M. Da-rin, G. Nicodano, and A. Sembenelli, ? Public policy and the creation of active venture capital market ? , Working Paper, p.430, 2005.

R. F. Engle and C. W. Granger, ? Cointegration and Error correction : Representation, Estimation and Testing ?, Econometrica, issue.55, pp.251-276, 1987.
DOI : 10.1017/ccol052179207x.009

P. Gompers and J. Lerner, ? The Determinants of Corporate Venture Capital Success, Organizational Structure, Incentives, and Complementarities ? , NBER Working Paper, p.6725, 1990.

P. Gompers and J. Lerner, ? What Drives Venture Capital Fundraising ? ? , Brooking Papers on Economic Activity, Macroeconomics, pp.149-192, 1998.

B. Guilhon and S. Montchaud, ? The dynamics of venture capital industry in Europe ?, International Journal of Technology Management, issue.34, pp.146-160, 2006.

C. Hurlin and V. Et-mignon, ? Une synthèse des tests de racine unitaire sur données de panel ?, Economie et Prévision, pp.3-4, 2005.

C. Hurlin and V. Et-mignon, ? Une synthèse des tests de cointégration sur données de panel ?, Economie et Prévision, issue.4, pp.180-181, 2007.

K. S. Im, H. M. Pesaran, and Y. Shin, Testing for unit roots in heterogeneous panels, Journal of Econometrics, vol.115, issue.1, pp.53-74, 2003.
DOI : 10.1016/S0304-4076(03)00092-7

L. Jeng and P. Wells, ? The Determinants of Venture Capital Funding : Evidence Across Countries ?, Journal of Corporate Finance, issue.6, pp.241-289, 2000.

C. Kao, Spurious regression and residual-based tests for cointegration in panel data, Journal of Econometrics, vol.90, issue.1, pp.1-44, 1999.
DOI : 10.1016/S0304-4076(98)00023-2

C. Kao and M. H. Chiang, ? On the estimation and inference of a cointegrated regression in panel data ? , Nonstationary Panels, Panel Cointegration and Dynamic Panels, pp.179-222, 2000.

A. Levin, C. F. Lin, and C. S. Chu, Unit root tests in panel data: asymptotic and finite-sample properties, Journal of Econometrics, vol.108, issue.1, pp.1-24, 2002.
DOI : 10.1016/S0304-4076(01)00098-7

M. Lubrano, ? Modélisation mutilivariée et Cointégration ? , note de cours disponible sur http, 2008.

C. N. Mark and D. Sul, ? Cointegration Vector Estimation by Panel DOLS and Long-run Money Demand ?, Oxford Bulletin of Economics and Statistics, issue.65, pp.655-80, 2003.

P. Pedroni, ? Fully Modified OLS for Heterogeneous Cointegrated Panels ? , Advances in Econometrics, pp.93-130, 2000.

P. Pedroni, PANEL COINTEGRATION: ASYMPTOTIC AND FINITE SAMPLE PROPERTIES OF POOLED TIME SERIES TESTS WITH AN APPLICATION TO THE PPP HYPOTHESIS, Econometric Theory, vol.7, issue.03, pp.597-625, 2004.
DOI : 10.1111/1468-0084.61.s1.14

H. M. Pesaran, ? A Simple Panel Unit Root Test in the Presence of Cross Section Dependence ? , Mimeo, 2003.

J. Poterba, ? Venture Capital and Capital Gains Taxation, Tax Policy and the Economy, pp.47-67, 1989.

R. A. De-la-potterie and B. V. , ? The determinants of venture capital : a panel data analysis of 16 OECD countries ?, 2004.

P. Saikkonen, ? Asymptotically efficient estimation of cointegrating regressions ?, Econometric Theory, issue.58, pp.1-21, 1991.

A. Schertler, ? Driving Forces of Venture Capital Investments in Europe : A Dynamic Panel Data Analysis ? , Working Papers, Kiel Institute for World Economics, p.1172, 2003.

