Sophie Manigart

• Full Professor, Partner and Faculty Dean at Vlerick Business School
• Professor at Ghent University
• Past guest professorships at London Business School, UK and IE Business School, Spain and currently guest lecturing at ESMT, Germany and TIAS, the Netherlands
• Masters in Electronic Engineering and Doctor in Management, Ghent University
• Masters in General Management at Vlerick Business School
• Associate Editor at the Entrepreneurship Theory and Practice journal
• Member of the editorial board of the Journal of Business Venturing, Strategic Entrepreneurship Journal and Venture Capital Journal

For more than three decades, Sophie Manigart has researched the financing strategies of entrepreneurial companies. She’s expert in venture capital, private equity, business angel finance and entrepreneurial finance. Her research has featured in renowned journals – and she has written two books and several case studies. She has also edited several issues on entrepreneurial finance for top scientific journals.

Sophie teaches on our Masters, MBA and executive programmes and develops courses and MBA electives. Alongside her colleagues Mathieu Luypaert and Wouter De Maeseneire, she has developed online courses and simulations including FAST and Finance Essentials. She is also Faculty Dean.

Sophie has helped many start-ups to develop finance strategies, has worked with venture capital funds and was a member of Baekeland Fund’s investment committee. Her expertise is sought by the European Parliament, InvestEurope, Belgian government and regional governments in Belgium and the Netherlands.

As founder of Belgium’s first business angel network, BAN Vlaanderen, Sophie is on the board of the Belgian Venture Capital and Private Equity Association, AXA Belgium, BW Ryhove, Ovinto and EnergyVision.

Expert in

• Corporate Finance
• Business Angels
• Entrepreneurial Finance
• Accounting & Finance
• Venture Capital, Management Buy-outs, Private Equity
• Venture Capital
• Public Policy to alleviate Finance Constraints

Publications

Articles in refereed journals with impact

• Standaert T. Manigart S.  forthcoming. Government as venture capital fund-of-funds and fund sponsors: Effect on employment in portfolio companies. Small Business Economics,



• De Prijcker S. Manigart S. Collewaert V.  forthcoming. Relocation to get venture capital: a resource dependence perspective. Entrepreneurship: Theory and Practice,


• Manigart S. Standaert T.  forthcoming. Government as fund-of-fund and VC fund sponsors: Effect on employment in portfolio companies. Small Business Economics,


• Devigne D. Manigart S. Wright M.  2016. Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors. Journal of Business Venturing, 31(3): 253-271.


• Collewaert V. Manigart S.  2016. Valuation of Angel-backed companies: The role of investor human capital. Journal of Small Business Management, 54(1): 373-391.


• Leroy H. Manigart S. Meuleman M. Collewaert V.  2015. Understanding the continuation of firm activities when entrepreneurs exit their firms: Using theory of planned behavior. Journal of Small Business Management, 53(2): 400-415.


• Grichnik D. Brinckmann J. Singh L. Manigart S.  2014. Beyond environmental scarcity: human and social capital as driving forces of bootstrapping activities. Journal of Business Venturing, 29(2): 310-326.


• Meuleman M. Vanacker T. Manigart S.  2014. Path-dependent evolution versus intentional management of investment ties in science-based entrepreneurial firms. Entrepreneurship Theory and Practice, 38(3): 671-690.


• Vanacker T. Heughebaert A. Manigart S.  2014. Institutional frameworks, venture capital and the financing of European new technology-based firms. Corporate Governance: an international review, 22(3): 199-215.


• Manigart S. Wright M.  2013. Reassessing the relationships between private equity investors and their portfolio companies. Small Business Economics, 40(3): 479-492.


• Devigne D. Vanacker T. Manigart S.  2013. The role of domestic and cross-border venture capital investors in the growth of portfolio companies. Small Business Economics, 40(3): 553-573.


• Seghers A. Vanacker T. Manigart S.  2012. The impact of human and social capital on entrepreneurs'knowledge of finance alternatives. Journal of Small Business Management, 50(1): 63-86.


• De Prijcker S. Manigart S. Wright M. De Maeseneire W.  2012. The influence of experiential, inherited and external knowledge on the internationalization of venture capital firms. International Business Review, 21(5): 929-940.


• Balcaen S. Manigart S. Ooghe H. Buyze J.  2012. Firm exit after distress: differentiatiating between bankruptcy, voluntary liquidation and M&A. Small Business Economics, 39(4): 949-975.


• Heughebaert A. Manigart S.  2012. Firm valuation in venture capital financing rounds: the role of investor bargaining power. Journal of Business Finance and Accounting, 39(3/4): 500-530.


• Vanacker T. Manigart S. Meuleman M. Sels L.  2011. A longitudinal study on the relationship between financial bootstrapping and new venture growth. Entrepreneurship & Regional Development, 23(9/10): 681-705.


• Balcaen S. Ooghe H. Manigart S.  2011. From distress to exit: Determinants of the time to exit. Journal of Evolutionary Economics, 21(3): 407-446.


• Collewaert V. Manigart S. Aernoudt R.  2010. Assessment of government funding of business angel networks in Flanders. Regional Studies, 44(1): 119-130.


• Vanacker T. Manigart S.  2010. Pecking order and debt capacity considerations for high-growth companies seeking financing. Small Business Economics, 35(1): 53-69.


• Meuleman M. Lockett A. Manigart S. Wright M.  2010. Partner selection decisions in interfirm collaborations: The paradox of relational embeddedness. Journal of Management Studies, 47(6): 995-1019.


• Verwaal E. Bruining H. Wright M. Manigart S. Lockett A.  2010. Resources access needs and capabilities as mediators of the relationship between VC firm size and syndication. Small Business Economics, 34(3): 277-291.


• Deloof M. Manigart S.  2009. Private Equity Involvement and Earnings Quality. Journal of Business Finance and Accounting, 36(5/6): 587-615.


• Meuleman M. Wright M. Manigart S. Lockett A.  2009. Private Equity Syndication: Agency Costs, Reputation and Collaboration. Journal of Business Finance and Accounting, 36(5/6): 616-644.


