On the Return to Venture Capital
---- Acknowledgements -----
We thank A. Dittmar, I. Guler, J. Ritter, S. Woodward and Y. Yafeh for data and comments, M.A. Campo-Rembado, W. Fuchs, R. Hall, N. Kyotaki, A. Ljungqvist, C. Michelacci, J. Stein, M. Ueda, L. White and S. Woodward for comments, the NSF for support and A. Gavazza, V. Tsyrennikov, and M. Kredler for ably estimating the model and providing comments on the entire paper. We also thank the NSF and the Kauffman Foundation for support. Appendix B was written by Matthias Kredler. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.