Using a resource dependence perspective, we theorize and show that non-venture-capital-backed ventures founded in U.S. states with a lower availability of venture capital (VC) are more likely to relocate to California (CA) or Massachusetts (MA) — the two VC richest states — compared to...

This paper analyses the duration of the time to exit of distressed firms, differentiating between court driven exits (mainly bankruptcies) and voluntary liquidations. It examines how long firms survive after initial signs of economic distress. The study is conducted on an extensive dataset of...

The goal of this research is to determine how the riskynature of biotechnology ventures influences the investment decision process ofventure capitalists (VCs). First, the method of this qualitative study isdescribed: between October 2003 and February 2004, questionnaires andinterviews were...

Digitization dramatically changes entrepreneurs’ business models and their implications for the type and timing of finance that support them. It creates new financial channels (including crowd-investors and initial coin offerings) that complement, and in part substitute, traditional...

This paper examines net-of-fees private debt fund performance, performance persistence across funds managed by the same general partner and a general partner’s ability to time the market. We document that private debt funds outperform bond and equity market benchmarks in the cross-section,...