Taking risks in regions: the geographical anatomy of Europe's emerging venture capital market

Over the past 25 years, the USA has pioneered a new technologicalrevolution, based on large numbers of new small enterprises,financed by a dynamic venture (risk) capital market. The EuropeanUnion, meanwhile, has lagged behind in this sector of economicactivity, and compared to the US innovative small and mediumenterprises appear to find it more difficult to get startedand grow. At a time when regional and local banking systems– traditionally major sources of capital for small andmedium sized enterprises across Europe – are undergoingintense reorganisation and restructuring, the European Commissionconsiders the development of a substantial risk capital marketto be a key condition for closing the ‘enterprise gap’with the US. While the venture capital industry is much lessdeveloped in Europe than it is in the US, nevertheless it hasrecently experienced a marked increase in activity. But whereasthe European Commission argues that venture capital activityneeds to be much more regionally clustered if it is to emulatethe US experience, the OECD and some EU member states have arguedfor a more even regional distribution. The aim of the paperis to chart the growth and geographical anatomy of the emergingEuropean venture capital market, and to examine its spatialdevelopment and regional implications in the context of thesesomewhat opposing views.     

The application of microfossils in assessing the provenance of chalk used in the manufacture of Roman mosaics at Silchester

Microfossils recovered from chalk tesserae in mosaics from the Roman town of Calleva Atrebatum, modern Silchester, southern England, are used to suggest a provenance for the source-rock. The microfossils include foraminifera characteristic of late Cretaceous (Campanian) foraminiferal biozone BGS20 (quadrata macrofaunal biozone) and foraminiferal subzone BGS21i (basal mucronata macrofaunal biozone). Calcareous nannofossil assemblages from the same tesserae are poorly preserved, preventing precise age determination, but confirm an age of Santonian to Campanian. As indurated chalk beds of this age are not normally present in the stratigraphically higher chalks of southern England, it is probable that calcretised chalk, formed by secondary calcification beneath Palaeogene rock cover, was used to manufacture the tesserae. This suggestion is supported by a comparative analysis of chalk tesserae from the Norden Roman site in Dorset. Although the provenance of the chalk in some of the Silchester tesserae can be placed only within a broad geographical area of downland in southern England, others may have originated in the Dorchester–Swanage area, some 100 km to the southwest of Silchester, or the Portsdown area of southern Hampshire. None of the tesserae have been constructed from chalk found near Silchester.     

Book reviews

Bernard Arps (ed.). Performance in Java and Bali: studies of narrative, theatre, music, and dance,xi, 244 pp. London: School of Oriental and African Studies, 1993. £10.

C.D. Grijns. Jakarta Malay: a multidimensional approach to spatial variation. 2 vols.: xx, 292 pp.; vi, 161 pp., 35 maps. Leiden: KITLV Press, 1991. (Verhandelingen van het Koninklijk Instituut voor Taal‐, Land‐ en Volkenkunde, 149.) Guilders 100.