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Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence
This paper examines the impact venture capital can have on the development of new firms. Using a hand-collected data set on Silicon Valley start-ups, we find that venture capital is related to aExpand
The Interaction between Product Market and Financing Strategy: The Role of Venture Capital
Venture capital financing is widely believed to be influential for new innovative companies. We provide empirical evidence that venture capital financing is related to product market strategies andExpand
Liberalization, Moral Hazard in Banking and Prudential Regulation: Are Capital Requirements Enough?
In a dynamic model of moral hazard, competition can undermine prudent bank behavior. While capital-requirement regulation can induce prudent behavior, the policy yields Pareto-inefficient outcomes.Expand
A theory of strategic venture investing
Some venture capital investors seek purely financial gains while others, such as corporations, also pursue strategic objectives. The paper examines a model where a strategic investor can achieveExpand
Who are the active investors?: Evidence from venture capital
This paper examines the determinants and consequences of investor activism in venture capital. Using a hand-collected sample of European venture capital deals, it shows the importance of humanExpand
The Allocation of Control Rights in Venture Capital Contracts
Venture capitalists often hold extensive control rights over entrepreneurial companies, including the right to fire entrepreneurs. This article examines why, and under what circumstances,Expand
Building Relationships Early: Banks in Venture Capital
This paper examines bank behavior in venture capital. It considers the relation between a bank's venture capital investments and its subsequent lending, which can be thought of as intertemporalExpand
The Effects of Government-Sponsored Venture Capital: International Evidence
This article examines enterprises funded by government-sponsored venture capitalists (GVCs). We find that enterprises funded by both GVCs and private venture capitalists (PVCs) obtain more investmentExpand
Ipos, Acquisitions and the Use of Convertible Securities in Venture Capital
This paper provides a new explanation for the use of convertible securities in venture capital, which is based on the trade-off between acquisition or IPOs. A key property of convertible preferredExpand
The Importance of Trust for Investment: Evidence from Venture Capital
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, weExpand
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