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...

We examine the role that changes to the institutional environment play in the formation, exit, and performance of ventures. We do so by taking advantage of two natural experiments in Japan that relates to the exit of a venture: successful IPO, and failure in bankruptcy. In our first study, we...