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作者：Guenzel, Marius; Liu, Tong
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT)
摘要：We document that firms exhibit excess commitment to R&D projects and examine its consequences for innovation outcomes. Using detailed data on pharmaceutical firms' clinical trial projects, we find that trial delays, empirically uncorrelated with multiple project-quality measures, substantially reduce firms' subsequent project-termination propensity. This result remains robust when we use variation in clinical trial site congestion to instrument for unexpected delays. Excess commitment intensif...
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作者：Gonzalez-Uribe, Juanita; Klingler-Vidra, Robyn; Wang, Su; Yin, Xiang
作者单位：University of London; London School Economics & Political Science; University of London; King's College London; ShanghaiTech University; Tsinghua University
摘要：Analyzing approximately 2,000 applicants to a U.K. seed fund, this study examines how venture capital (VC) due diligence affects startup outcomes independent of funding decisions. Leveraging random reviewer assignment, we find that due diligence increases 2-year growth but lowers continuation rates among nonfunded applicants, reflecting a dynamic of accelerated scaling or exit. Evidence points to a learning mechanism: due diligence exposes founders to advanced website technologies, prompting c...
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作者：Bonelli, Maxime
作者单位：University of London; London Business School
摘要：How does the increased use of data technologies, like machine learning, by financial intermediaries affect the allocation of capital towards innovation? I study this question in the context of startup financing by venture capitalists (VCs). While VCs adopting data technologies become better at screening startups similar to those in historical data, they tilt their investments towards this pool and become concurrently less likely to finance innovative startups that achieve rare major success. P...
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作者：Burkart, Mike; Lee, Samuel; Petri, Henrik
作者单位：University of London; London School Economics & Political Science; Swedish House of Finance; Centre for Economic Policy Research - UK; University of London; London Business School; Santa Clara University; University of Gothenburg
摘要：We study the structure of public firm buyouts in a model that features the Berle-Means problem (lack of incentives) and the Grossman-Hart problem (holdout). We find that bootstrapping, debt in excess of funding needs, and upfront fees to bidders are socially optimal and increase buyout premiums. These elements make LBO financing tantamount to a management contract arranged by an outside manager to receive cash and incentives to manage a firm-except the cash is funded by excess debt imposed on ...
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作者：Degryse, Hans; Roukny, Tarik; Tielens, Joris
作者单位：KU Leuven; Centre for Economic Policy Research - UK; European Central Bank; National Bank of Belgium
摘要：Investors face reduced incentives to finance technological change that devalues their legacy investments. We formalize this asset overhang and apply our framework to the climate-banking nexus. Leveraging (1) firm-level data on green innovation and diffusion and (2) the sets of product and technology market peers, we implement a shift-share design that identifies banks' credit facilities impacted by green firm activities. We find that green firms imposing an asset overhang across all lenders ar...
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作者：Hebert, Camille
作者单位：University of Toronto
摘要：I document a significant gender gap in entrepreneurs' access to early-stage equity financing. Using unique administrative data on French startups, I show that this gap is particularly pronounced in male-dominated sectors. Controlling for a comprehensive set of entrepreneur and startup characteristics-including demographics, backgrounds, and motivations-accounts for 42% of the average gender gap. However, in male-dominated sectors, 80% of the gap remains unexplained. Growth-oriented female entr...
