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来源类型Working Paper
规范类型报告
DOI10.3386/w24887
来源IDWorking Paper 24887
The Persistent Effect of Initial Success: Evidence from Venture Capital
Ramana Nanda; Sampsa Samila; Olav Sorenson
发表日期2018-08-06
出版年2018
语种英语
摘要We use investment-level data to study performance persistence in venture capital (VC). Consistent with prior studies, we find that each additional IPO among a VC firm's first ten investments predicts as much as an 8% higher IPO rate on its subsequent investments, though this effect erodes with time. In exploring its sources, we document several additional facts: successful outcomes stem in large part from investing in the right places at the right times; VC firms do not persist in their ability to choose the right places and times to invest; but early success does lead to investing in later rounds and in larger syndicates. This pattern of results seems most consistent with the idea that initial success improves access to deal flow. That preferential access raises the quality of subsequent investments, perpetuating performance differences in initial investments.
主题Financial Economics ; Financial Institutions ; Other ; Accounting, Marketing, and Personnel
URLhttps://www.nber.org/papers/w24887
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/582560
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Ramana Nanda,Sampsa Samila,Olav Sorenson. The Persistent Effect of Initial Success: Evidence from Venture Capital. 2018.
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