• Publications
  • Influence
The venture capital cycle
Three principal aspects of venture capital (VC) are empirically explored: fundraising, investing, and exiting those investments. Despite the recent attention to VC, misconceptions abound that theExpand
  • 2,028
  • 244
Assessing the Contribution of Venture Capital to Innovation
We examine the influence of venture capital on patented inventions in the United States across twenty industries over three decades. We address concerns about causality in several ways, includingExpand
  • 1,813
  • 111
The Venture Capital Revolution
Venture capital has emerged as an important intermediary in financial markets, providing capital to young high-technology firms that might have otherwise gone unfunded. Venture capitalists haveExpand
  • 1,365
  • 109
The Simple Economics of Open Source
We highlight the extent to which labor economics, especially the literature on career concerns,' can explain many of these projects' features. Expand
  • 1,770
  • 106
  • PDF
Venture Capitalists and the Oversight of Private Firms
This article examines the representation of venture capitalists on the boards of private firms in their portfolios. If venture capitalists are intensive monitors of managers, their involvement asExpand
  • 1,349
  • 102
The Importance of Patent Scope: An Empirical Analysis
This article examines the impact of patent scope on firm value. I develop a proxy for patent scope based on the International Patent Classification scheme. Using a sample of 535 financing rounds atExpand
  • 892
  • 88
The Financing of R&D and Innovation
Evidence on the "funding gap" for investment innovation is surveyed. The focus is on financial market reasons for underinvestment that exist even when externality-induced underinvestment is absent.Expand
  • 1,113
  • 88
  • PDF
Some Simple Economics of Open Source
There has been a recent surge of interest in open source software development, which involves developers at many different locations and organizations sharing code to develop and refine programs. ToExpand
  • 541
  • 80
This paper examines the timing of initial public offerings and private financings by venture capitalists. Using a sample of 350 privately held venture-backed biotechnology firms between 1978 andExpand
  • 858
  • 77
The Government as Venture Capitalist: The Long-Run Impact of the Sbir Program
Public programs to provide early-stage financing to firms, particularly high-technology companies, have become commonplace in the United States and abroad. The long-run effectiveness of theseExpand
  • 661
  • 75