[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABSTRACT [/vc_column_text][vc_column_text] We study the venture performance effects of Venture Capital (VC) due diligence—i.e., the process through which VCs scrutinize ventures for potential investment. Our novel data comprises nearly 2,000 startups applying for funding to a...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABOUT THIS PROJECT [/vc_column_text][vc_column_text] Published in VoxDevLit [/vc_column_text][vc_empty_space height="16px"][vc_column_text] ABSTRACT [/vc_column_text][vc_column_text] Aid agencies and governments spend more than a billion US$ on entrepreneurship training annually. What have we learned about the effectiveness of training? We review research on entrepreneurship training....

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABOUT THIS PROJECT [/vc_column_text][vc_column_text]Under Review[/vc_column_text][vc_empty_space height="16px"][vc_column_text] ABSTRACT [/vc_column_text][vc_column_text]Policies to promote entrepreneurial activity have received much attention in recent years. However, there is still much to learn about which policies actually work, and what are the exact mechanisms...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABOUT THIS PROJECT [/vc_column_text][vc_column_text]Under Review[/vc_column_text][vc_empty_space height="16px"][vc_column_text] ABSTRACT [/vc_column_text][vc_column_text]We estimate the real effects of UK guarantees introduced during 2009 by exploiting firm-size eligibility restrictions and rich administrative data. Relative to matched non-eligible firms, eligible businesses had higher 5-year...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABOUT THIS PROJECT [/vc_column_text][vc_column_text] Published in Journal of Financial Economics [/vc_column_text][vc_empty_space height="16px"][vc_column_text] ABSTRACT [/vc_column_text][vc_column_text]Why is high-growth entrepreneurship scarce in developing countries? Does this scarcity reflect firm capabilities constraints? We explore these questions using as a laboratory an accelerator in...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABOUT THIS PROJECT [/vc_column_text][vc_column_text]This report explores how incubators and accelerators impact the startups they support, and which types of support drive this impact. It also examines how incubators and accelerators affect the wider business ecosystem.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABOUT THIS PROJECT [/vc_column_text][vc_column_text] Published in Journal of Financial Economics [/vc_column_text][vc_empty_space height="16px"][vc_column_text] ABSTRACT [/vc_column_text][vc_column_text]The EU’s 2019 Insolvency Directive increases debt holders’ control over bankruptcy reorganization proceedings, mirroring recent trends in U.S. Chapter 11. Critics, however, claim that too few...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABSTRACT [/vc_column_text][vc_column_text]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...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABOUT THIS PROJECT [/vc_column_text][vc_column_text] Published in Review of Financial Studies [/vc_column_text][vc_empty_space height="16px"][vc_column_text] ABSTRACT [/vc_column_text][vc_column_text]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...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_row_inner row_type="row" type="full_width" text_align="left" css_animation=""][vc_column_inner][vc_column_text] ABOUT THIS PROJECT [/vc_column_text][vc_column_text]R&R Journal of Financial Economics[/vc_column_text][vc_empty_space height="16px"][vc_column_text] ABSTRACT [/vc_column_text][vc_column_text] We estimate the sensitivity of investment to the cost of outside equity for young firms. For estimation, we exploit differences across firms in eligibility to a new...