This paper investigates whether individual venture capitalists have repeatable investment skill and to what extent … individual venture capitalists' investments across time and as they move between firms. We find evidence of skill and exit style … their skill is impacted by the VC firm where they work. We examine a unique dataset that tracks the performance of …

, the recent rise of crowdfunding - raising capital from many people through an online platform - which offers little … initially startling. On the eve of launching equity-based crowdfunding, a new market for early-stage finance in the U.S., we … transaction costs, reputation, and market design, can explain the rise of non-equity crowdfunding and offer a framework for …

-specific) patent assets. Exploiting differences in venture capital (VC) fundraising cycles and a negative capital-supply shock in early … lending. Our study illuminates friction-reducing mechanisms in the market for venture lending, a surprisingly active but …

few investors make decisions that are impacted by incentive, agency and coordination problems, often before a new idea … even has a chance to compete in a market. We contend that costs and constraints on the ability to experiment alter the type …

This paper develops a theory of how angel and venture capital markets interact. Entrepreneurs first receive angel then … venture capital funding. The two investor types are 'friends' in that they rely upon each other's investments. However, they … are also 'foes', because at the later stage the venture capitalists no longer need the angels. Using a costly search model …

access to additional financing. Overall, the results suggest that the bundle of inputs that angel investors provide have a …

We provide a model that links the high return to venture equity to the impatience of the VCs. VCs are scarce, and hence …

This paper argues that a large component of success in entrepreneurship and venture capital can be attributed to skill … capitalists in successful serial entrepreneurs generate higher returns for their venture capital investors. This finding provides … further support for the role of skill in both entrepreneurship and venture capital. …