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We provide novel evidence on voting practices used by the investment committees of prominent venture capital investors … in the U.S. A substantial share of these VCs use a voting rule for seed and early stage investments where a single …, the same VCs migrate to more conventional `majority' or `unanimous' voting rules for their later stage investments. We …
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In the third decade of the 21st century, digitization, global events, challenges from authoritarian states, and difficulties of particular democracies to function properly confront democracy with a new series of challenges and opportunities that will force it to reinvent itself. The last decades...
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We investigate whether the decision to experiment with novel policies is influenced by electoral incentives. Our empirical setting is the U.S. welfare reform in 1996, which marked the most dramatic shift in social policy since the New Deal. We find that electoral incentives matter: governors...
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A simple model of yardstick competition between jurisdictions is presented. Governments of jurisdictions face the alternative to choose between an old and a new policy with stochastic payoffs. The new policy is superior to the old policy in one state of the world, and inferior in the other....
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