The venture capital state -- Contextual rationality -- Venture capital and VC policy -- Hong Kong : night-watchman state -- Taiwan : private sector promoter -- Singapore : financier and director -- Contextually rational sources of adaptation -- The future of venture capital states : distinct...

We examine the value added by venture capital investors during the due-diligence process. We use data from a seed fund that quasi-randomly assigns applicants to due diligence, creating a natural experiment. We find that due-diligence assignment leads to higher average growth, even for companies...