experience. In later round VC syndicates, often no VC from the earlier round syndicate is present. We show that a theory of … informational hold-up by the incumbent syndicate can relate and explain these two observations. Consistent with the theory, we find …

: Theoretical Building Blocs -- 2. Strategy, Process Redesign and Organization -- 2.1 Economic Theory and Strategic Investment … Cooperative Projects -- 1.2 Empirical Evidence for Increases and Changes in Cooperative Investment Activity -- 1.3 "Classical … Structuring Cooperative Investment Projects -- 5.1 Outline of the Model -- 5.2 Specification of Goals and Tasks of Independent …

, portfolio company level and investment round level. Overall, we find evidence for the main motivations to syndicate, namely the …