Blockholder monitoring is central to corporate governance, but blockholders large enough to exercise significant unilateral influence are rare. Mechanisms that enable small blockholders to exert collective influence are therefore important. We present a model in which one or more sizeable lead...

We study competition for startups among VCs with heterogeneous skill. VCs with established skill face two impediments. First, less established VCs compete aggressively for new startups in order to establish a reputation. Second, startups also value reliability in their VCs, which imposes a...

The impact of strategic alliances on futurecompetitive incentives can motivate interfirm equity sales. Many alliances arepartnerships between a small entrepreneurial firm and an established, largerpartner, in which the smaller firm sells an equity stake to its largerpartner. The paper develops a...