Showing 1 - 10 of 13
This paper examines investments made by 13 angel groups across 21 countries. We compare applicants just above and below the funding cutoff and find that these angel investors have a positive impact on the growth, performance, and survival of firms as well as their follow-on fundraising. The...
Persistent link: https://www.econbiz.de/10011553634
The growth of the private equity industry has spurred concerns about its potential impact on the economy more generally. This analysis looks across nations and industries to assess the impact of private equity on industry performance. Industries where private equity funds have invested in the...
Persistent link: https://www.econbiz.de/10013134066
Governments are important financiers of private sector innovation. While these public funds can ease capital constraints and information asymmetries, they can also introduce political distortions. We empirically explore these issues for China, where a quarter of firms' R&D expenditures come from...
Persistent link: https://www.econbiz.de/10012910924
Using a difference-in-difference approach, we study how intellectual property right (IPR) protection affects innovation in China in the years around the privatizations of state-owned enterprises (SOEs). Innovation increases after SOE privatizations, and this increase is larger in cities with...
Persistent link: https://www.econbiz.de/10012978439
Impact investing has grown significantly over the past 15 years. From a niche investing segment with only $25 billion AUM in 2013 (WEF 2013), it experienced double-digit growth and developed into a market with an estimated $502 billion AUM (Mudaliapar and Dithrich 2019). Despite the growth and...
Persistent link: https://www.econbiz.de/10013211543
This paper documents the role of angel funding for the growth, survival, and access to follow-on funding of high-growth start-up firms. We use a regression discontinuity approach to control for unobserved heterogeneity between firms that obtain funding and those that do not. This technique...
Persistent link: https://www.econbiz.de/10013146544
Venture capital is associated with some of the most high-growth and influential firms in the world. Academics and practitioners have effectively articulated the strengths of the venture model. At the same time, venture capital financing also has real limitations in its ability to advance...
Persistent link: https://www.econbiz.de/10012830413
We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, systematic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions....
Persistent link: https://www.econbiz.de/10012174480
By comparing patenting among VC-backed firms to the universe of patents filed in the USPTO over the period 1976-2019, we document that while patents filed by VC backed firms are of significantly higher quality and economic importance than the average patent, VC-backed innovation is substantially...
Persistent link: https://www.econbiz.de/10012243593
Using previously unexplored custodial data, we examine the use of alternative investment vehicles(AVs) in private equity over four decades. By 2017, AVs reached 40% of all PE commitments.Average AV performance matches the PE market, but underperforms the main funds of thepartnerships sponsoring...
Persistent link: https://www.econbiz.de/10012013249