This study examines the effects of personal and business networks on fundraising successes through fundraising opportunities and analyze the differences in the effects of personal and business networks vary depending on the firm’s age groups. The first finding of this study is that both the...

We study a model of network formation and start-up financing with endogenous entrepreneurial type distribution. A hub firm admits members to its network based on signals about entrepreneurs' types. Network membership is observable, which allows lenders to offer different interest rates to...