Acknowledgments
In writing this paper the author benefited greatly from contributions, comments, and criticisms
received from a number of people. Most important were the individuals in the venture capital
organizations in emerging market countries who completed detailed survey responses and provided
further insights into their businesses in conversations during company visits conducted in May 1997
(listed in Annex C). Thanks are also due to members of the IFC Economics Department, and in
particular Guy Pfeffermann, Jack Glen, and Robert Miller for research guidance and to members of
the Asia, Europe, and Central Capital Markets Departments of the IFC. I am further indebted to
faculty at the George Washington University Finance and Economics Departments, especially Mark
Klock, Jim Jordan, Chris Snyder, and Isabelle Bajeux, and also to Robert Hauswald and James
Brickley for helpful comments and criticisms. Financial assistance was provided by the IFC
Economics Department and through World Bank research grant # BB68151M.