The paper investigates the impact of venture capital investment and investment syndication on enterprise lifecycle and success using the exit history of venture capital backed companies in Australia. It has been observed that the venture capital backed companies tend to outperform those which...

How do VCs select startups to fund over multiple rounds? To study this question, I develop a dynamic two-sided matching model of VC funding. Using a hand-collected database including both VC-funded and non-VC-funded startups, I estimate the joint determinants of investment selection and the...

This paper investigates why industrial firms conduct Corporate Venture Capital (CVC) investment in entrepreneurial companies. I test alternative views on CVC by exploiting the entry, investment, and termination decisions of CVC divisions. CVC entry concentrates in firms that experience...

This paper investigates the effect of economic policy uncertainty on the financing and success probability of start-ups in the European venture capital market. Specifically, our results show that venture capital investors are less likely to engage in financing activities and start-ups are less...

We document substantial variation across startups in whether and when they appoint outside directors, and the type of directors they appoint. The startup-director match depends on professional connections and individual experience profiles. Early-stage investors are more likely to serve as...

We assess whether a VC’s intrinsic commitment to a startup affects investment performance. We proxy for climate change commitment using the political contributions to democrats of the lead VC person on a deal. We find investments by democrats in climate-related startups have 8% higher...

This study investigates venture capital (VC) reputation impact on the pre-IPO performance of the entrepreneurial firms backed by three kinds of VCs. This study employs backward stepwise regression models following prior theoretical frameworks to examine the research question. Based on a database...

This paper shows that, in large US companies, founder-CEO and founder-family controlled firms experience about 10% more underpricing relative to non-founder firms during the IPO process. This result holds after controlling for the ownership of founders, and is consistent with the...

This paper analyzes the role of foreign VCs in driving venture success in emerging markets. We analyze a comprehensive data-set of 4753 portfolio companies from China. We test whether the presence of a foreign VC increases the likelihood that a portfolio company is successfully exited. We find...

We document a positive effect of product market competition (PMC) on venture capital (VC) staging. Employing large tariff rate reductions as an exogenous shock to PMC, we find that large tariff reductions lead to a greater likelihood of staged financing and a larger number of financing rounds....