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We use investment-level data to study performance persistence in venture capital (VC). Consistent with prior studies … preferential access raises the quality of subsequent investments, perpetuating performance differences in initial investments …
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VC firm experience only relates positively to performance when outstanding (e.g. 3rd generation fund or above). However …
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Venture capital (VC) funds backed by large multi-fund families tend to perform substantially better due to cross-fund cash flows (CFCFs), a liquidity support mechanism provided by matching distributions and capital calls within a VC fund family. The dynamics of this mechanism coincide with the...
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) providing a rigorous econometric analysis of their impact on corporate growth, and (iii) elaborating on our findings to devise a …
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