We analyze how corporate venture capitalists (CVCs) differ from independent venture capitalists (IVCs) in nurturing innovation in entrepreneurial firms. Using the NBER Patent Citation database, we find that CVCs help their portfolio firms achieve a higher degree of innovation productivity, as...

Information-based theories of financial intermediation focus on delegated monitoring. However, there is little evidence on how markets discipline intermediaries who fail at this function. We exploit the direct link between corporate fraud and monitoring failure and examine how a venture capital...

Using investor bidding data from 175 Chinese IPOs, we examine the effects of underwriters' rent-seeking incentives. We find that Chinese IPO underwriters, with no discretion to allocate more shares to favored investors, instead favor mutual funds paying them greater brokerage commissions by...

We examine whether venture capital (VC) investors learn information contained in public market stock prices. VCs are less likely to stage finance startups and syndicate with other VCs when stock prices are more informative. An instrumental variable approach suggests the relation is likely...