Yale School of Management
Institutional Affiliation: Yale University
Information about this author at RePEc
NBER Working Papers and Publications
|August 2018||The Persistent Effect of Initial Success: Evidence from Venture Capital|
with Ramana Nanda, Sampsa Samila: w24887
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 ...
Published: Ramana Nanda & Sampsa Samila & Olav Sorenson, 2017. "The Persistent Effect of Initial Success: Evidence from Venture Capital," Academy of Management Proceedings, vol 2017(1).
|May 2017||Innovation Policy in a Networked World|
in Innovation Policy and the Economy, Volume 18, Josh Lerner and Scott Stern, editors
|Innovation Policy in a Networked World|
Social relationships channel information, influence, and access to scarce resources. As a consequence, social networks – the patterns of these relationships across the members of a community – influence who comes up with important innovations, whether and how rapidly those innovations get adopted, and who has the ability to commercialize them. They therefore also affect the overall rate at which innovation occurs in the economy. This essay provides an introduction to and review of the research on social networks most relevant to innovation, with a particular focus on the earliest stages of the innovation process. It then discusses the likely consequences of a variety of policy interventions that could either reduce the importance of social relationships to innovation or alter the patterns ...
|January 2010||The Migration of Technical Workers|
with Michael S. Dahl
in Cities and Entrepreneurship, Edward L. Glaeser, Stuart S. Rosenthal and William C. Strange, organizers