In recent years, venture capital firms have increasingly turned to foreign countries in search of investment opportunities. The cross-border expansion of venture capital firms presents an interesting case of internationalization, because they are at variance with both conventional portfolio and...

This study empirically examines how firms manage real options over time in the context of the U.S. venture capital industry. It tracks the venture-capital funding histories of U.S. portfolio companies founded during 1989–1993, and their outcomes, until 2004. An examination of sequential...