We investigate empirically how investor objectives condition the design of financial contracts as manifest in private investment in public equity (PIPE) deals. We hypothesize that varying objectives among different types of institutional investors affect the observed allocation of cash flow...

This paper examines local bias in the context of venture capital (VC) investments. Based on a sample of US VC investments between 1980 and June 2009, we find more reputable VCs (older, larger, more experienced, and with stronger IPO track record) and VCs with broader networks exhibit less local...