| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24887 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w24887 |
| 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/582560 |
| 推荐引用方式 GB/T 7714 | Ramana Nanda,Sampsa Samila,Olav Sorenson. The Persistent Effect of Initial Success: Evidence from Venture Capital. 2018. |
| 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 | ||
| w24887.pdf（606KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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