• Manigart S.  2007. Financial reporting quality in private equity backed companies: the impact of ownership concentration. Small Business Economics, 29(3): 261-274.


• Manigart S. Lockett A. Meuleman M. Wright M. Landström H. Bruining H. Desbrières P. Hommel U.  2006. Venture capitalists' decision to syndicate. Entrepreneurship Theory and Practice, 30(2): 131-153.


• Baeyens K. Vanacker T. Manigart S.  2006. Venture capitalists' selection process: the case of biotechnology proposals. International Journal of Technology Management, 34(1/2): 28-46.


• Bruton G. Fried V. Manigart S.  2005. Institutional influences on the worldwide expansion of venture capital. Entrepreneurship Theory and Practice, 29(6): 737-760.


• Manigart S. De Waele K. Wright M. Robbie K.  2002. Determinants of required returns in venture capital investments: A five-country study. Journal of Business Venturing, 17(4): 291-312.


• Manigart S. Struyf C.  1997. Financing the high technology startups in Belgium: an explorative study. Small Business Economics, 9(2): 125-135.


• Manigart S. Wright M. Robbie K. Desbrières P. De Waele K.  1997. Venture capitalists' appraisal of investment projects: an empirical European study. Entrepreneurship Theory and Practice, 21(4): 29-44.


• Manigart S. Sapienza H.J. Vermeir W.  1996. Venture capitalist governance and value-added in four countries. Journal of Business Venturing, 11(6): 439-469.


• Manigart S.  1994. The founding rate of venture capital firms in three European countries (1970-1990). Journal of Business Venturing, 9(6): 525-541.


• Ooghe H. Manigart S. Fassin Y.  1991. Growth patterns of the European venture capital industry. Journal of Business Venturing, 6(6): 381-404.

 Articles in other (un)refereed journals
• Neckebrouck J. Manigart S. Meuleman M.  2017. Attitudes of family firms towards external investors: The importance of organizational identification. Venture capital, 19(1/2): 29-50.


• Manigart S. Van Dyck W. Witmeur O.  2017. A guide to private equity: Is a buy-in the right move for your practice. CRST Europe, (October): 60-64.


• Knockaert M. Manigart S. Cattoir S. Verstraete W.  2015. A perspective on the economic valorization of gene manipulated biotechnology: Past and future. Biotechnology Reports, 6(June): 56-60.


• Manigart S. Meuleman M.  2012. Lessons on buy-ins as well as lessons on buy-outs are needed. Financial Times, (August)


• Feys C. Manigart S.  2011. The post-acquisition performance of acquired entrepreneurial firms. Investment Management and Financial Innovations, 8(1): 72-79.


• Leroy H. Manigart S. Meuleman M.  2010. The planned decision to transfer an entrepreneurial company. The IUP Journal of Entrepreneurship Development, 7(1&2): 7-22.


• Manigart S.  2010. Le capital-risque, accélérateur de croissance. L'Expansion Entrepreneuriat, 8: 31-40.



• Deloof M. Manigart S.  2008. Private equity investments and disclosure policy. European Accounting Review, 17(4): 607-639.


• Goossens L. Manigart S. Meuleman M.  2008. The change in ownership after a buyout: impact on performance. Journal of Private Equity, 12(1): 31-41.


• Manigart S.  2007. De rol van venture capital. Bank- en Financiewezen, 71(8): 490-497.


• Manigart S. Collewaert V. Wright M. Pruthi S. Lockett A. Bruining H. Hommel U. Landström H.  2007. Human capital and the internationalization of venture capital firms. International Entrepreneurship and Management Journal, 3(1): 109-125.


• Baeyens K. Manigart S.  2006. Entrepreneurial companies' choice between long-term and short-term debt and the role of venture capital. SCMS Journal of Indian Management, 3(2): 90-105.


• Wright M. Lockett A. Pruthi S. Manigart S. Sapienza H.J. Desbrières P. Hommel U.  2004. Venture capital investors, capital markets, valuation and information: US, Europe and Asia. Journal of International Entrepreneurship, 2(4): 305-326.


• Baeyens K. Manigart S.  2003. Dynamic financing strategies: The role of venture capital. Journal of Private Equity, 7(1): 50-58.


• Manigart S. Baeyens K. Van Hyfte W.  2002. The survival of venture capital backed companies. Venture capital, 4(2): 103-124.


• Manigart S. Baeyens K.  2002. Venture capital. Praktijkgids Waardebepaling en Strategische Reorganisaties, (41): 13-74.


• Manigart S. De Waele K. Wright M. Robbie K. Desbrières P. Sapienza H.J. Beekman A.  2000. Venture Capitalists, Investment Appraisal and Accounting Information: A Comparative Study of the US, UK, France, Belgium and Holland. European Financial Management, 6(3): 389-403.


• Wright M. Manigart S. Desbrières P. Sapienza H.J.  1997. Venture capital firms and equity investment appraisal in the US, UK, France, Belgium and Holland. Management Buy-Outs, (3): 19-35.


• Manigart S. Struyf C.  1995. De financiering van hoogtechnologische startende ondernemingen in Vlaanderen. Economisch en Sociaal Tijdschrift, 49(1): 63-86.


• Manigart S. Sapienza H.J. Vermeir W.  1995. Venture capital: méér dan enkel financiering? Een vergelijkend onderzoek in vier landen. Management en Organisatie, 49(2): 72-90.


• Manigart S.  1994. De opstartfrequentie van venture capital organisaties in Nederland, Frankrijk en het Verenigd Koninkrijk. Een populatie-ecologisch perspectief. Memo, 4(1): 13-17.


• Manigart S. Ooghe H.  1994. Investeringsselectiemethoden. Management voor Ingenieurs, (10): 1-16.


• Manigart S. Ooghe H.  1994. Keuze van vermogensvoorziening. Management voor Ingenieurs, (10): 1-10.


• Sapienza H.J. Amason A.C. Manigart S.  1994. The level and nature of venture capitalist involvement in their portfolios: a study of three European countries. Managerial Finance, 20(1): 3-18.


• Manigart S. Joos P. De Vos D.  1994. The performance of publicly traded European venture capital companies. Journal of Small Business Finance, 3(2): 111-125.


