It is well known that start-ups with female founders often raise less money than their male counterparts; the question is, what drives this? We exploit the unique features of equity crowdfunding to disentangle the choices made by entrepreneurs and investors. We find that female teams set lower...

This paper examines the process of how entrepreneurs assemble resources. In the model, the entrepreneur's challenge is to convince two complementary resource providers to commit their resources to a new venture. Before committing their resources, one of them needs to perform a costly evaluation....

In recent years universities have been taken by a new wave of entrepreneurial activities. Originally universities engaged with entrepreneurship mostly in terms of commercializing innovations based on research in the sciences. The new initiatives are instead focused on students and recent alumni,...

This paper analyzes the decision of growing startups to either scale up on their own or to sell to an established company. The model recognizes the intergenerational linkages that acquirers were startups themselves in the past who chose not to get acquired. The acquisition price depends on the...

We investigate the impact of the UK regulatory sandbox on the UK FinTech industry. By now regulatory sandboxes operate in 57 countries and have become an important policy tool for governments to support the emergence of a FinTech sector. We use comprehensive data from the UK regulatory sandbox...

This paper examines an ex-post rationale for the patenting of scientific discoveries. In this model,scientist do not know which firms can make use of their discoveries, and firms do not know whichscientific discoveries might be useful to them. To bridge this gap, either or both sides need to...

The importance of an investor's organizational structure is increasingly recognized in modern finance. This paper examines the role of banks in the US venture capital market. Theory suggests that unlike independent venture capital firms, banks can seek complementarities between their venture...

Venture capital is widely believed to be an influential arrangement for the financing of new innovative companies. We examine and find empirical evidence that venture capital financing is related to product market strategies and outcomes of startups. We use a unique hand-collected database of...