| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26274 |
| 来源ID | Working Paper 26274 |
| Getting Tired of Your Friends: The Dynamics of Venture Capital Relationships | |
| Qianqian Du; Thomas F. Hellmann | |
| 发表日期 | 2019-09-16 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Does doing more deals together always strengthen investor relationships? Based on the relationships of the top 50 US venture capital firms, this paper focuses on the strengths of relationships and their dynamic evolution. Empirical estimates indicate that having a deeper relationship leads to fewer, not more future coinvestments. Moreover, deeper relationships lead to lower exit performance, even after controlling for endogeneity. Interestingly, deeper relationships first lead to lower performance, and subsequently lead to a slowdown in the relationship intensity. Relationship effects are more negative for VC firms with less central network positions, and for deals made in “hot” investment markets. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w26274 |
| 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/583947 |
| 推荐引用方式 GB/T 7714 | Qianqian Du,Thomas F. Hellmann. Getting Tired of Your Friends: The Dynamics of Venture Capital Relationships. 2019. |
| 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 | ||
| w26274.pdf（444KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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