• Manigart S.  1994. Waarom worden organisaties opgestart? Een onderzoek in de 'venture capital' sector in Nederland, Frankrijk en het Verenigd Koninkrijk. Tijdschrift voor Sociale Wetenschappen, 39(1): 55-71.


• Ooghe H. Manigart S. Bruyneel W.  1990. Management Adviesbureaus en 1992, Glazen bol wordt winstgevende bedrijfstak. 



• Ooghe H. Manigart S. Bruyneel W.  1990. Weerslag van de realisatie van de interne Europese markt 1992 op de accountants en bedrijfsrevisoren. 



  Book Chapters

• Manigart S. Meuleman M.  forthcoming. Preparing the Financial Plan: Forecasting. In: Alemany L. Andreoli J. Eds. Entrepreneurial Finance: The Art and Science of Growing Ventures



• Manigart S. Standaert T. Vanacker T.  2015. Seed and venture capital. In: Audretsch D. Hayter C. Link A. Eds. Concise guide to entrepreneurship, technology and innovation (pp. 175-179). Edward Elgar Publishing.



• Vanacker T. Manigart S.  2013. Venture capital. In: Baker K. Filbeck G. Eds. Alternative investments: instruments, performance, benchmarks, and strategies (pp. 241-262). Wiley.



• Deloof M. Manigart S.  2013. Financial reporting disclosure and corporate governance. In: Wright M. Siegel D. Keasey K. Filatotchev I. The Oxford handbook of Corporate Governance



• Vanacker T. Seghers A. Manigart S.  2012. Follow-on financing of venture capital backed companies. In: Cumming D. Ed. The Oxford Handbook of Venture Capital (pp. 373-400). Oxford University Press.



• Feys C. Manigart S.  2011. Acquisities van grote ondernemingen: impact op de waarde van aandeelhouders en concurrenten. In: Clarysse B. Ondernemen tussen wetenschap en beleid in Vlaanderen: inzichten van vijf jaar Steunpunt Ondernemen en Internationaal Ondernemen (pp. 287-304).



• Manigart S. Heughebaert A. Devigne D. Vanacker T.  2011. Financiering van ondernemerschap: een vergelijkende studie van het financieringsgedrag in Belgische en Europese ondernemingen. In: Clarysse B. Ondernemen tussen wetenschap en beleid in Vlaanderen: inzichten van vijf jaar Steunpunt Ondernemen en Internationaal Ondernemen (pp. 210-232). Steunpunt STOIO.



• Manigart S. Vanaelst I.  2010. Inleiding. In: Manigart S. Grenzeloos ondernemen in Vlaanderen. Een wetenschappelijk beleidsondersteunend perspectief op internationaal ondernemen



• Manigart S. Bose B.  2010. International Private Equity Flows. In: Cumming D. Private Equity: Fund Types, Risks and Returns, and Regulation Wiley.



• Feys C. Manigart S.  2010. The post-acquisition performance of acquired entrepreneurial firms. In: Zacharakis A. Carter S. Frontiers of Entrepreneurship Research 2010



• Manigart S. Heughebaert A.  2010. The sagacity of sigasi: financing an innovative start-up with limited resources. In: Silberzahn P. Van Dyck W. The balancing act of innovation



• Vanacker T. Manigart S.  2009. De financiering van Vlaamse Gazellen: het belang van interne middelen, bankschulden en aandelenkapitaal. In: Clarysse B. Groeizaam Vlaanderen : een beleidsondersteunend, wetenschappelijk perspectief (pp. 159-173).



• Heughebaert A. Collewaert V. Manigart S. Behaeghe P.  2009. De evolutie van de ondernemingswaarde van ondernemingen gefinancierd met risicokapitaal. In: Clarysse B. Groeizaam Vlaanderen : een beleidsondersteunend, wetenschappelijk perspectief (pp. 174-204).



• Manigart S. De Maeseneire W. Wright M. Pruthi S. Lockett A. Bruining H. Hommel U. Landström H.  2008. How international are European venture capital firms?. In: Ed. Handbook of research on European Business and Entrepreneurship: Towards a theory of internationalisation (pp. 17-28). Edward Elgar Publishing.



• Manigart S. Fockaert A.  2008. Overheidsmaatregelen voor startersfinanciering. In: Ondernemend Vlaanderen: Startende Ondernemingen onder de loep (pp. 167-195).



• Manigart S.  2007. Beyond products. In: Cooney T. Moore R. Ed. European cases in entrepreneurship (pp. 45-54). Blackhall Publishing.



• Devigne D. Manigart S.  2007. Kiezen tussen een buy-out en een overname. In: Manigart S. Leroy H. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen (pp. 152-162).



• Goossens L. nbsp;Manigart S. Meuleman M.  2007. Prestaties na een buy-out: een empirische studie. (pp. 242-263).



• Manigart S. Van Cauwenberge T.  2007. Private equity investors, Corporate Governance and Professionalization. In: Clarysse B. Roure J. Schamp T. Entrepreneurship and the financial community - Starting up and growing new businesses (pp. 30-42). Edward Elgar Publishing.



• Manigart S.  2007. Public venture capital across Europe: A 15-year perspective. In: Gregoriou G. Kooli M. Kraeussl R. Eds. Venture Capital in Europe (pp. 19-32). Elsevier Scientific Publishers.



• De Clercq D. Manigart S.  2007. The venture capital post-investment process: opening the black box of involvement. In: Landström H. Handbook of research on venture capital (pp. 193-218).



• Claeys T. Manigart S.  2007. Typologie van bedrijfsoverdrachten. In: Manigart S. Leroy H. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen (pp. 38-65).



• Leroy H. Manigart S. Meuleman M.  2007. Uitstappen uit microbedrijven: is willen ook kunnen?. In: Manigart S. Leroy H. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen (pp. 94-113). Roularta Books.



• Manigart S. Leroy H.  2007. Inleiding. In: Manigart S. Leroy H. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen Roularta Books.



• Goossens L. Manigart S. Meuleman M.  2007. Performantie na een buy-out: een empirische studie. In: Manigart S. Leroy H. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen Roularta Books.



