MAIN / SELECTED PUBLICATIONS BOOKS, BOOK CHAPTERS Judit Karsai (2011): Development of the Hungarian venture capital and private equity industry over the past two decades. In: HVCA Jubilee 20 Yearbook, Hungarian Venture Capital and Private Equity Association, Budapest, 2011, pp. 21-44. Judit Karsai (2010): Private Equity in CEE. The Development of Venture capital and Private Equity Industry in Central and Eastern Europe. Saarbrücken, Germany, VDM Verlag, 2010. 60 p. ISBN 978 3 639 22247 0 Karsai, Judit, Baranyai, Gabor (2005): The Development of Venture Capital and Private Equity Industry in Hungary 1989-2004. Hungarian Venture Capital and Private Equity Association, Budapest, November 2005, 47 p. Karsai, J. - Wright, M. - Dudzinski, Z. - Morovic, J. (1999): Venture Capital in Transition Economies: The Cases of Hungary, Poland and Slovakia, In: Management Buy-outs and Venture Capital Into the Next Millenium, Wright, M. - Robbie, K. (eds.), Edward Elgar, Cheltenham, UK, pp. 81-114. Karsai, J. (1998), The Role of Venture Capital in Financing of Hungarian Small and Medium- Size Enterprises, In: The Hungarian SME sector development in comparative perspective, Ed. Csaba, László, CIPE/USAID, KOPINT-DATORG Foundation, pp. 231-249. Karsai, J. (1995): No Prescription for Healthy Firms? In: Restructuring and Privatisation in Central Eastern Europe, Estrin, S., Brada, J., Gelb, A., Singh, I., (eds.), M.E. Sharpe Inc. Armonk, New York, pp. 241-251. JOURNALS Karsai, Judit (2012): Development of the Hungarian Venture Capital Industry Over the Past Two Decades, Acta Oeconomica, Forthcoming. Karsai, Judit (2003): What Has the State Got to Do With the Venture Capital Market? Public Financing of Venture Capital in Hungary, Acta Oeconomica, Vol. 53 (3) pp. 271-291 (2003) Wright, M., Karsai, J., Dudzinski, Z., Morovic, J. (1999): Transition, Active Investors: Venture Capital in Hungary, Poland and Slovakia, Post-Communist Economies, Vol. 11(1), March, pp. 27-46. Karsai, J. (1998): Investor Attitude of Venture Capital Funds and Firms in Hungary, Acta Oeconomica, Vol. 49(3-4), pp. 271-283. Karsai, J., Wright, M., Dudzinski, Z., Morovic, J. (1998): Screening and Valuing Venture Capital Investments: Evidence from Hungary, Poland and Slovakia, Entrepreneurship and Regional Development, 10 (1998), pp. 203-224.
Karsai, J. - Wright, M. - Filatochev, I. (1997): Venture Capital in Emerging Markets: The Case of Hungary, Entrepreneurship: Theory and Practice, Vol. 21(4)., Summer, pp. 93-110. Filatochev, I. - Grosfeld, I. - Karsai, J. - Wright, M. - Buck, T. (1996): Buy-Outs in Hungary, Poland and Russia: Governance and Finance Issues, Economics of Transition, Vol. 4(1), pp. 67-88. Karsai, J. (1995): Open and Hidden Channels in Venture Capital Financing in Hungary, Acta Oeconomica, Vol. 47(3-4), pp. 349-365. Karsai, J. - Wright, M. (1994): Accountability, Governance and Finance in Hungarian Buyouts', Europe-Asia Studies, Vol. 46(6), pp. 997-1016. Karsai, J. (1994): Its Code-Name is Financial Reorganisation, Acta Oeconomica, Vol. 46(1-2), pp. 79-96. Karsai, J. (1994): Management Buyouts in Hungary, Review of Industrial Economics, Special Issue, pp. 37-54. Karsai, J. (1993), 'Reorganization: Attempts to Manage Company Crisis', Focus Economic Review, Hungarian Foreign Trade Bank Ltd., ISSN 1216-00-75, 1993. No.2. pp. 22-27. Karsai, J. (1992), 'Is There Plenty of Time? Internal Enterprise Cutbacks', Eastern European Economics, Winter 1991-92, Vol. 30, No. 2, pp. 44-75. Karsai, J. (1992), '"Creditor" Managers. Experiences from MBO Deals in Hungary and Abroad', Eastern European Economics, 1992. Vol. 30. No. 4, pp. 39-56. Karsai, J. (1985), 'Information - Decision - Innovation', Review of Industrial Economics, Special Issue in English, pp. 151-162. DISCUSSION PAPERS Judit Karsai (2012): Development of the