کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959977 929395 2013 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Investment cycles and startup innovation
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Investment cycles and startup innovation
چکیده انگلیسی

We find that venture capital-backed startups receiving their initial investment in hot markets are more likely to go bankrupt, but conditional on going public, are valued higher on the day of their initial public offering, have more patents, and have more citations to their patents. Our results suggest that VCs invest in riskier and more innovative startups in hot markets (rather than just worse firms). This is particularly true for the most experienced VCs. Furthermore, our results suggest that increased capital in hot times plays a causal role in shifting investments to more novel startups by lowering the cost of experimentation for early stage investors and allowing them to make riskier, more novel, investments.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 110, Issue 2, November 2013, Pages 403–418
نویسندگان
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