• Manigart S. Leroy H.  2007. Conclusies en aanbevelingen. In: Manigart S. Leroy H. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen



• Leroy H. Manigart S.  2007. Het stopzetten van ondernemingen: een frequent verschijnsel?. In: Manigart S. Leroy H. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen Roularta Books.



• Baeyens K. Knockaert M. Manigart S.  2006. De rol van risicokapitaalfinanciering voor groei. In: Clarysse B. Durven groeien in Vlaanderen: een boek voor gevorderden (pp. 167-185). Roularta Books.



• Vanacker T. Knockaert M. Manigart S.  2006. Groeigericht ondernemerschap. In: Clarysse B. Eds. Durven groeien in Vlaanderen: een boek voor gevorderden (pp. 83-94). Roularta Media Group.



• Van Eeckhout C. Clarysse B. Van Acker T. Manigart S.  2006. Op safari in Vlaanderen: de identificatie en kenmerken van gazellen. In: Durven groeien in Vlaanderen: een boek voor gevorderden (pp. 69-82). Roularta Books.



• 


• Manigart S. Van Cauwenberge T.  2006. Private Equity Investors, Corporate Governance and Professionalization. In: Clarysse B. Roure J. Schamp T. Ed. Entrepreneurship and the financial community - Starting up and growing new businesses (pp. 30-42). Edward Elgar Publishing.



• Manigart S. De Clercq D.  2005. Risicokapitaal voor starters. In: Sels L. Je bent ondernemend en je start wat: Over starten in Vlaanderen (pp. 59-72). Roularta Books.



• Manigart S. Vermeiren N.  2004. Groeifinanciering: Case Pharmasoft. In: Crijns H. De Clercq D. Janssen F. Pirnay F. Surlemont B. Ondernemen Caseboek (pp. 137-190). Intersentia.



• Baeyens K. Manigart S.  2003. Dynamic financing strategies: The role of venture capital. In: Ed. Frontiers of Entrepreneurship Research 2003 (pp. 79-89). Babson College.



• Manigart S. Baeyens K.  2003. Financiering van groeiende ondernemingen. In: Risseeuw P. Thurik R. Ed. Handboek ondernemers en adviseurs: management en economie van het midden- en kleinbedrijf (pp. 339-357). Wolters Kluwer Belgium.



• Manigart S. Baeyens K. Verschueren I.  2003. Financing and investment interdependencies in unquoted Belgian companies: the role of venture capital. In: Ed. Firms' investment and finance decisiona (pp. 105-125). Edward Elgar Publishing.



• Manigart S.  2003. The founding rate of venture capital firms in three European countries (1970-1990). In: Wright M. Sapienza H. Busenitz L. Ed. Venture Capital (pp. 55-71). Edward Elgar Publishing.



• Sapienza H.J. Manigart S. Vermeir W.  2003. Venture capitalist governance and value-added in four countries. In: Wright M. Sapienza H. Busenitz L. Ed. Venture Capital (pp. 147-177). Edward Elgar Publishing.



• Manigart S. De Waele K. Wright M. Robbie K. Desbrières P. Sapienza H.J. Beekman A.  2003. Venture Capitalists, Investment Appraisal and Accounting Information: A Comparative Study of the US, UK, France, Belgium and Holland. In: Wright M. Sapienza H. Busenitz L. Ed. Venture Capital (pp. 189-206). Edward Elgar Publishing.



• Manigart S. Baeyens K.  2002. Venture capital. (pp. 127-199).



• Manigart S.  2001. De zoektocht naar financiering . In: Ed. Durven ondernemen (pp. 82-97). Uitgeverij Lannoo.



• Crijns H. Manigart S.  2001. Nieuwe vormen van ondernemen . In: Ed. Durven ondernemen (pp. 128-134). Uitgeverij Lannoo.



• Manigart S.  2001. Not all the money is the same . In: Ed. Financing SMEs: the European approach (pp. 51-63). Roularta Media Group.



• Manigart S. Baeyens K. Van Hyfte W.  2001. Survival of venture capital backed companies . In: Ed. Frontiers of Entrepreneurship Research 2001 Babson College.



• Deloof M. Manigart S.  2000. De impact van de euro op de bedrijfsfinanciering. In: Ooghe H. Heylen F. Vander Vennet R. Ed. Emu, dé uitdaging (pp. 565-593). Vereniging voor Economie.



• Deloof M. Manigart S.  2000. How will the Euro affect corporate finance?. In: Ooghe H. Ed. The Economic and Business Consequences of the EMU: A Challenge for Governments, Financial Institutions and Firms (pp. 411-438). Wolters Kluwer Belgium.



• Manigart S. Van Hyfte W.  2000. Venture capital in Vlaanderen : Financiering van innovatie. In: Ed. Silicon Valley in de polder: ICT-clusters in de Lage Landen (pp. 235-256). Boom Lemma Uitgevers.



• Manigart S. Van Hyfte W.  1999. Post investment evolution of venture capital backed companies. In: Ed. Frontiers of Entrepreneurship Research 1999 Babson College.



• Landström H. Manigart S. Mason C. Sapienza H.J.  1998. Contracts between entrepreneurs and investors: Terms and negotiation processes. In: Reynolds P.D. Bygrave W.D. Carter N.M. Manigart S. Mason C. Meyer G.D. Shaver K.G. Ed. Frontiers of Entrepreneurship Research 1998 (pp. 571-585). Babson College.



• Manigart S. Ooghe H.  1997. Het financieren van de groei: een strategische dimensie. In: Crijns H. Ooghe H. Ed. Groeimanagement. Lessen van dynamische ondernemers (pp. 119-130). Uitgeverij Lannoo.



• Leleux B.F. Manigart S.  1994. Initial public offerings: Pricing and performance. In: Ed. Realising Investment Value (pp. 64-81). Financial Times.

 Books

• Manigart S. Wright M.  2013. Venture Capital Investors and Portfolio Firms. NOW Publishers.



• Deloof M. Manigart S. Ooghe H. Van Hulle C.  2012. Handboek Bedrijfsfinanciering: Theorie en praktijk. 



