Specialization and Success: Evidence from Venture Capital

@inproceedings{Gompers2007SpecializationAS,
  title={Specialization and Success: Evidence from Venture Capital},
  author={Paul A. Gompers and Anna Kovner and Josh Lerner},
  year={2007}
}
"This paper examines how organizational structure affects behavior and outcomes, studying the performance of different types of venture capital organizations. We find a strong positive relationship between the degree of specialization by individual venture capitalists at a firm and its success. When the individual investment professionals are highly specialized themselves, the marginal effect of increasing overall firm specialization is much weaker. The poorer performance by generalists appears… CONTINUE READING

Citations

Publications citing this paper.
SHOWING 1-10 OF 73 CITATIONS

0 Competitive Effects of Private Equity Investments

VIEW 11 EXCERPTS
CITES BACKGROUND & RESULTS
HIGHLY INFLUENCED

Safety Nets? Geographic Proximity, Social Ties and the Funding of Contentious Innovation

Magnus Torfason, Pavel Ivanov Zhelyazkov
  • 2019
VIEW 4 EXCERPTS
CITES BACKGROUND
HIGHLY INFLUENCED

Diversification, risk, and returns in venture capital

VIEW 12 EXCERPTS
CITES BACKGROUND, RESULTS & METHODS
HIGHLY INFLUENCED

The Fast and the Curious: VC Drift

VIEW 4 EXCERPTS
CITES METHODS & BACKGROUND
HIGHLY INFLUENCED

Venture capital and banks . Financing innovation in Italy

Valerio Vacca
  • 2013
VIEW 4 EXCERPTS
CITES BACKGROUND & RESULTS
HIGHLY INFLUENCED

FILTER CITATIONS BY YEAR

2007
2019

CITATION STATISTICS

  • 8 Highly Influenced Citations

References

Publications referenced by this paper.
SHOWING 1-10 OF 10 REFERENCES

The Dark Side of Internal Capital Markets II: Evidence from Diversified Conglomerates

Scharfstein, S David
  • National Bureau of Economic Research Working Paper 6352
  • 1998
VIEW 3 EXCERPTS
HIGHLY INFLUENTIAL

Schoar, Private Equity Performance: Returns, Persistence and Capital Flows

Kaplan, N Steven, Antoinette
  • Journal of Finance
  • 2005

Sevilir, Size and Focus of Venture Capital Portfolios

Fulghieri, Paolo, Merih
  • University of North Carolina Working Paper
  • 2005

The Risk and Return of Venture Capital

Cochrane, H John
  • Journal of Financial Economics
  • 2005

The Cost of Diversity: Diversification Discount and Inefficient Investment

Rajan, G Raghuram, Henri Servaes, Luigi Zingales
  • Journal of Finance
  • 2000

The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment

Scharfstein, S David, Jeremy C. Stein
  • Journal of Finance
  • 2000