NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Marco Da Rin

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Working Papers

October 2011A survey of venture capital research
with Thomas F. Hellmann, Manju Puri: w17523
This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on organizational structures of venture capital firms, and the relationship between general and limited partners. It discusses the work on the returns to venture capital investments. It also examines public policies, and the role of venture capital in the economy at large.

Published: in George Constantinides, Milton Harris, and René Stulz (eds.) Handbook of the Economics of Finance. Volume 2, Part A, 2013, Pages 573–648

April 2011The Importance of Trust for Investment: Evidence from Venture Capital
with Laura Bottazzi, Thomas F. Hellmann: w16923
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions. This holds even after controlling for investor and company fixed effects, geographic distance, information and transaction costs. The national identity of venture capital firms' individual partners further contributes to the effect of trust. Education and work experience reduce the effect of trust but do not eliminate it. We also examine the relationship between trust and sophisticated contracts involving contingent control rights and find that, even after controlling for endogeneity, they are c...
November 2007The Effect of Venture Capital on Innovation Strategies
with María Fabiana Penas: w13636
We examine a unique dataset of Dutch companies, some of which have received venture financing. The data include detailed information on innovation activities and other company characteristics. We analyse the role of venture finance in influencing innovation strategies. We find that venture capitalists push portfolio companies towards building absorptive capacity and towards more permanent in-house R&D efforts. By contrast, we find that public funding relaxes financial constraints, but does not lead to a build-up of absorptive capacity. Our results thus highlight the special role of venture capital in shaping companies' innovation strategies.

Published: Entrepreneurial Financing, Advice, and Agency Costs, Roland Strausz. in Entrepreneurship: Strategy and Structure, Hellmann and Stern. 2009

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

 
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