In this paper we aim to empirically test the monitoring effect of Venture Capital financing on portfolio companies. Following Bernstein et al. (2015), we exploit the introduction of a new airline route between investor and investee locations as an exogenous shock lowering the cost of monitoring...

Policymakers around the world have created several schemes to support financially-constrained SMEs. However, whether these mechanisms improve the access to external sources of finance or on the contrary crowd out private players remains a relevant question. In this paper we study the...

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...