Hungarian venture capital and private equity industry over the past two decades. MT-DP-2012/1, Institute of Economics, Research Centre for Economic and Regional Studies, HAS, 2012, 37 p. Judit Karsai (2010): Private Pension Funds Attitudes to Private Equity in Hungary. Hungaraian Venture Capital and Private Equity Association, Budapest, 2010, 14 p. Judit Karsai (2009): "The End of the Golden Age" The Developments of the Venture Capital and Private Equity Industry in Central and Eastern Europe. MT-DP-2009/1. Institute of Economics, Hungarian Academy of Sciences, Budapest, 56 p. Hirs, Henk (2008): JEREMIE will boost innovation. Judit Karsai on development in the venture capital market. Business Hungary, Vol. XIX. No. 1., February, pp. 6-8. Judit Karsai (2004): Can the state replace private capital investors? Public financing of venture capital in Hungary. MT-DP 2004/9. MTA KTI, June 2004. 19 p.
Kaitila, Ville - Nikula, Nuutti - Karsai, Judit (2006): Finnish Firms Operating in the Czech, Slovak, Hungarian and Slovenian Markets. Keskusteluaiheita, Discussion Papers, No. 1061. ETLA, The Research Institute of the Finnish Economy, Helsinki, 2006, 90 p. Judit Karsai (2004): Can the State Replace Private Capital Investors? Public Financing of Venture Capital in Hungary. MT-DP 2004/9. Institute of Economics, Hungarian Academy of Sciences, Budapest, June 2004, 22 p. Judit Karsai (1998): The Appearance of Venture Capital in the Hungarian Market and its Participation in Innovative Process, (Ed.) Molnár, Mihály, Hungarian Foundation for Enterprise Promotion, HFEP Research Booklet No. 9, 1998, 27 p. Boda, D., Karsai, J., Neumann, L., Woodward, R. (1996): Management - Employee Buyouts in Hungary and Poland, Studies and Analyses 69, Center for Social Economic Research, Warsaw, March, 40 p. INVITED LECTURES Karsai, Judit (2006): Development of the Hungarian Venture Capital and Private Equity Market 2006 January - October. Paper presented at the 9th Annual Hungarian Venture Capital and Private Equity Conference, November 22, 2006, Budapest, Hungary. Karsai, J., Baranyai, G. (2004): The Changing Face of the Hungarian Venture Capital and Private Equity Industry. 15 Year Analysis. Paper presented at the 7th Annual Hungarian Venture Capital and Private Equity Conference, November 18, 2004, Budapest Hungary.. Karsai, Judit (2003): Can Bureaucrats Substitute for Private Investors? Venture Capital and Financing of Hungarian Innovative Firms, Paper prepared for the Institutions and Change, 7th Annual Conference of the International Society for New Institutional Economics (ISNIE), September 11-13, 2003, Budapest, Hungary. Karsai, Judit (2003): The Venture Capital and Private Equity Market in Hungary with a Special Focus on EU Accession, Paper prepared for the From Here and From There: New and Old Members' Perception on EU Enlargement, Dutch-Hungarian Workshop on EU Enlargement, September 25-26, 2003, Groningen, The Netherlands. Judit Karsai (2002): Closing the Equity Gap. The Funding of Venture Capital in Hungary: Issues for Public Policy. Paper presented at the international conference on Evolution of Institutions and the Knowledge Economy, Hungarian Society for New Institutional Economists (HUSNIE), Faculty of Economics and Business Administration of the University of Debrecen, October 4-5, 2002, Debrecen, 24 p. Judit Karsai (2000): The impact of globalisation on the venture capital industry in transition economies: the case of Hungary, Paper presented at the Globalisation and European Integration", 6 th EACES Conference, Barcelona, September 7-9, 2000, 34 p. Karsai, J., Wright, M., Filatotchev, I. (1996): Venture Capital in Transition Economies: The Case of Hungary, Paper presented at the Private Equity into the Next Millenium, CMBOR Nottingham University, Nottingham, UK. 1996. Sept. 24-25.
