We study the employment growth for entrepreneurial ventures that received a government-sponsored participative loan (PL), a hybrid form of financing between debt and equity. We use propensity-score matching (PSM) and instrumental variable analysis (2SLS) to study a sample of 512 entrepreneurial...

The objective of this paper is to illustrate the main theories and survey the empirical evidence on the impact of private equity leveraged buyouts (LBOs) on innovative activity at target companies. I illustrate how the theoretical lenses through which LBOs are described have adapted to the...

Venture Capital (VC) and Private Equity (PE) investors play a different role in their portfolio companies. We argue that this will translate in a recognizable difference in the investment sensitivity to cash flows of portfolio companies and its evolution after the first investment round. We...

We conduct a randomized experiment using a series of three finance exams sat by over 1,000 students at an Australian university, to determine the extent to which multiple-choice questions (MCQs) are improved by item writing best practices. We identify deviations from best practices (i.e....

We study how reverse and opportunistic electoral investments cycles affect the timing, characteristics and performance of governmental venture capital fund (GVC) investments. Consistently with the reverse electoral investment cycle, which characterizes private investment, GVCs on average...

We examine how the exit mode (i.e., initial public offering - IPO, trade sale, or write-off) of venture capital investments is influenced by additional exit opportunities brought by cross-border investors. We perform our analyses on a sample of 1,062 financing rounds in 462 high-tech start-ups...

The financial and innovation literature generally claims that venture capital (VC) investments spur the growth of new technology-based firms (NTBFs). However, it has proved difficult so far to separate the quot;treatmentquot; effect of the VC investment from the quot;selectionquot; effect...

In 2000 Italy's new stock market for small fast-growing firms, the Nuovo Mercato (NM), has reached 40 listed companies. Born in June 1999 to join the Euro-NM network, the NM has now a total market capitalization which is larger than the French counterpart (the Nouveau Marche) and about 25% of...