This book offers a new explanation why venture capital in investments differ substantially between countries. Recent literature has attributed these differences to differences in the financial architecture and tax regulations. By contrast, this book shows by using simulations of a general...

We provide evidence on the value of patents to startups by leveraging the quasi-random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win...