I show that VCs frequently have the right to veto specific operational and financial decisions even though they are equity investors with access to other powerful governance mechanisms. Across 182 first-round U.S. venture capital investments, restrictive covenants are commonplace with 92 percent...

The two essays that comprise this dissertationseek to explain the benefits of financial contracting in banking and venturecapital. The second essay, “Vesting and Control in Venture Capital Contracts,”examines the common practice of timing equity payments to entrepreneurs inventure capital...

We estimate the impact of venture capital (VC) contract terms on startup outcomes and the split of value between the entrepreneur and investor, accounting for endogenous selection via a novel dynamic search and matching model. The estimation uses a new, large data set of first financing rounds...

We estimate the impact of venture capital (VC) contract terms on startup outcomes and the split of value between the entrepreneur and investor, accounting for endogenous selection via a novel dynamic search and matching model. The estimation uses a new, large data set of first financing rounds...

We estimate the impact of venture capital (VC) contract terms on startup outcomes and the split of value between the entrepreneur and investor, accounting for endogenous selection via a novel dynamic search and matching model. The estimation uses a new, large data set of first financing rounds...

This study aims to clarify the firm in neo-institutional context. The firm is a particularly dynamic, constantly evolving process and an organizational structure. The firm is a symbiosis of entities, internal and external regulations, market and non-market mechanisms and relations, legal and...