TY  - JOUR
AU  - Carvalho,Antonio Geldson de
AU  - Calomiris,Charles W.
AU  - Matos,Joao Amaro de
TI  - Venture Capital as Human Resource Management
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 11350
PY  - 2005
Y2  - May 2005
UR  - http://www.nber.org/papers/w11350
L1  - http://www.nber.org/papers/w11350.pdf
N1  - Author contact info:
Antonio Carvalho

Charles W. Calomiris
Graduate School of Business
Columbia University
3022 Broadway Street, Uris Hall
New York, NY 10027
Tel: 212/854-8748
Fax: 212/316-9219
E-Mail: cc374@columbia.edu

Joao Amaro de Matos
AB  - Venture capitalists add value to portfolio firms by obtaining and transferring information about senior managers across firms over time.  Information transfer occurs on a significant scale and takes place both among a single venture capitalist%u2019s portfolio firms and between different venture capitalists%u2019 firms via a network of venture capitalists, which venture capitalists use to locate and relocate managers.
	Cross-sectional differences are associated with differences in the intensity with which venture capitalists network. The observable factors relevant in explaining the intensity with which venture capitalists network include: 1) the value of the information transmitted through the network, 2) the riskiness of the activities of portfolio firms, 3) the size of the venture capital fund, 4) the degree of difficulty in enticing executives to manage portfolio firms, and 5) the reputation of the venture capitalist for successfully recycling managers. These factors reflect costs and benefits to venture capitalists of participating in the network.
ER  -