We survey 885 institutional venture capitalists (VCs) at 681 firms to learn how they make
decisions. Using the framework in Kaplan and Strömberg (2001), we provide detailed …

This paper examines the structure of staged venture capital investments when agency and
monitoring costs exist. Expected agency costs increase as assets become less tangible, …

I develop and test the hypothesis that young venture capital firms take companies pubic
earlier than older venture capital firms in order to establish a reputation and successfully raise …

We construct a comprehensive list of dual-class firms in the United States and use this list to
analyze the relationship between insider ownership and firm value. Our data have two …

We explore patterns of board structure and function in the venture capital industry, identifying
factors that influence whether venture capitalists receive a board seat and whether they …

In The Venture Capital Cycle, Paul Gompers and Josh Lerner correct widespreadmisperceptions
about the nature and role of the venture capitalist and provide an accessible …

We investigate the long‐run underperformance of recent initial public offering (IPO) firms in
a sample of 934 venture‐backed IPOs from 1972–1992 and 3,407 nonventure‐backed IPOs …

This paper analyzes institutional investors' demand for stock characteristics and the implications
of this demand for stock prices and returns. We find that “large” institutional investors …

We examine whether a distinct equity issuer underperformance anomaly exists. In a sample
of initial public offering (IPO) and seasoned equity offering (SEO) firms from 1975 to 1992, …

This paper describes board size and composition and investigates the role of venture capital
in a sample of 1,116 firms' initial public offerings. First, firms backed by venture capital have …