J. H. Stock and M. W. Watson, A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems, Econometrica, vol.61, issue.4, pp.783-820, 1993.
DOI : 10.2307/2951763

M. Wagner and J. Hlouskova, The Performance of Panel Cointegration Methods: Results from a Large Scale Simulation Study, Econometric Reviews, vol.83, issue.2, 2007.
DOI : 10.1016/0304-4076(74)90028-1

J. Westerlund, Data Dependent Endogeneity Correction in Cointegrated Panels*, Oxford Bulletin of Economics and Statistics, vol.20, issue.5, pp.691-705, 2005.
DOI : 10.1111/j.1468-0084.2005.00113.x

J. Westerlund, Testing for Error Correction in Panel Data, Oxford Bulletin of Economics and Statistics, vol.54, issue.6, pp.709-748, 2007.
DOI : 10.1017/S0266466600163054

J. Armour and D. Cumming, ? The Legal Road to Replicating Silicon Valley ? , CBR Working Paper, p.281, 2004.

P. Artus, ? Une note sur la validité du modèle du Q de Tobin pour la France ? , CahierséconomiquesCahierséconomiques et monétaires, pp.33-48, 1988.

P. Artus and P. Muet, ? Un panorama des développements récents de l'´ econométrie de l'investissement ?, Revué Economique, issue.5, pp.791-830, 1984.

R. Axelrod, ? The Evolution of Cooperation ? , Basic Books, 1984.

R. Baillie and T. Bollerslev, ? Common Stochastic Trends in a System of Exchange Rate ? , The Journal of Finance, pp.167-181, 1989.

R. Baillie and T. Bollerslev, ? Cointegration, Fractional Cointegration and Exchange Rate Dynamics ? , The Journal of Finance, pp.737-745, 1994.

B. Baudry, ?. ?-l-'´-economie-des-relations-interentreprises, L. Paris, and . Découverte, ? Venture Capital and the Structure of Capital Markets : Bank versus Capital Markets ?, ? Does Venture Capital Require an, pp.243-277, 1995.

N. Berger and F. Udell, ? The role of venture capital in the creation of public companies : Evidence from the Going Public Process ? ? The macro and political determinants of venture capital investment around the world ? , Cahier de recherche disponible sur Social Science Research Network, Etude des distorsions de niveau des tests de Johansen pour la cointégration ? , Cahier de recherche, pp.613-673, 1990.

E. Brousseau, M. Da-rin, G. Nicodano, A. Sembenelli, O. Lehtonen et al., La coopération industrielle ? A prisoners dilemma approach to entrepreneur -venture capitalist relationships ? ? A cross-country comparison of full and partial venture capital exits ?, Public policy and the creation of active venture capital market ? , Working Paper, pp.142-178, 1997.

E. Dubocage, ? Le capital-risque : un mode de financement dans un contexte d'incertitude ?, Thèse, 2004.

E. Dubocage, D. Et-rivaud-danset, R. F. Engle, and C. W. Granger, ? Le capital-risque ? , Collection Repères, n o 445, La decouverte, ? Cointegration and Error correction : Representation, Estimation and Testing ?, pp.251-276, 1987.

E. Fama, Agency problems and the theory of the firm ?, p.201, 1980.

E. Félix, M. A. Gulamhussen, and C. P. Pires, ? The determinants of venture capital in Europe evidence across countries ? , CEFAGE UE Working Paper ? Apprentissage collaboratif et réseaux d'investisseurs en capital-risque ? , Revue française de gestion, The Determinants of Corporate Venture Capital Success : Organizational Structure, Incentives, and Complementarities ? , NBER Working Paper ? What Drives Venture Capital, pp.288-307, 1990.

C. W. Granger, ? The typical spectral shape of an economic variable ? ? The dynamics of venture capital industry in Europe ?, Econometrica International Journal of Technology Management, issue.3434, pp.150-161, 1966.

U. Hege, F. Palomino, and A. Schwienbacher, ? Venture capital performance : the Disparity Between Europe and the United States ? , disponible sur SSRN : http ://ssrn.com, publié en 2009 dans : Revue Finance, ? On the Fundamental Role, pp.7-50, 2002.

?. Ture-capital, Federal Reserve Bank of Altanta, Economic Review, Fourth Quarter, pp.23-27

D. H. Hsu and M. Kenney, ? Organizing venture capital : the rise and demise of American Research & Development Corporation, Industrial and Corporate Change, issue.14, pp.579-616, 2005.

C. Hurlin and V. Et-mignon, ? Une synthèse des tests de racine unitaire sur données de panel ?, Economie et Prévision, pp.3-4, 2005.

C. Hurlin and V. Et-mignon, ? Une synthèse des tests de cointégration sur données de Panel ? , Economie & prévision, pp.180-181, 2007.

K. S. Im, H. M. Pesaran, and Y. Shin, Testing for unit roots in heterogeneous panels, Journal of Econometrics, vol.115, issue.1, pp.53-74, 2003.
DOI : 10.1016/S0304-4076(03)00092-7

S. Jagwani, ? Supply and demand of venture capital in the US ? , The Park Place Economist, pp.90-98, 2000.

L. Jeng and P. Wells, ? The Determinants of Venture Capital Funding : Evidence Across Countries ?, Journal of Corporate Finance, issue.6, pp.241-289, 2000.