MEDIA PRESENCE Judit Karsai (2011): Role of venture capital and private equity in economic stimulation and job creation. In: Kerekes, György (Ed.): Hungarian Financial Almanac 2011-2012, XXI., TAS-11 Kft., Budapest, pp. 117-119. Judit Karsai (2010): Results of the Venture Capital and Private Equity Sector in 2009-2010. In: (Ed.) Kerekes, Gy.: Hungarian financial and stock exchange almanach 2009-2010, Budapest, TAS-11 Kft., 2010, pp. 124-127. Judit Karsai (2010): Year 2009 Results of the Venture Capital and Private Equity Industry. Yearbook 2010, Hungarian Venture Capital and Private Equity Association, Budapest, 2010, pp. 94-99. Judit Karsai (2009): The results of the Hungarian venture capital and private equity industry in 2008. In: (Ed.) Kerekes, Gy.: Hungarian financial and stock exchange almanach 2008-2009, Budapest, TAS-11 Kft., 2009, pp. 107-112. Judit Karsai (2009): The Development of the Hungarian Venture Capital and Private Equity Industry in 2008. Yearbook 2009, Hungarian Venture Capital and Private Equity Association, Budapest, pp. 78-82. Judit Karsai (2008): Results of the venture capital and private equity industry in 2007. In: (Ed.) Kerekes, Gy.: Hungarian financial and stock exchange almanach 2007-2008, Budapest, TAS-11 Kft., 2008, pp. 69-72. Judit Karsai (2008): Developments in the Hungarian venture capital and private equity industry in 2006. In: 2008 Yearbook, Hungarian Venture Capital and Private Equity Association, Budapest, 2008, pp. 78-81. Judit Karsai (2006): The development of the Hungarian venture capital and private equity industry in 2005. Yearbook of the Hungarian Venture Capital and Private Equity Association, Budapest, 2006, p. 11-13. Judit Karsai (2006): The development of venture capital and private equity industry in Central and Eastern Europe. Newsletter of the Hungarian Venture Capital and Private Equity Association, 2006. Autumn-Winter, pp. I-III. Karsai, J. - Baranyai, G. (2005): The Development of Venture Capital and Private Equity Industry in Hungary, 1989-2004. Hungarian Venture Capital and Private Equity Association, Budapest, November 2005, 47 p. Judit Karsai (2005): The venture capital and private industry in Hungary in 2004. 2005 Yearbook of the Hungarian Venture Capital and Private Equity Association, Budapest, pp. 11-13. Judit Karsai (2005): The Position of the Hungarian Venture Capital and Private Equity Market in 2004. Newsletter of the Hungarian Venture Capital and Private Equity Association, 2005 Spring/Summer, pp. 3-4.
Judit Karsai (2001): The Impact of Buyouts on the European Economy, Newsletter of the Hungarian Venture and Private Equity Association, 2001 Winter, pp. 4-5. Judit Karsai (2000): The Impact of Venture Capital Investments on the Hungarian Economy. Newsletter of the Hungarian Venture and Private Equity Association, 2000 Winter, pp. 1-4.