Venture capital

The Importance of Size in Private Equity: Evidence from a Survey of Limited Partners

Using a comprehensive survey, we show that investors with a larger capital allocation to private equity are more specialized − measured by the degree...

Cross-Border Venture Capital Investments: What Is the Role of Public Policy?

Cross-border venture capital (VC) investments play an important role in the scaling up of high-growth companies. However, policymakers worry that...

Board Dynamics Over the Startup Life Cycle

We explore the dynamics of venture capital (VC)-backed startup boards using novel data on director entry, exit, and characteristics. At...

Conservatism and Innovation in Venture Capital Contracting

We conjecture that venture capitalists and their investors often fall prey to what is known as ?collective conservatism.? We investigate this...

We exploit the staggered introduction of liability waivers when investors hold stakes in conflicting business opportunities as a shock to venture...

Underpricing and CEO Stock Options: Do Board Characteristics Matter?

This paper examines the conditions under which CEOs are able to affect the timing and the price of the stock options they are granted at the time of their...

Venture Capital Meets Contract Theory: Risky Claims or Formal Control?

This paper develops a theory of the joint allocation of control and cash-flow rights in venture capital deals. When the need for VC advice and support...

Getting Tired of Your Friends: The Dynamics of Venture Capital Relationships

Does doing more deals together always strengthen investor relationships? Based on the relationships of the top 50 US venture capital firms, this paper...

The Corporate Design of Investments in Startups: A European Experience

This is the first European study to conduct an extensive empirical research of startup charters. Our aim is to test whether the significant reforms of the...

Joint Control and Redemption Rights in Venture Capital Contracts

Lock-in agreements in venture capital-backed UK IPOs

This paper examines the impact of venture-capital (VC) backing on the characteristics of voluntary lock-in agreements entered into by the existing...

Angels and Venture Capitalists: Substitutes or Complements?

Understanding an entrepreneurial finance ecosystem requires an appreciation of how different investors interact with each other. Angels and venture...