• Manigart S.  2010. Grenzeloos ondernemen in Vlaanderen. Een wetenschappelijk beleidsondersteunend perspectief op internationaal ondernemen. 



• Deloof M. Manigart S. Ooghe H. Van Hulle C.  2008. Handboek Bedrijfsfinanciering. Intersentia.



• Manigart S. Leroy H.  2007. Bedrijf te koop - Overlaten en stopzetten in Vlaanderen. Roularta Media Group.



• Manigart S. Meuleman M.  2004. Financing Entrepreneurial Companies: How to Raise Equity as a High-Growth Company. Groep De Boeck.



• De Clercq D. Manigart S. Crijns H. Clarysse B. Verzele F. Zegers D.  2004. The Global Entrepreneurship Monitor: Belgique et Wallonie 2003. Vlerick Leuven Gent Management School.



• Ooghe H. Deloof M. Manigart S.  2003. Handboek Bedrijfsfinanciering. Intersentia.



• De Clercq D. Manigart S. Clarysse B. Crijns H. De Sutter M. Verzele F.  2003. The Global Entrepreneurship Monitor: Executive Report for Belgium. Vlerick Leuven Gent Management School.



• De Clercq D. Manigart S. Clarysse B. Crijns H. De Sutter M. Verzele F.  2003. The Global Entrepreneurship Monitor: Rapport Régional sur la Wallonie. Vlerick Leuven Gent Management School.



• De Clercq D. Manigart S. Clarysse B. Crijns H. De Sutter M. Verzele F.  2003. The Global Entrepreneurship Monitor: Regionaal rapport voor Vlaanderen. Vlerick Leuven Gent Management School.



• Ooghe H. Deloof M. Manigart S.  2002. Handboek Bedrijfsfinanciering. Intersentia.



• Reynolds P.D. Autio E. Bygrave W.D. Manigart S. Meyer G.D. Sapienza H.J. Shaver K.G.  2000. Frontiers of Entrepreneurship Research 2000. Babson College.



• Ooghe H. Manigart S. Vandenhoeck G. Miculin E.  1998. Financiële doorlichting van de gemeente op basis van de balans en resultatenrekening. 



• Reynolds P.D. Bygrave W.D. Carter N.M. Manigart S. Mason C. Meyer G.D. Shaver K.G.  1998. Frontiers of Entrepreneurship Research 1998. 



• Manigart S.  1994. Bedrijfsfinanciering: Het capital asset pricing model. 



• Manigart S. Vermeir W.  1994. Bedrijfsfinanciering: Opties in een bedrijfscontext. 



• Ooghe H. Manigart S. Bruyneel W.  1989. Weerslag van de realisatie van de interne Europese markt op de accounting- en consultingbureaus. 

 Conference Presentations

• Manigart S.  2016. Business angels: born or made?. Paper presented at Invited Keynote Speech, Società Consortile OGR-CRT, November 17-17, Torino, Italy.



• Neckebrouck J. Manigart S. Meuleman M.  2016. Working for divergent principals: Effects of private equity on employment practices in family firms. Paper presented at Rencontres de St. Gall - Institutional Context and Governance of SMEs and Family Firms: Trends and Challenges, August 29-31, St. Gallen, Switzerland.



• Neckebrouck J. Manigart S. Meuleman M.  2016. Working for divergent principals: Effects of private equity on employment practices in family firms. Paper presented at Entfin Conference Lyon 2016, July 8-9, Lyon, France.



• Neckebrouck J. Manigart S. Meuleman M.  2016. When two worlds collide: employement decisions in private-equity backed family firms. Paper presented at Strategic Management Society Special Conference, June 5-7, Rome, Italy.



• Neckebrouck J. Manigart S. Meuleman M.  2016. Working for divergent principles: Effects of private equity on employment practices in family firms. Paper presented at 14th Corporate Finance Day, September 23-23, Antwerp, Belgium.



• Neckebrouck J. Manigart S. Meuleman M.  2015. Working for divergent principals: The Effects of private equity on employment levels and employment terms in family firms. Paper presented at Babson Conference in Entrepreneurship, June 10-13, Boston, United States.



• De Prijcker S. Manigart S. Collewaert V. Vanacker T.  2015. Relocating Activities to Get Venture Capital: A Resource Dependence Perspective. Paper presented at The 75th Annual Meeting of the Academy of Management, August 7-11, Vancouver, Canada.



• Neckebrouck J. Meuleman M. Manigart S.  2015. Working for Divergent Principals: The Effects of Private Equity on Employment Levels and Employment Terms in Family Firms. Paper presented at 11th EIASM Workshop on Family Firm Management Research, May 29-30, Lyon, France.



• Manigart S.  2014. The future of entrepreneurial finance research. Paper presented at Associazione Italiana Ingegneria Gestionale XXV Riunione Scientifica Annuale, October 16-17, Bologna, Italy.



• Manigart S.  2014. Institutional frameworks and SME access to finance. Paper presented at Euronext Conference: Financing the real economy, Brussels, Belgium.



• Neckebrouck J. Meuleman M. Manigart S.  2014. Working for divergent principals: The Effects of private equity on employment security and employment terms in family firms.. Paper presented at RENT 2014 Conference, November 19-21, Luxembourg, Luxembourg.



• Manigart S. Collewaert V. Vanacker T.  2014. High-growth entrepreneurs: chasing money or exits?. Paper presented at Babson Kaufmann Entrepreneurship Research Conference, London, United Kingdom.



• Mataigne V. Manigart S. Luypaert M.  2013. The Wealth Effects of Horizontal Acquisitions on Rivals: Distinguishing between public, private and subsidiary targets?. Paper presented at Corporate Finance Day, September 13-13, Liege, Belgium.



• Mataigne V. Manigart S. Luypaert M.  2013. The Wealth Effects of Horizontal Acquisitions on Rivals: Distinguishing between public, private and subsidiary targets?. Paper presented at Academy of Management meeting, August 9-13, Orlando, United States.



• De Prijcker S. Wright M. Manigart S.  2013. Host country experience of cross-border financial intermediaries and the home bias in acquisitions. Paper presented at Annual Meeting of the Academy of Management, August 12-14, Orlando, United States.