M. C. Jensen and W. H. Meckling, ? Theory of the firm : managerial behavior, agency costs and ownership structure ?, Maximum Likelihood Estimation and Inference on Cointegration with Applications to the Demand for Money ?, pp.305-360, 1976.

S. Johansen, Statistical analysis of cointegration vectors, Journal of Economic Dynamics and Control, vol.12, issue.2-3, pp.231-254, 1988.
DOI : 10.1016/0165-1889(88)90041-3

S. Johansen, Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models, Econometrica, vol.59, issue.6, pp.1551-1580, 1991.
DOI : 10.2307/2938278

C. Kao, Spurious regression and residual-based tests for cointegration in panel data, Journal of Econometrics, vol.90, issue.1, pp.1-44, 1999.
DOI : 10.1016/S0304-4076(98)00023-2

C. Kao, M. H. Chiang, S. Kaplan, P. Stro¨mberg-strömberg, S. Kortum et al., On the estimation and inference of a cointegrated regression in panel data ? , Nonstationary Panels, Panel Cointegration and Dynamic Panels, ? Venture Capitalists as Principals : Contracting, Screening, and Monitoring ? ? Assessing the Contribution of Venture Capital to Innovation ?, pp.179-222, 2000.

D. M. Kreps, ? Corporate culture and economic theory ? Perspective on positive political economy (1993), ? Multivariate Cointegration Analysis and the Long-Run Validity of PPP ? , The Review of, Economics and Statistics, issue.75, pp.180-184, 1990.

M. Laine and S. Torstila, ? The Exit Rates of Liquidated Venture Capital Funds ?, Journal of Entrepreneurial Finance and Business Venturing, issue.10, pp.53-73, 2005.

J. Lerner, ? Patent protection and innovation over 150 years ? , NBER Working Paper, n o 8977, ? Unit Root Tests in Panel Data : Asymptotic and Finite Sample Properties ?, pp.1-24, 2000.

M. Lubrano, R. Macdonald, and M. Taylor, ? Modélisation mutilivariée et Cointégration ? , note de cours disponible sur www.vcharite.univ-mrs ? The Monetary Approach to the Exchange Rate ? (1999) ? Numerical distribution functions of likelihood ratio tests for cointegration ? ? Cointegration Vector Estimation by, IMF Staff Papers Journal of Applied Econometrics, vol.64, issue.4014, pp.89-107, 1993.

P. A. Muet, ? Les modèles néoclassiques et l'impact du taux d'intérêt sur l'investissement ? , Revué Economique, pp.244-280, 1979.

C. R. Nelson and C. I. Plosser, ? Trends and random walks in macroeconomic time series ?, Journal of Monetary Economics, pp.139-162, 1982.

P. Pedroni, ? Fully Modified OLS for Heterogeneous Cointegrated Panels ? , Advances in Econometrics, pp.93-130, 2000.

P. Pedroni, Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis ? ? A Simple Panel Unit Root Test in the Presence of Cross Section Dependence ? , Mimeo, University of Southern California ? An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis ? , Econometrics and Economic Theory in the 20th Century, Panel Cointegration, pp.597-625, 1999.

A. Pirrotte, ?. ?-l-'´-econométrie-des-origines-aux-développements-récents, and C. Economie, Venture Capital and Capital Gains Taxation Tax Policy and the Economy ? Une mise en perspective des déterminants de l'investissement : rôle du Q de Tobin sur la période 1972- 1981 ?, ? Le capital-risque et ses deux marchés ? , Revue d'´ economie industrielle The determinants of venture capital : a panel data analysis of 16 OECD countries ?, pp.47-67, 1989.

E. Bernheim, Research Institute in Management Science, Working Paper

S. Ross, ? The economic theory of agency : The principal's 206, 1973.

S. Rossetto, ? The price of rapid exit in venture capitalbacked IPOs ? , Annals of Finance, pp.29-53, 1990.

J. Tobin, ? A General Equilibrum Approach to Monetary Theory ?, Journal of Money, Credit and Banking, issue.1, pp.15-29, 1969.

M. Wagner and J. Hlouskova, ? The Performance of Panel Cointegration Methods : Results from a Large Scale Simulation Study ? , Institute for Advanced Studies Vienna, ? Data Dependent Endogeneity Correction in Cointegrated ?, pp.691-207, 2005.