9期

最新文章

• The Importance of Trust for Investment: Evidence from Venture Capital AI翻译
  作者：Bottazzi, Laura; Da Rin, Marco; Hellmann, Thomas
  作者单位：University of Bologna; Bocconi University; Tilburg University; University of Oxford; National Bureau of Economic Research; European Corporate Governance Institute
  摘要：We examine the effect of trust in venture capital. Our theory predicts a positive relationship of trust with investment, but a negative relationship with success. Using a hand-collected dataset of European venture capital deals, we find that the Eurobarometer measure of trust among nations positively predicts venture capital firms' investment decisions, but that it has a negative correlation with successful exits. Our theory also predicts that earlier stage investments require higher trust, th...
• Private Equity and Workers' Career Paths: The Role of Technological Change AI翻译
  作者：Agrawal, Ashwini; Tambe, Prasanna
  作者单位：University of London; London School Economics & Political Science; New York University
  摘要：We analyze a new dataset on workers' career paths to examine whether private equity (PE) investments can have positive spillover effects on workers. We study leveraged buyouts in the context of recent information technology (IT) diffusion, and find evidence supporting the argument that many employees of companies acquired by PE investors gain transferable, IT-complementary human capital. Our estimates indicate that these workers experience increases in both long-run employability and wages rel...
• Experimentation and the Returns to Entrepreneurship AI翻译
  作者：Manso, Gustavo
  作者单位：University of California System; University of California Berkeley
  摘要：Previous studies have argued that entrepreneurs earn less and bear more risk than salaried workers with otherwise similar characteristics. In a simple model of entrepreneurship, I show that estimates of mean and variance of returns to entrepreneurship used by these previous studies are biased, as they fail to account for the option value of experimenting with new ideas. Using longitudinal data, I find patterns that are consistent with entrepreneurship as experimentation and returns to entrepre...
• The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry AI翻译
  作者：Bernstein, Shai; Sheen, Albert
  作者单位：Stanford University; National Bureau of Economic Research; University of Oregon
  摘要：How do private equity firms affect their portfolio companies? We document operational changes in restaurant chain buyouts using comprehensive health inspection records. Store-level operational practices improve after private equity buyout, as restaurants become cleaner, safer, and better maintained. Supporting a causal interpretation, this effect is stronger in chain-owned stores than in franchised locations-twin restaurants over which private equity owners have limited control. These changes ...
• Financing from Family and Friends AI翻译
  作者：Lee, Samuel; Persson, Petra
  作者单位：Santa Clara University; European Corporate Governance Institute; Swedish House of Finance; Stanford University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Research Institute of Industrial Economics (IFN)
  摘要：Most informal finance comes from family and friends. Existing informal finance theories cannot match two characteristics of family finance: family investors may accept below-market or even negative returns, yet borrowers often prefer formal finance. We argue that social preferences make family finance cheap but create shadow costs that nonetheless discourage its use: Committing family funds to risky investment displaces intrafamily insurance and undermines limited liability. The same character...
• Financial Education and the Debt Behavior of the Young AI翻译
  作者：Brown, Meta; Grigsby, John; van der Klaauw, Wilbert; Wen, Jaya; Zafar, Basit
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Chicago; Yale University
  摘要：Young Americans are heavily reliant on debt and have clear financial literacy shortcomings. In this paper, we study the effects of exposure to financial training on debt outcomes in early adulthood among a large and representative sample of young Americans. Variation in exposure to financial training comes from statewide changes in high school graduation requirements. Using a flexible event study approach, we find that both mathematics and financial education, by and large, decrease reliance o...
• The Human Capital That Matters: Expected Returns and High-Income Households AI翻译
  作者：Campbell, Sean D.; Delikouras, Stefanos; Jiang, Danling; Korniotis, George M.
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Miami; State University of New York (SUNY) System; Stony Brook University
  摘要：We propose a novel human capital model that decomposes aggregate income risk into high-and low-income risk. We find that high-income risk is priced, while low-income risk is insignificant. The high-income factor alone explains 77% of the cross-sectional variation in the twenty-five size and book-to-market portfolios, earns a risk premium of about 7% per year, and its pricing power extends to the full cross-section of individual stocks. It is also related to the value factor, suggesting that th...
• Posturing and Holdup in Innovation AI翻译
  作者：Khanna, Naveen; Mathews, Richmond D.
  作者单位：Michigan State University; University System of Maryland; University of Maryland College Park
  摘要：We show that the need to posture can help solve the holdup problem inherent in many multistage relationships, including those between entrepreneurs and venture capitalists. Posturing arises when an informed party needs to send a strong signal to induce skeptical third parties like employees, suppliers, customers, or competitors to develop/maintain relationships with the firm or take other actions that increase firm value. In the venture capital context, this can be credibly achieved if the VC ...