• De Prijcker S. Wright M. Manigart S. De Maeseneire W.  2013. Acquisition Exits of Cross-border Buyouts: Strategic versus Financial Acquisitions. Paper presented at CGIR Conference, April 25-26, Toronto, Canada.



• Devigne D. Manigart S.  2013. Cross-border strategies of venture capital investors. Paper presented at Annual Meeting of the Academy of Management, August 12-14, Orlando, United States.



• Mataigne V. Manigart S. Luypaert M.  2013. The Wealth Effects of Horizontal Acquisitions on Rivals: Distinguishing between public, private and subsidiary targets?. Paper presented at Annual Meeting of the Midwest Finance Association, March 13-16, Chicago, United States.



• Manigart S. Heughebaert A.  2011. Firm valuation in venture capital financing rounds: the role of investor bargaining power. Paper presented at Academy of Management conference, August 1, San Antonio,



• Collewaert V. Manigart S.  2011. First-round valuation of angel-backed companies: The role of investor human capital. Paper presented at 2011 Academy of Management Meeting, San Antonio,



• Manigart S. Collewaert V.  2011. Valuation of angel-backed companies: the role of investor human capital. Paper presented at Academy of Management Conference, August 1, San Antonio,



• Collewaert V. Manigart S.  2009. First-round valuation of angel-backed companies: The role of investor human capital.. Paper presented at 2009 RENT Conference, Budapest,



• Vanacker T. Manigart S.  2007. A dynamic view on the financing of extreme growth companies. 



• Leroy H. Manigart S. Meuleman M.  2007. Exit processes of micro-businesses: the decision to transfer. Paper presented at International Conference on Small Business, June 13-15, Turku, Finland.



• Vanacker T. Manigart S.  2006. A dynamic view on the financing of extreme growth ventures. Paper presented at Babson Kauffman Foundation Entrepreneurship Research Conference, June 7-11, Bloomington, Indiana, United States.



• Collewaert V. Manigart S. Aernoudt R.  2006. Assessment of government funding of business angel networks in Flanders. Paper presented at 2006 RENT Conference, Brussels, Belgium.



• Collewaert V. Manigart S. Aernoudt R.  2006. Assessment of government funding of business angel networks in Flanders. Paper presented at 2006 Babson Kaufmann Entrepreneurship Research Conference, Bloomington,



• Meuleman M. Manigart S. Wright M. Lockett A.  2006. Social embeddedness and partner selection in interfirm collaborations: a contingency approach. Paper presented at 2006 Annual Meeting of the Academy of Management, August 11-16, Atlanta, Georgia, United States.



• De Clercq D. Manigart S.  2006. The venture capital post-investment process: opening the black box of involvement. Paper presented at Venture capital: State of the art workshop, May 30-31, Lund, Sweden.



• Baeyens K. Manigart S.  2006. Who gets private equity? The role of debt capacity, growth and intangible assets. Paper presented at 2006 Lally-Darden-Humboldt Young Entrepreneurship Scholars Retreat, October 5-8, Berlin, Germany.



• Baeyens K. Manigart S.  2005. A dynamic view on external financing choices of growth oriented ventures. Paper presented at 35th Entrepreneurship, Innovation and Small Business Conference, September 12-14, Barcelona, Spain.



• Meuleman M. Manigart S. Wright M. Lockett A.  2005. Agency costs, reputation and collaboration: evidence from syndication in the management buy-out market. Paper presented at 35th Entrepreneurship, Innovation and Small Business Conference, September 12-14, Barcelona, Spain.



• Manigart S.  2005. Financial reporting quality in private equity backed companies: the impact of ownership concentration. Paper presented at Workshop: Governance and Entrepreneurship: Merging economic and managerial perspectives, October 10, Jena, Germany.



• Manigart S. Collewaert V. Wright M. Pruthi S. Lockett A. Bruining H. Hommel U. Landström H.  2005. Human capital and the internationalisation of venture capital firms. Paper presented at 2005 Babson Kaufmann Entrepreneurship Research Conference, Boston, United States.



• Meuleman M. Manigart S. Lockett A.  2005. The syndication of private equity investments: an agency perspective. Paper presented at 16th Kauffman-Babson Entrepreneurship Research Conference, June 9-11, Wellesley, MA, United States.



• Baeyens K. Manigart S.  2005. Who gets private equity? Adverse selection problems in the private equity sector. Paper presented at 16th Kauffman-Babson Entrepreneurship Research Conference, June 9-11, Wellesley, MA, United States.



• Baeyens K. Manigart S.  2004. Does venture capital affect financing patterns?. Paper presented at Babson College – Kauffman Foundation Entrepreneurship Research Conference, June 4-6, Glasgow, United Kingdom.



• Manigart S. Baeyens K. Verschueren I.  2002. Financing and investment interdependencies in unquoted Belgian companies: the role of venture capital. 



• Manigart S. Lockett A. Meuleman M. Desbrières P.  2002. The Syndication of Venture Capital Investments in Europe: Evidence from Five European Countries. Paper presented at Babson College-Kauffman Foundation Entrepreneurship Research Conference, June 6-9, Boulder, Colorado, United States.



• Manigart S.  2002. Venture Capital: The Good, the Bad and the Ugly. Paper presented at Third Annual Symposium : The taste of entrepeneurship: Financing and Research, November 19-20, Louvain-la-Neuve, Belgium.



  Conference Proceedings

• Neckebrouck J. Manigart S. Meuleman M.  2016. Working for divergent principals: effects of private equity on employment practices in family firms. (pp. 1481-1485).



• Devigne D. Manigart S.  2013. Investment strategies of cross-border venture capital investors. In: Frontiers of Entrepreneurship 2013 Lyon:



• Vanacker T. Knockaert M. Manigart S.  2013. Private equity fund performance signals and the likelihood of follow-on fund raising. In: Frontiers of Entrepreneurship 2013 Lyon:



• Seghers A. Manigart S. Vanacker T.  2009. Entrepreneurs' knowledge about financing alternatives: impact of human and social capital. In: Zacharakis A. Alvarez S. Frontiers of Entrepreneurship Research 2009 (pp. 196-208).



