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Competition in the Venture Capital Market and the Success of Startup Companies: Theory and Evidence

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If you have a question about this talk, please contact Emily Brown .

We examine the effect of a competitive supply of venture capital (VC) on the exits (IPO or M&A) of startups. We develop a matching model with double-sided moral hazard and identify a novel differential effect of VC competition on the success of startups. Using VC data, we find evidence for this differential effect. For example, when the VC market becomes more competitive (HHI decreases by 10% from its mean of 0.08), the absolute likelihood of success increases by 3% for startups backed by less experienced VC firms, but it decreases by 4.5% for startups backed by the most experienced VC firms.

This talk is part of the Economics & Policy Seminars, CJBS series.

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