Although an extensive literature shows that startups are financially constrained and that constraints vary by geography, the source of these constraints is still relatively unknown. We explore intermediary financing constraints, a channel studied in the banking literature, but only implicitly...

Although the history of China's venture capital (VC) market is relatively short, it has already become the second largest VC market in the world and produced the second largest number of "unicorns" (startups with a valuation over $1 billion) after the US. Despite the remarkable growth of both...

Although an extensive literature shows that startups are financially constrained and that constraints vary by geography, the source of these constraints is still relatively unknown. We explore intermediary financing constraints, a channel studied in the banking literature, but only indirectly...