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Learning by Investing : Entrepreneurial Spillovers from Venture Capital
Lerner, Joshua; Li, Jinlin; Liu, Tong - National Bureau of Economic Research - 2023
This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities and VC fundraising and investments in China, we first document that individual LPs, on...
Persistent link: https://www.econbiz.de/10014437028
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The Unicorn Puzzle
Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - National Bureau of Economic Research - 2022
From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...
Persistent link: https://www.econbiz.de/10013435166
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Funding Black High-Growth Startups
Cook, Lisa D.; Marx, Matt; Yimfor, Emmanuel - National Bureau of Economic Research - 2022
We analyze determinants of access to venture capital for Black founders of high-growth startups. We combine image- and name-processing algorithms with clerical review to identify race for over 100,000 startup founders "at risk" for venture funding. Black founders raise roughly one-third as much...
Persistent link: https://www.econbiz.de/10013462730
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Venture Debt
Morse, Adair - National Bureau of Economic Research - 2024
Bank speaks to whether innovation ecosystem risk transmutes to the financial system through debt and the extent to which …
Persistent link: https://www.econbiz.de/10014512037
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Banks in Space
Oberfield, Ezra; Rossi-Hansberg, Esteban; Trachter, Nicholas - National Bureau of Economic Research - 2024
We study the spatial expansion of banks in response to banking deregulation in the 1980s and 90s. During this period, large banks expanded rapidly, mostly by adding new branches in new locations, while many small banks exited. We document that large banks sorted into the densest markets, but...
Persistent link: https://www.econbiz.de/10014512110
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non-bank financial intermediaries
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - National Bureau of Economic Research - 2024
In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of …. We argue instead that NBFI and bank businesses and risks are so interwoven that they are better described as having … contingent liquidity risk from the provision of credit lines to NBFIs; and (iii) Empirical work confirms bank-NBFI linkages …
Persistent link: https://www.econbiz.de/10014528356
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Financial Risk Capacity
Bigio, Saki - 2019
present a model that explains the slow recovery of bank capital and economic activity. Banks provide intermediation in markets … selection. Adverse selection lowers bank profit margins which slows both the internal growth of equity and equity injections …
Persistent link: https://www.econbiz.de/10012480505
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Building Relationships Early : Banks in Venture Capital
Hellman, Thomas - 2004
increases a bank's likelihood of providing a loan. Companies may benefit from these relationships through more favorable loan …
Persistent link: https://www.econbiz.de/10012468158
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What Do Impact Investors Do Differently?
Cole, Shawn; Jeng, Leslie A.; Lerner, Joshua; Rigol, Natalia - National Bureau of Economic Research - 2023
In recent years, impact investors - private investors who seek to generate simultaneously financial and social returns - have attracted intense interest and controversy. We analyze a novel, comprehensive data set of impact and traditional investors to assess how the non-financial characteristics...
Persistent link: https://www.econbiz.de/10014437029
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Portfolio Management in Private Equity
Brown, Gregory W.; Fei, Celine Yue; Robinson, David T. - National Bureau of Economic Research - 2023
General Partners (GPs) in private equity face a trade-off between focusing their skills and effort on fewer investments to earn higher returns, or investing more broadly to reduce risk through diversification. Using a novel, deal-level dataset of 5,925 global investments from 1999 to 2016, we...
Persistent link: https://www.econbiz.de/10014372421