This is the first of two essays on the influences of Peter Drucker’s exposure to proponents of the Austrian School of economics on his writing and philosophical views. In this essay, I review the major influences that appear to have shaped much of his thinking, focusing mainly on post-World...

We provide new evidence on the importance of venture capital firm skill as a factor in fund performance. By combining data from two sources, we are able to examine how fund performance, measured as fund IRR or total value to paid-in capital, is related to fund outcomes (IPO and acquisition...

Investments in new venture involve financial contracts between an entrepreneur and one or more outside investors. Outside investors (such as venture capital firms) generally represent well-diversified investors. Even private investors generally commit small fractions of total wealth to any given...

This is the second of two essays on the influences of Peter Drucker's exposure to proponents of the Austrian School of economics on his writing and philosophical views. In the first essay, “On the Foundations of the Drucker Vision,” I review the major influences that appear to have shaped...