Despite the central role played by human capital in entrepreneurship, little is known about how employees in entrepreneurial firms are compensated and incentivized. We address this gap in the literature by studying 18,935 non-CEO compensation contracts across 1,809 privately-held venture-backed...

With an overall lack of gender and ethnic diversity in the innovation sector documented in Gompers and Wang (2017), we ask the natural next question: Does increased diversity lead to better firm performances? In this paper, we attempt to answer this question using a unique dataset of the gender...

This study contributes to the debate on VC-related policies that aim to support the growth of young high-tech firms in the EU. The study provides a systematic review of the results of 22 firm-level studies that estimate causal effects of VC using counterfactual impact evaluation methods and data...

We assess whether a VC’s intrinsic commitment to a startup affects investment performance. We proxy for climate change commitment using the political contributions to democrats of the lead VC person on a deal. We find investments by democrats in climate-related startups have 8% higher...

This study quantitatively discusses the relationship among venture capitalists, entrepreneurs, and crowdfunders. It considers the effectiveness of venture capital on the performance of crowdfunding campaigns started by entrepreneurs. Specifically, we split 274,220 crowdfunding projects into...

The objective of this study is to determine whether specific industries across countries or within countries are more likely to reach a stage of profitability and make a successful exit. In particular, we assess whether firms in certain industries are more prone to exit via IPO, be acquired, or...

The financial literature claims that venture capital (VC) financing spurs the growth of new technology-based firms (NTBFs). Nevertheless, the benefits and costs for portfolio companies may depend upon the type of investor. In this paper we distinguish financial intermediaries (FVC) and...

This paper presents a range of new evidence on the development of the US venture capital industry in the 3 to 4 decades following World War II, the period in which modern-style venture capital was created. The paper reveals details of supply and demand for venture capital services and...

The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have...

This paper analyses the factors that drive the dynamics of French new technology-based and venture-backed companies, using a hand-collected database with 216 companies created between 1998 and 2005. The Venture Capital (VC) firms can choose between three outcomes: the company exits from their...