• Baeyens K. Manigart S.  2006. Who gets venture capital?. In: Frontiers of Entrepreneurship (pp. 79-89). Babson College.



• Collewaert V. Manigart S. Aernoudt R.  2006. An Assessment of the Efficiency of Government Funding of Business Angel Networks. In: Frontiers of Entrepreneurship



• Manigart S.  2000. Direct government investments in venture capital. (pp. 573-586).



• Manigart S. Struyf C.  1996. Financing the high technology startups in Belgium: an explorative study. (pp. 163-177).



• Manigart S.  1996. Start-up characteristics and growth. (pp. 105-120).



• Manigart S. Struyf C.  1995. Financing high technology startups in Belgium. Babson College.



• Manigart S.  1994. The influence of population and network density on organizational foundings. 



• Manigart S. Joos P. De Vos D.  1993. The performance of publicly traded European venture capital companies. (pp. 331-352). Babson College.



• Manigart S.  1993. What drives the creation of a venture capital firm?. (pp. 511-524). Babson College.

 Research reports

• Manigart S. Knockaert M. Vanacker T.  2016. Identificatie en optimalisatie van de maatschappelijke en economische impact van BOM Capital. Vlerick Business School. (104 p.)



• Collewaert V. Imhof Z. Manigart S.  2016. Rising star monitor: providing insight into remuneration and founding team composition of young, high-potential Belgian ventures. Vlerick Business School. (28 p.)



• Manigart S. Clarysse B. Hübner G. Meuleman M. Wright M.  2015. Access to finance of SMEs: Young growth oriented companies and company transfers. (24 p.)



• Manigart S. Collewaert V. Standaert T. Devigne D.  2014. Revue de la littérature relative au financement des jeunes entreprises innovantes. IWEPS. (99 p.)



• Manigart S. Knockaert M. Vanacker T. Standaert T. Lauwers P.  2014. De ARK-durfkapitaalregeling I en II. Universiteit Gent. (84 p.)



• Manigart S. Standaert T. Collewaert V. Devigne D.  2013. Literature review on the financing of young innovative ventures. IWEPS. (23 p.)



• Manigart S. Vanacker T. Witmeur O.  2011. Groeikapitaal en buy-outs gids in België. (52 p.)



• Manigart S. Witmeur O.  2009. Venture capital gids en Belgique. (39 p.)



• Manigart S. Witmeur O.  2009. Venture capital gids in België. (39 p.)



• Bose B. Manigart S.  2008. M&A activity in Flanders. (25 p.)



• Vermeylen S. Manigart S. Van Hulle C.  2008. Onderzoek naar de behoefte aan en modaliteiten van mezzaninefinanciering aan KMOs. (28 p.)



• Heughebaert A. Manigart S.  2008. Venture capital in Vlaanderen, 2006-2007. (37 p.)



• Manigart S. Seghers A.  2008. Verslag kortetermijn project "Waarborgregeling". (25 p.)



• Manigart S. Vanacker T. Goossens L.  2006. De financiering van jonge, Vlaamse biotechnologische ondernemingen. (34 p.)



• Manigart S. Collewaert V. Goossens L.  2006. Een evaluatie van de efficiëntie van overheidssubsidies aan Business Angel Netwerken. (45 p.)



• Manigart S. De Vriese C.  2006. Evaluatie van de waarborgregeling "Investeringskredieten voor KMOs". (29 p.)



• Manigart S. Goossens L.  2006. OESO Landenonderzoek - België 2006. (7 p.)



• Clarysse B. Crijns H. De Clercq D. De Cock K. Knockaert M. Manigart S. Surlemont B. Van Acker T.  2006. The Global Entrepreneurship Monitor - Belgique & Wallonie 2005. 



• Manigart S.  2005. Beleidsondersteunende nota omtrent ontwerpdecreet "vriendenlening". (4 p.)



• Manigart S. Van Laere E.  2005. Eindrapport pilootproject geïntegreerde financiering. (53 p.)



• De Clercq D. Manigart S. Crijns H. Clarysse B. De Cock K. Verzele F.  2005. Global Entrepreneurship Monitor. Rapport voor België en Vlaanderen 2004. 



• De Clercq D. Manigart S. Crijns H. Clarysse B. De Cock K. Verzele F.  2005. Global Entrepreneurship Monitor. Report for Belgium & Wallonia 2004. 



• Manigart S. Clarysse B. Crijns H. Goossens H.  2002. The Global Entrepreneurship Monitor : Executive Report Belgium and Flanders 2001. Vlerick Leuven Gent Management School. (53 p.)



• Manigart S. Clarysse B. Crijns H. Goossens H.  2001. The Global Entrepreneurship Monitor : Executive Report Belgium and Flanders 2000. Vlerick Leuven Gent Management School. (61 p.)



• Manigart S. Van Hyfte W.  1999. Financiering van innovatie in Vlaanderen. De venture capital sector in een internationaal perspectief. 



• Ooghe H. Manigart S. Vandenhoeck G.  1996. Instrumentarium ter beoordeling van de financiële toestand van een gemeente. UGent, Fac. Economie en Bedrijfskunde. (34 p.)



• Ooghe H. Manigart S. Bruyneel W.  1990. 1992: Impact op de accounting- en consultingbureaus. 

 Vlerick cases

• Manigart S. Divakaruni A. Standaert J.  2015. The Alfacam Group: Impulsive Growth and Financial Distress. ECCH Case Study. Reference no. 115-067-1 (C) + 115-067-8 (TN).



• Manigart S.  2008. Beyond products. ECCH Case Study. Reference no. 808-035-1 (C) + 808-035-8 (TN).



• Manigart S.  2008. Case Basic Textiles. ECCH Case Study. Reference no. 108-011-1 (C) + 108-011-8 (TN).



• De Vriese C. Manigart S.  2007. Case Pizza Hut A: the management buy-out of Pizza Hut Belgium. ECCH Case Study. Reference no. 108-008-1 (C) + 108-008-8 (TN).



