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Social Sciences x Economic Development and Growth x Investment Banking x clear all

The Consequences of Entrepreneurial Finance: Evidence from Angel Financings

William R. Kerr, Josh Lerner and Antoinette Schoar.

in The Review of Financial Studies

January 2014; p ublished online October 2011 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Investment Banking; Entrepreneurship; Business and Management; Technological Change; Research and Development. 15205 words.

This article documents the fact that ventures funded by two successful angel groups experience superior outcomes to rejected ventures: They have improved survival, exits, employment,...

Corporate Venture Capital, Value Creation, and Innovation

Thomas J. Chemmanur, Elena Loutskina and Xuan Tian.

in The Review of Financial Studies

August 2014; p ublished online May 2014 .

Journal Article. Subjects: Investment Banking; Financial Institutions and Services; Technological Change; Research and Development. 18114 words.

We analyze how corporate venture capital (CVC) differs from independent venture capital (IVC) in nurturing innovation in entrepreneurial firms. We find that CVC-backed firms are more...

Geographic distance between venture capitalists and target firms and the value of quality signals

Christos Kolympiris, Sebastian Hoenen and Nicholas Kalaitzandonakes.

in Industrial and Corporate Change

February 2018; p ublished online February 2017 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Investment Banking; Technological Change; Research and Development; Manufacturing; Urban, Rural, and Regional Economics. 16085 words.

Abstract

In this paper, we examine whether the value of quality signals (patent activity and founding team characteristics) transmitted by emerging...

Incentives to Innovate and the Decision to Go Public or Private

Daniel Ferreira, Gustavo Manso and André C. Silva.

in The Review of Financial Studies

January 2014; p ublished online July 2012 .

Journal Article. Subjects: Investment Banking; Corporate Governance; Technological Change; Research and Development. 22783 words.

We model the impact of public and private ownership structures on firms' incentives to invest in innovative projects. We show that it is optimal to go public when exploiting existing ideas...

Information, the Cost of Credit, and Operational Efficiency: An Empirical Study of Microfinance

Mark J. Garmaise and Gabriel Natividad.

in The Review of Financial Studies

June 2010; p ublished online April 2010 .

Journal Article. Subjects: Banking; Investment Banking; International Financial Markets; Economic Development; Information, Knowledge, and Uncertainy. 13354 words.

We provide direct evidence on the impact of asymmetric information on both financing and operating activities through a study of credit evaluations of microfinance institutions (MFIs). We...

Innovation, Competition, and Investment Timing

Yrjö Koskinen and Joril Maeland.

in The Review of Corporate Finance Studies

September 2016; p ublished online March 2016 .

Journal Article. Subjects: Market Structure and Pricing; Information, Knowledge, and Uncertainy; Investment Banking; Corporate Governance; Technological Change; Research and Development. 10504 words.

In our model multiple innovators compete against each other by submitting investment proposals to an investor. The investor chooses the least expensive proposal and the timing of the...

Learning patterns in venture capital investing in new industries

Dimo Dimov, Pablo Martin de Holan and Hana Milanov.

in Industrial and Corporate Change

December 2012; p ublished online April 2012 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Entrepreneurship; Investment Banking; Business and Management; Technological Change; Research and Development. 14817 words.

Using an organizational learning perspective, we link the decision by venture capital (VC) firms to invest early in a new high-technology industry to three experiential learning mechanisms:...

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Open business models and venture capital finance

Massimo G. Colombo, Douglas Cumming, Ali Mohammadi, Cristina Rossi-Lamastra and Anu Wadhwa.

in Industrial and Corporate Change

April 2016; p ublished online March 2016 .

Journal Article. Subjects: Investment Banking; Market Structure, Firm Strategy, and Market Performance; Entrepreneurship; Technological Change; Research and Development. 11065 words.

We investigate the differences in venture capital (VC) governance of investee firms with Open Business Models, specifically Open Source Software (OSS), versus closed business models. Due to...

Posturing and Holdup in Innovation

Naveen Khanna and Richmond D. Mathews.

in The Review of Financial Studies

September 2016; p ublished online November 2015 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Investment Banking; Corporate Governance; Firm Objectives, Organization, and Behaviour; Business and Management; Technological Change; Research and Development. 17346 words.

We show that the need to “posture” can help solve the holdup problem inherent in many multistage relationships, including those between entrepreneurs and venture capitalists. Posturing...

Tolerance for Failure and Corporate Innovation

Xuan Tian and Tracy Yue Wang.

in The Review of Financial Studies

January 2014; p ublished online December 2011 .

Journal Article. Subjects: Technological Change; Research and Development; Investment Banking; Mergers and Acquisitions. 20264 words.

Based on a sample of venture capital (VC)-backed IPO firms, we examine whether tolerance for failure spurs corporate innovation. We develop a novel measure of VC investors' failure...