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Organizational Resource Assembly in Technology Ventures

Andy Wu

出版	University of Pennsylvania, 2016
URL	http://books.google.com.hk/books?id=UB-InQAACAAJ&hl=&source=gbs_api

註釋

In the first chapter, we study the role of information in organizational decision-making for the financing of entrepreneurial ventures. We formally model a decentralized set of agents who vote strategically to allocate resources to a project with unknown outcome; they can each acquire costly information to improve their decision quality. We test our predictions in the setting of venture capital, where partners make their own angel investments outside of their employer. We find that the venture capital partners, acting independently, make riskier investments into younger firms with less educated and younger founding teams, but these investments perform better on some metrics even when controlling for investment size and stage. Geographic distance and liquidity constraints increase the probability the investment is taken up by a partner and not the VC.