| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29907 |
| 来源ID | Working Paper 29907 |
| Transferable Skills? Founders as Venture Capitalists | |
| Paul A. Gompers; Vladimir Mukharlyamov | |
| 发表日期 | 2022-04-04 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | In this paper we explore whether or not the experience as a founder of a venture capital-backed startup influences the performance of founders who become venture capitalists (VCs). We find that nearly 7% of VCs were previously founders of a venture-backed startup. Having a successful exit and being male and white increase the probability that a founder transitions into a venture capital career. Successful founder-VCs have investment success rates that are 6.5 percentage points higher than professional VCs while unsuccessful founder-VCs have investment success rates that are 4 percentage points lower than professional VCs. While successful founder-VCs do get higher quality deal flow than professional or unsuccessful founder-VCs, observably higher deal quality does not explain the entire difference in performance. Using an instrumental variables approach to separate unobservable deal quality from value-add, we find that the outperformance of successful founder-VCs is consistent with them adding more value post-investment. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance ; Firm Behavior |
| URL | https://www.nber.org/papers/w29907 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587579 |
| 推荐引用方式 GB/T 7714 | Paul A. Gompers,Vladimir Mukharlyamov. Transferable Skills? Founders as Venture Capitalists. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29907.pdf（974KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
