New Evidence on Venture Debt (joint with William Mann)

One fundamental, long-standing pattern in the funding of early-stage companies has been the use of equity-style investments by venture capitalists (VCs). As a result, the perception has been that debt contracts are a negligible component of the funding picture for […]

The Effects of Business Accelerators on Venture Performance: Evidence from Start-up Chile (joint with Michael Leatherbee)

"Published in Review of Financial Studies"

Do business accelerators affect new venture performance? We investigate this question in the context of Start-Up Chile, an ecosystem accelerator. We focus on two treatment conditions typically found in business accelerators: basic services of funding and coworking space, and additional […]

How Sensitive is Young Firm Investment to the Cost of Outside Equity? Evidence from a UK Tax Relief (joint with Daniel Paravisini)

Winner Premio Jaime Fernandez de Araoz

This paper estimates the sensitivity of entrepreneurial investment to the cost of equity. We use variation in access to two tax relief programs for individual equity investors in the UK as a source of exogenous variation in the cost of […]