Jon A. Garfinkel, Erik J. Mayer, Ilya A. Strebulaev, and Emmanuel Yimfor ♦ One-third of deals in the venture capital (VC) market involve a founder and investor from the same university. Venture capitalists are more likely to invest in, and…
Matthew Denes and James F. Albertus ♦ We study the effects of private equity fund debt on cash flows, performance, and agency relationships. Funds using debt delay capital calls, boosting performance measures sensitive to cash flow timing. We find that…
Thomas J. Chemmanur, Michael B. Imerman, Harshit Rajaiya, and Qianqian Yu ♦ We analyze how corporate direct investments in fintech startups affect startup performance and that of investing firms. Corporate investment in fintech startups is associated with a greater likelihood…
Shrijata Chattopadhyay, John J. McConnell, Timothy E. Trombley, and M. Deniz Yavuz ♦ We report evidence consistent with institutional investors using industry-level information that they obtain from their investments in venture capital (VC) funds to earn excess returns in publicly-traded…
Fangfang Hou, Jeffrey Ng, Tharindra Ranasinghe, and Janus Jian Zhang ♦ We examine whether intellectual property protection facilitates the greater incorporation of firm-specific information into the stock price. Employing the staggered, country-level adoption of the Agreement on Trade-Related Aspects of…
Xiaoran Huang, Massimo Massa, and Lei Zhang ♦ We examine the relationship between shareholder leverage constraints and corporate risk-taking, focusing on its impact on debtholders. Our findings show that mutual fund leverage constraints are related to more risk-taking activities of…
