In this paper, I find that excess demand for external financing in poor quality legal environments is particular to early stage or low collateral value ventures. However, excess demand for external financing from early stage non-technology intensive ventures is greater relative to that from...

In this paper, we examine how venture capital portfolios with risk averse and risk seeking return characteristics are priced by the representative investor in public equity markets. We find only portfolios with risk seeking return characteristics are associated with a market skewness premium....

This paper finds that industry specialization within a fund is associated with superior project picking ability in the venture capital market. We find that ex-ante judgments of superior project quality are associated with positive abnormal performance for specialist funds, while they are...

This paper finds that higher quality entrepreneurs time their entry into the venture capital market to minimize the cost of equity financing, and as part of an IPO market timing strategy. Specifically, higher quality entrepreneurs are more likely to enter the venture capital market when average...

In this paper, we find evidence of reversals in relative exit performance between the "short" and "long-run" in the VC market, with the short-run defined to be the first 5 years of business, and the long-run, the 6th year of business onwards. Using proxies for the risk of venture capital assets...