• De Vriese C. Manigart S.  2007. Case Pizza Hut B: the exit of the buy out fund. ECCH Case Study. Reference no. 108-009-1 (C) + 108-009-8 (TN).



• De Vriese C. Manigart S.  2007. Teaching Note Pizza Hut A: the management buy-out of Pizza Hut Belgium. 



• De Vriese C. Manigart S.  2007. Teaching Note Pizza Hut B: the exit of the buy out fund. 



• Manigart S. Schaillée P.  1996. Case DRC Natuur A en B + Teacher's Note. 

 Vlerick working papers

• Heughebaert A. Vanacker T. Manigart S.  2013. institutional frameworks, venture capital and the financing of European new technology-based firms. 2013/03 (42p.).
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• Heughebaert A. Manigart S.  2012. Firm Valuation in venture capital financing rounds: the role of investor bargaining power. 2012/04 (47p.).
Download





• Manigart S. Wright M.  2012. Reassessing the relationships between private equity investors and their portfolio companies. 2012/03
Download





• Mataigne V. Manigart S. Luypaert M.  2012. The Wealth Effects of Horizontal Acquisitions on Rivals: Distinguishing between Public, Private and Subsidiary Targets. 2012



• Devigne D. Vanacker T. Manigart S.  2011. Cross-border venture capital and the development of portfolio companies. Vlerick Working Paper Series 2011/3 (42p.).
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• De Prijcker S. Manigart S. Wright M. De Maeseneire W.  2011. The influence of experiential, inherited and external knowledge on the internationalization of venture capital firms. Vlerick Working Paper Series 2011/07 (31p.).
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• Leroy H. Manigart S. Meuleman M. Collewaert V.  2010. So I'm leaving...and now what? Exploring drivers of the decision to sell upon entrepreneurial exit. 2010



• Collewaert V. Manigart S.  2009. First-round valuation of angel-backed companies: the role of investor human capital. Vlerick Working Paper Series 2009/30 (28p.).
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• Balcaen S. Manigart S. Ooghe H.  2009. From distress to exit: determinants of the time to exit. 2009/12 (51p.).
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• Seghers A. Manigart S. Vanacker T.  2009. The impact of human and social capital on entrepreneurs'knowledge of finance alternatives. 2009/28 (25p.).
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• Leroy H. Manigart S. Meuleman M.  2009. The planned decision to transfer an entrepreneurial company. 2009/13 (29p.).
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• Vanacker T. Manigart S. Meuleman M.  2008. Towards an evolutionary model of the entrepreneurial financing process: insights from biotechnology startups. 2008/9 (40p.).
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• Collewaert V. Manigart S. Aernoudt R.  2007. An assessment of government funding of business angel networks: a regional study. 2007/16 (28p.).
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• Vanacker T. Manigart S.  2007. Incremental financing decisions in high growth companies: pecking order and debt capacity considerations. 2007/22 (33p.).
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• Goossens L. Manigart S. Meuleman M.  2007. The change in ownership after a buyout: impact on performance. 2007/26 (23p.).
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• Baeyens K. Manigart S.  2006. Follow-on financing of venture capital backed companies: the choice between debt, equity, existing and new investors. 2006/05 (51p.).
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• Manigart S. Collewaert V. Wright M. Pruthi S. Lockett A. Bruining H. Hommel U. Landström H.  2006. Human capital and the internationalization of venture capital firms. 2006/01 (27p.).
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• Meuleman M. Manigart S. Lockett A. Wright M.  2006. Transaction costs, behavioral uncertainty and the formation of interfirm cooperations: Syndication in the UK private equity market. 2006



• Baeyens K. Manigart S.  2006. Who gets private equity? The role of debt capacity, growth and intangible assets. 2006/24 (35p.).
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• Meuleman M. Manigart S. Lockett A. Wright M.  2006. Working with unfamiliar partners: Relational embeddedness and partner selection in inter-firm collaborations. 2006



• Manigart S.  2005. Financial reporting quality in private equity backed companies: the impact of ownership concentration. 2005/23 (23p.).
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• Deloof M. Manigart S.  2005. Private equity investments and disclosure policy. 2005/01 (47p.).
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• Baeyens K. Vanacker T. Manigart S.  2005. Venture capitalists' selection process: the case of biotechnology proposals. Vlerick Working Paper Series 2005/17 (28p.).
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• Manigart S. Baeyens K. Vanacker T.  2004. Are biotech investments different? The perspective of the Venture Capitalist. 2004 (27p.).



• Manigart S. Bruton G. Fried V.  2004. Institutional influences on the worldwide expansion of venture capital. 2004 (45p.).



• Manigart S. Deloof M.  2004. Venture Capital, Private Equity and Earnings Quality. 2004/2 (50p.).



• Deloof M. Manigart S.  2004. Venture Capital, Private Equity and Earnings Quality. 2004/2 (50p.).
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• Manigart S. De Maeseneire W.  2003. Initial returns: underpricing or overevaluation? Evidence from easdaq and euronm. 2003/11 (48p.).
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• Manigart S. Korsgaard M.A. Folger R. Sapienza H.J. Baeyens K.  2002. The impact of trust on private equity contracts. 2002/2 (21p.).
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• Bruton G. Manigart S. Fried V. Sapienza H.J.  2002. Venture capitalists in Asia: a comparison with the U.S. and Europe.. 2002/15 (40p.).
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• Manigart S. Lockett A. Meuleman M. Wright M. Landström H. Bruining H. Desbrières P. Hommel U.  2002. Why do European venture capital companies syndicate?. 2002/20 (38p.).
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• Manigart S. Baeyens K. Verschueren I.  2002. Financial and investment interdependencies in unquoted Belgian companies: the role of venture capital. 2002/16 (38p.).
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• Manigart S. Sapienza H.J. Vermeir W.  1995. A comparison of venture capitalist governance and value-added in the U.S. and Western Europe. 1995/7 (31p.).



• Manigart S. Clarysse B. Debackere K.  1994. Entry despite the network: Exploring the relationship between network structure and entry patterns in emergent organizational populations. 



• Rogiers B. Manigart S. Ooghe H.  1993. Empirisch onderzoek naar underpricing van beursintroducties op de Beurs van Brussel.