We use U.S. Census data over twenty-five years to understand the lifecycle dynamics of VC- and non-VC-financed firms. We find both successful and failed VC-financed firms achieve larger scale but are not more profitable at exit than matched non-VC-financed firms. Cumulative failure rates of...

Explores the role that venture capitalists play in the development of new enterprises - specifically, whether as financial intermediaries, venture capitalists perform additional roles in the startup process. The internal organizational aspects of firms are observed using data collected from 173...

We use a new data set that tracks U.S. firms from their birth over two decades to understand the life cycle dynamics and outcomes (both successes and failures) of VC- and non-VC financed firms. We first ask to what market-wide and firm-level characteristics venture capitalists respond in...

We show that cross-border LBO investments involving U.S. rather than non-U.S. private equity (PE) investors are more likely to have a successful exit (IPO or acquisition). Exogenous increases in effective proximity following the signing of “Open-Sky” agreements between the U.S. and target...

We find that graduates from universities that remove student loans from their financial aid policies are more likely to start entrepreneurial ventures and are more likely to subsequently get venture capital (VC) backing, particularly by reputed VCs, and get higher VC investment. Such ventures...