The US entrepreneurial finance market has changed dramatically over the last two decades.
Entrepreneurs who raise their first round of venture capital retain 30% more equity in their …

Economic frictions pervade the founding, financing, growing, and exiting of high-growth
entrepreneurial firms. This article considers one friction that currently affects a small, but …

Economic frictions pervade the founding, financing, growing, and exiting of high-growth
entrepreneurial firms. This chapter considers one friction that currently affects a small, but …

Private equity funds sometimes allow their limited partners to directly invest in a firm the fund
is buying. This is puzzling because, when such co-investment is offered, the GP both …

The central tension in securities regulation is between protecting investors and enabling
broad capital formation. Focusing on VC fund managers, we study key tools of investor …

Does venture capital (VC) investment yield economic growth? A large literature studies the
effect of VC investments on firm-level activity, but its effects on economic growth are less well …

This paper examines the role of social connectedness in shaping cross-county venture
capital (VC) investments. I study yearly county-to-county VC investments, and find a very …

Private equity (PE) funds are closed-end and funded by investors that commit to providing
capital on demand. I demonstrate that the composition of these investors influences PE …

Prior research suggests that specialized VC funds with small portfolios benefit startup
performance due to active investor engagement. Using project-level data from the life …

We utilize granular data from the life science sector to study how VC activism affects
strategic experimentation decisions. We show that pipeline prioritization, deciding the timing …