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...